Outright Purchase
Outright Purchase is available to private individuals or Sole
Traders, Partnerships and Ltd Companies. This is a more popular way
to buy a vehicle if you have the funds available and do not wish to
have a monthly outlay.
There is no initial payment but a nominal non returnable deposit of
£500 is taken and this is subtracted from your remaining balance.
Cleared funds are required before delivery can take place.
This method of purchase limits your abilities to add additional
services like maintenance, VRI insurance, etc.
Key Points to Remember:-
- 1. The vehicle is registered to you and you have to
maintain the vehicle including renewal of the road fund licence.
- 2. For companies this is an asset which shows on your
balance sheet and you have to write down the vehicle.
- 3. Depreciation costs and residual value risks are
applicable.
- 4. No interest payments, settlement figures or early
termination costs.
- 5. If you wish to change your vehicle you will have to
dispose of the vehicle in the usual ways (part exchange, sell
privately, etc.).
More Finance Options information:
Contract Hire
Finance Lease
Lease Purchase
Personal Contract Purchase / Contract Purchase
Personal Contract Hire
Hire Purchase
Outright Purchase