SOLVfinance can assist with sourcing your new or used car even if it is an outright purchase. Should you decide to finance the vehicle there are a number of possible solutions:

Hire Purchase
A traditional funding method with the repayments spread over 2, 3 or 4 years. When the final payment is made, ownership passes to the individual.

Lease Purchase
A residual payment, sometimes referred to as a balloon can be set which will reduce the monthly payments, however the final payment is mandatory and is the risk is the responsibility of the individual.

Personal Contract Purchase
This is a very popular means of finance when opting out of Company car schemes. Like Lease Purchase it has a future value and by so doing reduces monthly outgoings. Repayments are calculated based on anticipated annual mileage and can be chosen with or without maintenance. The difference occurs at the end of the contract, when you have three options:

• Return the car to the finance company in lieu of the final payment. Please note that an excess mileage charge may be levied if over contract. Vehicle condition is also taken into account.

• Purchase the car for the agreed future value of the car. Solv Finance can refinance this sum if required.

• Part exchange the car. Any equity remaining after future value deduction can be used towards a deposit on your next car.

Personal Contract Hire
A term and anticipated annual mileage are selected and a repayment calculated. It gives the user a fixed monthly rental over the period. Often used when a car allowance is offered by the employer. Any residual risk is assumed by the finance company. At the end of the agreement the car is passed back to the finance company.

Tax Responsibility
An individual using any of the above financing options, including outright purchase has no benefit in kind liability.

Contact: personal@solvfinance.com