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Business Leasing

Discover More About Business Car Leasing with Top Gear Vehicle Solutions. 

What is Business Car Leasing?

Are you a business owner or manager looking to upgrade your company’s fleet without the high upfront costs of purchasing vehicles? Business car leasing might be the perfect solution. Let’s delve into what business car leasing is, how it works, and why it could be a smart choice for your business.

Business car leasing, also known as business contract hire (BCH), is a long-term rental agreement where a business pays a fixed monthly fee to use one or more vehicles for a specified period, typically ranging from 2 to 4 years. Unlike buying vehicles outright, leasing allows businesses to use new cars without the burden of ownership and the associated financial risks.

Benefits of Business Car Leasing

When considering business car leasing, here are some key advantages to keep in mind:

  • Minimal Capital Outlay: Preserve your capital for other business needs with low initial costs.
  • Predictable Monthly Expenses: Benefit from consistent, accurate monthly accounting.
  • Fixed Interest Rates: Enjoy stability with fixed interest rates throughout the lease term.
  • Reduced Administration: Streamline your operations with less administrative hassle.
  • Expert Advice and Support: Receive ongoing guidance and support from Top Gear Vehicle Leasing.
  • Inclusive Road Fund Licence: Road Fund Licence is provided for the entire lease duration.
  • Maintenance Options: Opt for a maintenance package to include servicing and repairs.
  • Breakdown Cover: Choose optional breakdown rescue cover for added peace of mind.

Considerations of Business Car Leasing

While business contract hire offers many benefits, it’s important to be aware of some potential drawbacks:

  • Costly Early Termination: Ending the lease early can be expensive, often requiring a fee of 50% of the remaining contract value.
  • Excess Mileage Charges: Exceeding the mileage stated in your contract incurs additional costs per extra mile.
  • Vehicle Maintenance: The vehicle must be returned in good condition, adhering to the 'Fair Wear and Tear Guide' from the BVRLA, or you'll face additional charges.
  • Comprehensive Insurance Required: Fully comprehensive vehicle insurance is mandatory.
  • No Ownership Option: You will not own the vehicle, as there is generally no option to purchase it at the end of the lease term.