Case Study: Car Finance for Dorset based company director’s Range Rover Vogue SE
One of our clients requested we assist him with car finance, specifically the financing of his Range Rover Vogue SE. The car had been ordered and was soon due for delivery from the local Land Rover dealer.
We offer a special scheme for company directors wishing to acquire a car for both private and business usage, enabling them to avoid company car provision and the associated benefit in kind taxation (BIK) charges. A Range Rover TDV6 Vogue with a P11D value of £74,545 generates a monthly BIK tax charge of £845 per month to a 40% tax payer. This is the sole reason why our finance scheme, where the car finance is taken out in the individual’s name, is so popular.
The scheme offers genuinely excellent rates, and our client compared our quotation with that supplied by the dealer. Our APR was 2.5% less than that quoted by the dealer.
We structured a solution for our client that met the criteria as required by the Financial Conduct Authority which included due diligence on affordability and the client being fully aware of his rights under the facility, including detailed discussions on the APR, cancellation rights, suitability of the finance and other possible options available to the client.
In most cases, we are cheaper than the franchised dealers, with better APR rates. Secondly, we have a UK wide database of dealers that enables us to find that car in the specification and colour required.
We specialise in the company director who wants to buy a car and finance it in his own name, and avoid benefit in kind taxation. Our company directors’ car finance scheme allows for both new and used cars to be acquired, with or without balloon payments, on either fixed or variable interest rates.
It’s simple to obtain, and we’ll undertake all the work to ensure when you’ve agreed with the dealer the date to collect your car, they have been paid and all the paperwork is in place.
Our main client base covers our local business centres of Bournemouth, Poole & Dorchester in Dorset; Yeovil & Somerset; Salisbury & Wiltshire; and Portsmouth & Southampton in Hampshire, but we are happy to offer Car & Vehicle Finance throughout the UK.
Contact us today for a free quote.