Bus and Coach Contract Hire and Finance
With our extensive knowledge of the bus and coach industry, Channel Commercials can offer our customers a range of finance packages to suit their businesses. Below, you can find a list of the finance solutions we provide and if you require more information, please contact us today.
Basic Bus and Coach Finance Options:
Lease / Hire Purchase:Finance Lease:
With the finance lease, you pay a pre-agreed deposit followed by consecutive monthly rentals. VAT is paid on the deposit and monthly rental amount. At the end of the contract, you have a choice of either continuing to rent the vehicle on a year by year basis, or returning it to the finance company for sale. Once sold, the finance company will rebate a proportion of the sale proceeds, typically between 80% and 95%.
Contract Purchase:
Contract purchase is similar to hire purchase, but at the end of the contract, a fee (balloon) is set and covered by a buy-back, subject to approval. A guaranteed buy-back is a pre-determined value for the vehicle based upon mileage and age. At the end of the contract, you can either pay the balloon or the return truck, providing it meets the contractual return conditions. VAT is payable in full in advance.
Operating Lease:
The operating lease is similar to contract purchase, in that a guaranteed value is used to help keep rentals down and improve cashflow. VAT is paid monthly, which is an off balance sheet agreement. At the contract end, you return the vehicle, which must comply with contractual return conditions.
In conjunction with the above finance agreements, Channel Commercials offers a selection of repair and maintenance options:
Full Repair and Maintenance Contract:
By making a fixed monthly payment for the duration of the contract, you can leave all of your repair and maintenance requirements to us. The planned, fixed cost enables you to manage your budget effectively and means there are no sudden bills, especially when the vehicle becomes older. Any number of items can be included in the contract, such as tyres and Road Fund License, but accident damage and driver abuse related problems are not covered.
Each contract is based upon pre-determined mileage and contract length.
Service Contracts:
Our service contracts mean you can let us take care of all your bus or coach services and inspections. For an additional fee, we can also include MOT testing and tachograph calibration and we can also offer a fixed price quote for or any additional work found on service.
Contract Hire:
Channel Commercials’ off balance sheet agreement incorporates a rental principal with a complete bus and coach repair and maintenance package. You rent the vehicle, then hand it back at the contract end. This option is ideal for fixed cashflow with nothing more to pay throughout the contract period.
All of the above are subject to terms and conditions and finance house approval. None constitute an offer.
