Wednesday 12 November 2014

Getting a Company Car for Employees’ Use

Businesses with employees who travel often on official functions need to have their own company transportation to shuttle these employees. Allowing the workers to use personal vehicles for business matters isn’t so professional, and letting them use public transportation individually might not be cost-effective in the long run. Besides, when a meeting must go ahead at a prearranged time and place, relying on public transport schedules can be counter-productive.
This calls for acquiring your own service vehicle. When you don’t have money to spare to finance one, taking out a car on loan from a business vehicle finance company may work.

How to start
Draft the rationale for getting a company vehicle and define its expected operational usage; the latter will determine what kind of loan options to look for with a business vehicle finance company. For instance, if you bought a vehicle on loan and you want to keep it until the payments are complete, some lenders recommend taking out chattel mortgages. A chattel mortgage is a type of loan where the lender holds a lien against your vehicle until you’ve satisfied the loan payments.
Vehicle incentive

An auto commercial shows a boss presenting a company vehicle as incentive to a prospective high-ranking applicant, and the applicant says, “When do I start?” A company can also get a vehicle for business/personal use by certain employees through a novated lease. Under this arrangement, the employee shoulders the lease, which would be taken out of his/her gross wage per pay schedule. 

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