Enhancing your commercial fleet: is a Range Rover business lease the right choice?

Looking to add luxury vehicles to your commercial fleet?

Whether you’re providing company cars to corporate team members or need a new vehicle to carry caskets from your funeral parlour, Range Rover are famously spacious cars suitable for a wide range of terrains and purposes. It’s no surprise, then, that many businesses turn to this luxury brand when looking for a way to add prestige, quality, and durability to their commercial fleet.

If you’ve decided on a Range Rover, the next question on your mind might be how to finance your new vehicle. Here are four advantages to using a Range Rover business lease.

Flexible terms

A commercial vehicle lease provides enhanced flexibility over an acquisition for several reasons. For starters, when you come to the end of the lease period you won’t need to arrange the resale of your vehicle. You can simply stop paying the lease and return it to the provider. On the other hand, if you’d like to, you can choose to arrange a new lease either for the same vehicle or for a newer model.

Predictable budgeting

Business car leases inherently come with a predictable monthly payment structure, one that you can budget for in advance. This predictability can help keep cash flow steady and reliable. If you choose to include a maintenance package as part of your lease, depending on your provider, break down fees may also be covered.  

Boosted employee morale

The number of Land Range Rovers registered in the UK doubled between 2014 and 2020. If you are using a business lease to provide cars to current employees, you may find this is an attractive perk that helps boost employee morale.

Tax efficiency

As a UK VAT-registered business, you can claim back the VAT paid on a Range Rover lease, making this a tax efficient option for enhancing your fleet. Not only that, but if the vehicle is used exclusively for business use, you may be able to reduce your business's taxable income by deducting the cost of your lease from your annual company or sole trader tax bill.

Possible drawbacks to bear in mind

From flexible terms to tax efficiency, there are lots of reasons a Range Rover business lease might be the right choice for you. However, it’s important to arm yourself with all the facts before making any financial decision. Here are a few possible drawbacks to be aware of when deciding how to finance your fleet:

• Early termination fee: Always check your contract to find out what you may be liable to pay if you decide to terminate early

• Agreed mileage: Some providers set a restricted number of miles and you may be charged if you surpass this number  

• Possible damage: If the car is damaged in any way beyond standard wear and tear, you may be liable to pay  

Get vehicle financing with Funding Options by Tide

Looking for financing to fund your commercial vehicle fleet? Look no further! At Funding Options by Tide, we’re here to help you find a suitable financing solution for your unique needs. Click the link below to connect with over 120 lenders.

Find a suitable lender to support your commercial fleet.

Please note that the information above is not intended to be financial advice. You should seek independent financial advice before making any decisions about your financial future.

It’s important to remember that all loans and credit agreements come with risks. These risks include non-payment and late-payment of the agreed repayment plan, which could affect your business credit score and impact your ability to find future funding. Always read the terms and conditions of every loan or credit agreement before you proceed. Contact us for support if you ever face difficulties making your repayments.

Funding Options, now part of Tide, helps UK firms access business finance, working directly with businesses and their trusted advisors. Funding Options are a credit broker and do not provide loans directly. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Funding Options can introduce applicants to a number of providers based on the applicants' circumstances and creditworthiness. Funding Options will receive a commission or finder’s fee for effecting such finance introductions.