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BALANCED PAYMENT PLAN

BALANCED PAYMENTS IS A FINANCE OPTION FOR CONTRACTS OVER £25,500, WITH THE ADVANTAGE OF FIXED MONTHLY PAYMENTS. HOWEVER, UNLIKE HIRE PURCHASE WHERE THE INTEREST IS FIXED, BALANCED PAYMENTS PLAN TRACK CHANGES IN THE LIBOR BASE RATE. AS RATES FALL OR RISE OVER THE PERIOD OF THE CONTRACT, SO DOES THE INTEREST CHARGE YOU PAY.

How does it work?

You pay an initial deposit, and repay the balance in fixed monthly payments over an agreed term set by you (12-60 months). At the end of the term any variation of interest is reconciled and will be settled as either a credit to you, or a charge. Other options available with Balanced Payment Plan includes a deferred final ‘balloon’ payment or settling your agreement early with a lump sum payment. Rates from as low as 5.9% APR eq are available which make this option very competitive.

This option is only available to:
  • LLPs
  • Limited Companies
  • Sole Traders
  • Partnerships
  • Private individuals earning in excess of £120k per annum
The benefits of a Balanced Payment Plan
  • Low deposit- keeps valuable personal or business cash available
  • Control – you decide the deposit, you decide the term
  • Fixed monthly payment – makes budgeting simple
  • Flexibility – doesn’t compromise your other lines of credit
  • Asset – you gain ownership of the car
  • Tax benefits – tax allowances for business users
  • VAT free – no VAT on payments
  • Access to lower rates than a fixed rate agreement
  • Ability to overpay on the capitol thus reducing interest costs
  • Buffer in place to cover any interest rate rises should this occur
  • Potential savings if interest rates fall

 

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Authorised and Regulated by the Financial Conduct Authority for the sale of consumer credit, Facile Finance Ltd (FCA No: 751456) is an appointed representative of Instant Business Manager Ltd (FCA No: 731048). We are a credit broker and not a lender which means that we act independently offering a range of funding solutions from a selected panel of lenders. We will offer details of finance products, but we will not give advice or make any recommendations. We will always introduce you to the most suitable lender for your needs. We will not charge you a fee for our services. We may receive commission from the lender and we may pay commission from that to any introducing supplier or partner. Each lender may pay commission at different rates determined by the vehicle type, age and amount financed but this does not affect the amount payable under your agreement. If you would like to know how we handle complaints, please ask for a copy of our complaints handling procedure. Finance is subject to status and is only available to UK residents aged 21 and over.

Written quotations are available on request.