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The type of car finance that a car dealer chooses is one of the most important parts of the entire car dealership. On average, car dealers spend just 5% of their entire purchase time considering and comparing their car financing options. About 50% of car dealers get their car financing from the dealer who "sold" them to their car. Ironically, a retailer can be the worst place for a person to get finances unless they have traded around to ensure they have the best deal for that car. One of the biggest problems faced by a car dealer is trying to understand the different types of car finance available. Below is a summary of the major leasing products offered to car dealers.
Personal car finance products
Personal Contract Rental (PCH)
PCH is a car leasing option for individuals who just want to drive a new car for a 3 to 5 year period and do not own the vehicle. It helps to minimize the cost of paying for the vehicle and the driver returns the vehicle at the end of the period. It is a good option for people who want to drive a better car than they can afford to buy directly. For example, a person using personal contracts can rent an Audi A4 Avant of SEK 29,200 for as little as SEK 300.00 per month compared to about SEK 900 per month for a personal loan.
Personal Purchase Purchase (PCP)
PCP is a contract that allows a car dealer to buy the vehicle at the end of its driving period (3, 4 or 5 years) or simply return it to the supplier. The driver may incur a cost for excessive mileage and unfair wear. PCP can be beneficial for car drivers who want to remove the tax liability for health benefits and finance payments are not subject to VAT.
Business Car Finance Products
This is a very popular method for companies. Contract rental is best for companies who want to remove assets from their balance sheet and headache to sell old cars. Other benefits are that companies can recover 100% of the VAT on the rental cost and 50% of the VAT on the rental cost. At the end of 3, 4 or 5 years, the driver is not entitled to buy the vehicle.
This financing product is similar to Contract Hire but allows a person to buy the vehicle at the end of the contract for an agreed price. A big difference is that the car will be registered in the company name and will therefore be displayed on the company's balance sheet as an asset. An advantage of contract purchase is that VAT is only charged to the service component in the monthly payment.
If you are interested in comparing car finance products (leasing, rental purchases and loans) for all new vehicles, use the tool on the website http://www.FinanceAcar.co.uk