FAQs
with Bibby Financial Services doing business is straightforward and easy…
The minimum is £1,000 and the maximum is usually £1million.
With Hire Purchase ownership passes to the hirer at the end of the contract
for an Option to Purchase Fee. It normally requires at least a minimum of
the VAT as a deposit. The VAT can then be reclaimed from the purchase on
your next VAT return. No VAT is payable on the rentals.
With a Leasing Finance solution all the VAT applicable to the cost price of
the equipment is paid by the leasing company. You pay a rental fee
for the lease of the equipment, which will attract VAT that can be
reclaimed in the normal way. The lease rentals paid are fully
allowable against tax and under certain circumstances can be a very tax
efficient way of acquiring new equipment.
Most types of equipment can be financed including catering, machinery,
beauty & leisure as well as commercial vehicles. However there
are items that we would prefer not to fund such as cars, telephones, CCTV,
photocopiers, mailroom equipment, scaffolding and software.
You make a regular ‘rental’ payment by direct debit via your business bank
account. In most cases payments are made monthly, but there are exceptions
when payments can be made quarterly, half yearly or annually.
The lease is non transferable. Any outstanding rentals must be paid before
title can be passed in the equipment to allow a sale as part of the
business fixtures and fittings.
The equipment is sold to a third party (this could be the original supplier
of the goods). They will then offer to transfer ownership to you for a
small payment.
In certain circumstances we can offer seasonal payments i.e. high and low
rentals to accommodate the seasonal operation of the business.
