Whether you’re updating your existing fleet or looking to expand it, Wessex Fleet is here to help. We work with dealers across the country in order to be able to find you the exact vehicle that your fleet needs. We can help arrange a number of different funding options in order for you to finance any new vehicle.
We work with the UK’s leading leasing funders in order to be able to provide you with highly competitive, fixed, low monthly rental rates for cars, vans and even minibuses. We can provide you with lease agreements of variable lengths and bespoke contract hires to suit the individual requirements of your business’ needs.
Contract hire is a type of leasing agreement, and business contract hire is designed for companies.
Leasing is essentially a long-term rental, where you are able to keep a vehicle for a set period of time and pay a fixed monthly cost for the duration of the rentals.
When you reach the end of a contract hire agreement on a vehicle we can arrange for it to be collected on the same day as your new vehicle is delivered if you decide to take another vehicle to replace it.
There are a number of benefits to a contract hire agreement and these include:
As well as these great benefits, there are other aspects of contract hire to consider when deciding if it is the right option for your business.
Unlike contract purchase agreements there is not the option to purchase the vehicle at the end of the agreement. There will also be a set mileage for the duration of the lease and if you exceed this then excess mileage charges will apply. Excess mileage terms will be highlighted in your agreement and we can also request an amendment to your allowance during the lease if your driver travels more miles than expected, though this may affect the monthly cost.
The vehicle will also need to be returned in line with the BVRLA and finance company’s fair wear and tear guidelines, though some lease funder’s individual guidelines might be slightly different.
If you want to discuss any particular offers currently available then you can give us a call on 01722 322 888 or visit our sister site Car Lease Special Offers.
Finance Lease
Finance lease is similar to a contract hire lease in that the agreement lasts a set period of time and there are fixed monthly costs.
However, unlike a contract hire agreement, a finance lease allows you a number of different options at the end of the agreement.
You can choose to return the vehicle to the lease funder to be sold, sell the vehicle on behalf of the funder to a third party, or enter an agreed second lease paying a peppercorn rental.
Finance leasing involves a proportion of the vehicle, including interest and costs, being charged back over a fixed period of time with monthly payments.
As part of a finance lease agreement you can choose to pay either the entire cost of the vehicle, including interest, over the monthly payments or you can opt for lower monthly payments with a final balloon payment that is based on the anticipated resale value.
During the agreement, the vehicle will remain the property of the lease funder however it will show as an asset on your balance sheet.
A VAT registered company can reclaim between 50% and 100% of the VAT paid on a finance lease, depending on whether it is a car or commercial vehicle, and your payments can normally also be offset against taxable profits.
Finance leasing is an option that is only open to businesses and we can help you decide whether it is the right choice for your fleet needs.
Wessex Flexi Funding
Wessex Fleet can also offer a fully bespoke funding package exclusively to our corporate customers.
We do this by looking at market and vehicle data sources so we are able to offer you the best price and terms on for Wessex funded vehicles on a lease contract tailored to your specific needs for that individual vehicle’s requirements.
This contract works very similarly to long term hire, with contract terms varying between 20 days and 48 months. In some cases, we can offer this with no termination fees if a vehicle needs to come back early.
We have created our own funding options so that we can help our customers grow their companies while limiting the long-term risk for them on finance products.
Contract Purchase
Another way to add a vehicle to your fleet is through a contract purchase.
A contract purchase is where you pay a deposit and then a fixed monthly cost for a set period of time-based on the vehicle’s value. When you reach the end of the contracted time you will have the option to purchase it for a pre-agreed balloon payment or to return the vehicle to the funder.
One of the main benefits of a contract purchase is that if you decide to buy the vehicle at the end of the contract then you already know the balloon payment amount, and so can budget accordingly for this.
The vehicle will be an asset to the business on your balance sheets and can be an efficient form of funding for VAT-restricted businesses needing commercial vehicles.
With contract purchase, you are still subject to excess mileage charges and return conditions if the vehicle is not kept by the business.
Outright Purchase
Some businesses decide that the right choice for their fleet, or at least for particular vehicles in it, is to make an outright purchase.
Due to our high volume of vehicle purchases, Wessex Fleet are able to secure significant discounts for our customers when we help with the purchasing process for any new vehicles. Whether you need a car, van or minibus we can offer you a quote for any make, model and specification.
Wessex Fleet works with a network of trusted dealers to get the best price possible from a reliable and reputable source.
Long Term Car/Van Hire
At Wessex Fleet we know that you don’t always need or want a vehicle that you’re committed to with a contract, which is why we also offer long-term rental solutions.
If you have a new starter, there is a gap between old vehicles leaving and new vehicles arriving, short term contracts, or vehicles that you want to be able to return at any time then business car rental is a great choice.
Wessex Fleet have an online booking tool that’s straightforward to use. You can quickly send our rental team an online request and they’ll then go and find the best vehicle for you.
We work with a number of suppliers so we can offer you a huge choice of cars, vans, and minibuses at competitive rates.
Employee Benefits
Another way for businesses to arrange vehicles for their staff is through employee benefits. We are able to arrange outright purchases and various finance packages for your employees.
Our buying power allows us to source new vehicles at heavily reduced prices for your drivers.
Q. Why Should I Choose Wessex Fleet?
A. Wessex Fleet can offer you and your business a bespoke and personalised service as we know that every business is different, and so their needs will also be different.
We currently have a team of over 30 people across all our departments including fleet operations, customer services, rentals, accounts and compliancy, marketing and pricing and leasing sales to help ensure we can service your business needs. To find out more about our history click here or visit our Meet the Team page to see the faces of our team.
Q. What is the advantage of having a panel of finance providers?
A. We have a panel of funders so that we can always access the most competitive rates in the market at anytime.
Providers that only have access to one or two funders can only offer you their very best rates, whether Wessex Fleet can go to 6 of the biggest funders and ensure that customers have the very best rates.
This helps with bigger fleets as they will need replacing at different times, we can ensure funders work for your business and we show you a good saving.
Q. Is Contract Hire the best solution?
A. While we are happy to provide you with any service you request, we would always recommend Contract Hire as the best solution.
Contract Hire provides businesses limited risk during the life of the contract, fixed monthly payments allowing for controlled budgets and no risk on the vehicle deposal when the vehicle is returned at the end of the contract.
