Unless you've picked those winning 6 numbers or been bequested a small fortune there's no escaping it - FINANCE - gone are the days when you could just 'save-up' for a new motor. Even someone earning £25k and putting aside 20% of their net income would take 10 years to save enough for a basic Landrover Discovery!

We list here some of the various schemes to ease the costs a little.

BANK LOAN
Go to the bank, fill in the form, and wait for the computer to churn the numbers. We no longer have to grovel at the feet of the Manager and most banks are only too keen to throw money at us.

Occassionally you first have to prove that your finances are so good that you don't actually need the money before they will lend you any.

Benefits: The car is instantly yours - The loan is not secured on the car - You can sell the car at any time - - Any Make Or Model Of Vehicle - Fixed Costs - New Or Used Vehicles

PERSONAL CONTRACT PURCHASE
Personal Contract Purchase (or PCP) has been developed to enable individuals to finance their vehicles for a lower monthly outlay

The vehicle is supplied for a set period of time at a fixed cost. At the end of the agreement the driver may purchase the vehicle by paying the balloon (minimum future value) or simply return it to the contract provider.

Benefit Summary: Low Initial Outlay - Fixed Costs - Any Make or Model Of Vehicle - New Or Used Vehicles

CONTRACT PURCHASE
If you prefer ownership yet still require many of the benefits afforded by Contract Hire

Once the contract term, mileage and maintenance has been determined, a minimum future value is set for what the vehicle should be worth at the end of the agreement.

At the end of the agreement you may either; Keep the vehicle - simply paying the Optional Final Purchase Payment, or Return the Vehicle with nothing further to pay.

Benefit Summary: Low Initial Outlay - Fixed Costs - On Balance Sheet As If Purchased - Residual Value Risks Eliminated - With Option To Purchase - Any Make Or Model Of Vehicle - New Or Used Vehicles

CONTRACT HIRE
Contract Hire is the leasing of a vehicle for a fixed period of time at a fixed (normally monthly) rental.

The rental is determined by the vehicle depreciation, length of contract, mileage covered and any additional services which may be required such as a comprehensive maintenance package.

The choice of vehicle and contract terms are flexible to meet your individual requirements. At the conclusion of the agreement the vehicle is returned to the contract provider.

Benefit Summary: - Low Initial Outlay - Off Balance Sheet Funding - No Residual Value Risks - Any Make Or Model Of Vehicle - New Or Used Vehicles

HIRE PURCHASE
The more 'traditional' methods of vehicle acquisition, these facilities are ideal for those companies who wish to utilise the equity in their existing vehicles, or wish to pay an enhanced cash deposit toward their next transaction.

A residual value can be set for the end of the agreement to reduce monthly payments and deposits are also flexible.

Benefit Summary: - Ownership of Asset - Fixed Costs - On Balance Sheet - Any Make Or Model Of Vehicle - New Or Used Vehicles

FINANCE LEASE
For companies wishing to retain the risks and rewards of ownership whilst receiving accelerated tax allowances, finance leasing may be an appropriate option.

Although ownership of the vehicle remains with the lessor, this is an 'on balance sheet' facility with corresponding payments shown as a liability.

Benefit Summary: On Balance Sheet - Fixed Costs - Accelerated Tax Allowances - Any Make Or Model Of Vehicle - New Or Used Vehicles