With this in mind, Minibus World refers to Lease Purchase when we talk about Leasing. The main difference is that with Lease Purchase, you own the vehicle, whereas with Contract Hire and Leasing, you do not.
Lease Purchase is a way to finance the purchase of your Minibus through a combination of monthly payments and a balloon or residual payment. The financial breakdown is that you are paying for the depreciation of the vehicle during the term, the balloon representing what the vehicle is worth in the future.
Lease Purchase is a gateway to owning a vehicle. A deposit is paid followed by monthly payments. At the end of the agreed term (3 or 4 years), a final balloon payment is made to own the vehicle.
By effectively paying for the vehicle with a combination of deposit, monthly repayments and balloon payment, the vehicle becomes an asset to the organisation, rather than a cost.
With Van World, you can still opt for a full maintenance package to run alongside your lease, including RFL, service and maintenance.
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