Kingsmead
Car Finance Loans
Kingsmead Car Finance Loans
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The
principal activity of Kingsmead is the finance of motor vehicle
purchase for the general public.
In general, vehicles appearing in Glass's Guide (1992-2000)
may be financed for a period of up to 4 years in the case
of vehicles up to 5 years old and 3 years for vehicles more
than 5 years old. A minimum deposit of £500 or 10% (whichever
is the greater) is required.
Kingsmead
avoids, where possible, the financing of vehicles over terms
of more than 4 years because the vehicle depreciates in value
faster than it is being paid for, leading to a negative equity
if a client looks to change the vehicle before it is paid
for. Many of the recent motoring publications have commented
on the inadvisability of undertaking finance over longer periods.
Kingsmead
will not usually finance any vehicle that does not carry EU
whole vehicle type approval and specifically avoids vehicles
manufactured and used in other countries before being brought
to the UK/Isle of Man.
Vehicles
are financed using a Conditional Sale Agreement which for
Isle of Man tax purposes creates a loan which qualifies for
Tax Relief on the interest charged. Normally, instalments
are payable monthly, either by standing order or at Kingsmead
offices in Onchan. The client becomes the owner of the vehicle
once the final instalment has been paid.
Kingsmead
Key Benefits Fixed repayments - The amount you pay monthly
is fixed for the term of the period of the agreement. This
allows you to budget accurately.
Flexible Terms - You can choose the term of the agreement
to suit your budget, from 12 to 48 months.
Ownership - at the end of the agreement when all the
instalments have been paid, you own the vehicle outright.
Low deposit - an initial deposit from as low as 10%
of the price of the vehicle is all that is usually required
Tax relief - This type of agreement qualifies for Income
Tax Relief on the interest paid each year (for Isle of Man
residents)
For
further information on a Kingsmead car finance loan visit
the Kingsmead website.
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