When it comes to choosing a car for your business, the cost is obviously one of the main factors you look out for. First, there’s the initial cost of actually buying the car, then there’s the tax, insurance and running costs to consider. It’s certainly not cheap, but there are ways to make buying a business car more affordable.
Car finance deals have been around for years, but there’s a relatively new one you might not be aware of. Peugeot’s “Just Add Fuel scheme” has enabled buyers, who would otherwise be unable to, invest in a new car. Covering the cost of the car, tax, insurance, breakdown cover and servicing, the scheme is largely marketed towards younger first-time buyers. However, did you know it could be great for business owners too?
Can businesses apply for “Just Add Fuel” schemes?
If you do a quick search, you’ll notice there’s very little information on whether businesses can apply to the Just Add Fuel scheme. It is largely a scheme designed for younger, first-time drivers. However, it’s actually advertised as being available to drivers aged 18-75.
There’s also higher-end models available to those aged 25 and over, which would be perfect for business use. However, there’s terms and conditions which need to be met which you do need to be aware of before applying.
The trouble is, many companies offering this car finance scheme only provide it to retail, rather than business customers. So, if business owners aren’t able to apply, how can you take advantage of a scheme like this for your company?
How business owners could benefit from the Just add Fuel deal
You may not be able to apply to schemes such as Just Add Fuel under your business name, but you could take one out using your personal details. Likewise, your employees can also apply.
This means, if you’re a small business looking to buy a car purely for your own business use, or if you have very few employees, the Just Add Fuel scheme could be beneficial. If you have a large number of employees who need a company vehicle however, this scheme wouldn’t be a good option.
Before deciding whether the Just Add Fuel scheme is worth pursuing for your business, it’s a good idea to familiarise yourself with the scheme’s restrictions.
Factors to be aware of
Perhaps the main factor you need to be aware of is that there are mileage restrictions placed upon drivers partaking in the scheme. This could be problematic for business which travel frequently around the UK. So, the Just Add Fuel scheme would best suit a business owner who largely plans to use the car to get to and from work.
It’s really important to familiarise yourself with all of the terms and conditions before deciding whether the Just Add Fuel scheme is the right option for you. Overall, it won’t be suitable for all businesses, but there are situations where a business owner could benefit from schemes such as this one.