Rental
Lapworth Associates Ltd offer a competitive daily & weekly rental service. For more details & pricing please contact us.
Finance
We are an authorised agent a leading (UK) finance provider. This means we can offer a great finance package without having to pay commission to anyone for arranging the ‘deal’. As specialists in supplying the Land Rover range of vehicles, we have found that the best way to buy these vehicles is on ‘Lease Purchase’ (see definitions below).
The Land Rover Defender comes in the top ten cars and commercials in the UK with the lowest levels of depreciation. Many finance companies do not fully understand the Defender range of models as some are cars and others commercials. With a leading (UK) finance provider the vehicle is valued as it should be as they have total understanding of the Defender range. This is why we can recommend Lease Purchase as the best way to finance your next car, as you are not paying the finance company a fee for offering a ‘Guaranteed buy back’ (GFMV) which very rarely happens anyway.
Please call for an instant quote. All we need to know is how many miles a year you going to do and over how many years you want the deal to run.
What types of finance are available?
You have a choice between Lease purchase (LP), Hire Purchase (HP) and Contract Hire (CH).
What is the difference between LP and HP agreements: Hire Purchase agreements: Payments are made evenly over the period of the agreement. The loan is secured against the car and once all the payments have been made you will own the car.
Lease Purchase - The Benefits
Lease Purchase is sometimes referred to as Hire Purchase with a balloon and is structured in a similar way to Personal Contract Purchase (PCP).
The customer will normally benefit from a slightly lower finance rate with a Lease Purchase product as there is no guarantee offered at the end of the agreement, the deferred capital lump sum amount at the end of the agreement is known as the Residual Value (RV), and this has to be paid by the customer for outright ownership. Deposits for Lease Purchase are flexible and are normally a minimum of Nil and a maxiumum of 50% of the vehicle price, repayments are made over 3 or 4 years typically.
The Residual Value (RV) (sometimes called the balloon) at the end of the agreement reduces the regular monthly payments accordingly, thus making vehicles that traditionally have a strong Residual Value (RV) more suitable for this type of product as they make repayments far more affordable.
The Residual Values (RV) is calculated and set at the beginning of the agreement and although this is not payable until the end. At the end of the agreement, there are realistically two options, 1. Pay off the residual value in cash or settlement by part-exchange or 2. Some lenders will allow the residual value to bemspread over a secondary period and be refinanced again.
Key Benefits to Personal Contract Purchase & Lease Purchase
When you know the make & model of your chosen car, simply call us and tell us how many years you want the agreement to run and how many miles a year you are going to travel.
Contract Hire / Personal Contract Hire
Contract Hire is the most popular way for businesses to fund their vehicles, and is now also available to private motorists.
Contract Hire works by paying an initial deposit, and then making equal monthly instalments over a period of 1, 2, or 3 years.
At the end of the period the vehicle is simply handed back and a new deal on a new vehicle is started. Limited companies can also claim back 50% of the VAT on the repayments, and the agreement stays off the balance sheet.
Typical Examples
Examples are based on 10,000 miles per annum.
| Input by Flat Rate | |
| Balance Financed £ | 20,000.00 |
| Term (Excluding RV) | 48 |
| Estimated Real Term | 48 |
| Documentation Fee | 150.00 |
| Credit Facility Fee | 150.00 |
| Monthly Rental £ | 327.51 |
| Balloon £ | 9,380.00 |
| Customer - Flat | 4.50% |
| Customer Yield | |
| Customer APR | 9.2% |
| Finance Charges £ | 5,100.61 |
| Finance Charges + Fees £ | 5,400.61 |
| Total Amount Payable £ | 25,400.61 |
Example Freelander 2 TD4 2.2GS 5DR metallic paint and full size spare wheel - £21,744.00 with £1,744.00 as deposit:
| Input by Flat Rate | |
| Balance Financed £ | 20,000.00 |
| Term (Excluding RV) | 36 |
| Estimated Real Term | 36 |
| Documentation Fee | 150.00 |
| Credit Facility Fee | 150.00 |
| Monthly Rental £ | 387.06 |
| Balloon £ | 10,000.00 |
| Customer - Flat | 4.50% |
| Customer Yield | |
| Customer APR | 9.4% |
| Finance Charges £ | 3,934.11 |
| Finance Charges + Fees £ | 4,234.11 |
| Total Amount Payable £ | 24,234.11 |
| Input by Flat Rate | |
| Balance Financed £ | 20,000.00 |
| Term (Excluding RV) | 36 |
| Estimated Real Term | 36 |
| Documentation Fee | 150.00 |
| Credit Facility Fee | 150.00 |
| Monthly Rental £ | 375.25 |
| Balloon £ | 10,485.00 |
| Customer - Flat | 4.50% |
| Customer Yield | |
| Customer APR | 9.4% |
| Finance Charges £ | 3,994.02 |
| Finance Charges + Fees £ | 4,294.02 |
| Total Amount Payable £ | 24,294.02 |
Example Range Rover TDV8 Vogue - £54,989.00 on the road with £4,989.00 as deposit over 3 years ‘Lease Purchase’:
| Input by Flat Rate | |
| Balance Financed £ | 50,000.00 |
| Term (Excluding RV) | 36 |
| Estimated Real Term | 36 |
| Documentation Fee | 150.00 |
| Credit Facility Fee | 150.00 |
| Monthly Rental £ | 998.68 |
| Balloon £ | 22,545.00 |
| Customer - Flat | 4.00% |
| Customer Yield | 7.51% |
| Customer APR | 8.1% |
| Finance Charges £ | 8,497.31 |
| Finance Charges + Fees £ | 8,797.31 |
| Total Amount Payable £ | 58,797.31 |