A Finance Lease is a rental agreement for the use of a business asset. Periods vary from 12-84 months on a fixed monthly rental.
At the end of the primary rental period the equipment can be either:
Returned to the finance company.
The rental agreement can be extended to allow continued use of the asset.
The asset can be sold to an independent third party and the sale proceeds are refunded to the hirer.
- VAT is payable on each rental and paid throughout the term of the agreement
- The equipment can be returned and the end of term with no further liability
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