Troman Finance - Blog Wed, 20 Jun 2018 03:07:09 +0000 Joomla! - Open Source Content Management en-gb London's new T-Charge


In order to comply with the minimum Euro Emissions Standards, London for Transport have introduced the new T-charge, also known as the Emissions Surcharge whereby older cars (which do not meet the Euro minimum vehicle emissions standard), are charged an extra £10 on top of the congestion charge of £11.50 per day, although historic tax charged cars and commercials manufactured before 1973 are exempt.  However, vehicles which have exemptions on their congestion charge, will in most cases , have the same exemptions on their T-charge.  

Drivers of vehicles which do not meet the Euro emissions standards will have until midnight on the following charging day to pay their congestion and T-charge which may be paid together.  Failure to pay will result in a penalty charge (PCN) of £130 which is reduced to £65 if paid within 14 days.  If you do not pay within 28 days, a 50% surcharge is added to the penalty, called a charge certificate, increasing the fine to £195.  You can of course challenge the PCN.

With this in mind, should you enter the congestion charge zone in London 5 days per week and do not warrant any discounts or exemptions, your weekly charge for entering for work purposes (5 days for the week) is £107.50.  Your weekly extra charge for work purposes with an older car would be £50 and should you work 4 weeks that month, your charge would be a further £200.  For this kind of money you would be able to afford, for example, one of our current offers, a brand new Skoda Octavia 1L TSi SE Technology Manual on business or personal contract hire from £135.66 + VAT.  Even if you only go into London for a few days per week, you may find it less expensive to change your vehicle for a newer version, or even get a ultra-low emission vehicle e.g. electric and stop paying the congestion charge and T-charge altogether. 

For more information, contact one of our brokers, Paul, Phil or Lawrence for an informal chat.

]]> (David Troke) Blog Wed, 25 Oct 2017 11:50:18 +0000
Personal Contract Purchase

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) is one way in which an individual can afford a new car without having to pay for the car in one lump sum.  By paying for the vehicle over a period of months, usually 24, 36 or 48, consumers are able to spread the cost of a new car, enabling purchase of a more economical, environmentally friendly vehicle which should save the consumer money in the long term. 

However, by going down this route, there will be a deposit due at the beginning of the agreement and a balloon payment at the end.  When you choose this type of agreement, your monthly rentals will be lower, than if you pay your deposit and then pay for your car by standard hire purchase.  The balloon payment will be calculated at the beginning of the agreement and is then set (guaranteed value), therefore, at the end of the agreement if the vehicle is not worth as much as the guaranteed value (balloon), as a PCP client, you are entitled to give the car back to the lender should you wish.  Although it should be pointed out that you are then left without a car.  However you would be able to enter back into another PCP.  In some instances, should the guaranteed value be less than the vehicle is worth you may use any equity as a deposit on a new vehicle.

In Summary

  • Consumers are able to afford new vehicles and spread the cost over a period of time.
  • Payments are reduced by having a balloon payment at the end of the agreement.
  • If the consumer wishes, they can reduce the balloon payment by increasing their monthly payments and are therefore more likely to have equity at the end of the agreement.
  • Should the consumer wish to, they are able to give back the vehicle at the end of the agreement without paying the balloon payment and choose not to take ownership, (note: this does depend on the condition and mileage of the car, any excess mileage and damage will have to be paid for by the consumer).
  • Consumers may use the car they have just finished paying for, by trading it in and any equity left over and above the guaranteed value may be used as a deposit for a new PCP.


]]> (David Troke) Blog Fri, 13 Oct 2017 08:00:08 +0000
Are you looking to purchase a van

Are you looking to purchase a van

In this short blog we talk about the different ways in which you can invest in a new van for you or your business.   There are several ways in which to purchase a new van.  The 3 main options are to buy it outright, contract hire, and lease purchase.  We will take each one individually.

Buying outright

By buying your van outright, you will of course save on interest rates and you can do what you wish with your van without any restrictions, however, you are making a large payment and considering vans, like cars, lose the majority of their depreciation within the first six months, you will not get back what you paid for it.  So when deciding to purchase your van, you have to ensure that the van has the correct capacity and height and the financial out lay is right for your company.  You do not want to pay for a van and find that within a year it is not fit for purpose as your business has changed.  Some if the things to think about are:

]]> (David Troke) Blog Tue, 03 Oct 2017 08:28:57 +0000
Should You Add Maintenance to Your Contract Hire Agreement


Should You Add Maintenance To Your Business Contract Hire Agreement                                                                     

When choosing a vehicle for your business, you will be asked the usual question of what make, model, type of transmission, annual mileage and the number of months you wish to hire your new vehicle for.  However, another question you are always asked is “do you want maintenance”.  In many cases clients are not sure what this actually entails.

By adding maintenance into your contract, your vehicle will be covered by the contract hire company for routine servicing, and some include tyres and exhaust replacement (Ensure you are fully aware of what is and what is not included).  However, you can in some instances purchase tyre only maintenance packages, but none of the above will include damage i.e., a nail in the tyre. 

Should you take out a maintenance agreement, you also have the contract hire company behind you should there be any mechanical problems with your car.  (Although of course, should you take out an agreement through us, we will endeavour to liaise with the contract hire company on your behalf, should you wish us to).

By taking out a maintenance agreement, your car will be serviced regularly, by franchised garages at the right times.  If included, or if a tyre only contract is taken out, all tyres will be replaced that need to be, using top brands by fully qualified fitters.

When taking out the maintenance option, you will be given a contact number which you call when your vehicle requires servicing or needs a change of tyre. 

We suggest that before taking out a maintenance package, it would be advisable to research the servicing schedule for your vehicle, consider the number of miles you will be covering and the length of the contract hire agreement and then calculate whether it is worth you adding the cost to your monthly rentals, but some customers do like the service option as it spreads the costs over the length of the contract hire agreement.  Thus adding maintenance to your contact can make sense, particularly for high mileage, long contract hire rentals. 




]]> (David Troke) Blog Tue, 19 Sep 2017 12:30:52 +0000
End of Lease Wear and Tear

 What constitutes normal wear and tear on an end of lease contract


Should you have a car on contract hire, you have basically hired the car for a number of years, not exceeding a total number of miles (as stated in our previous blogs).  At the end of the contracted period, you return the vehicle back to the leasing company but not before the representative collecting the vehicle has examined it for normal wear and tear. 

Before leasing the vehicle to you, the leasing company will have estimated the value of the car after the lease has finished and that will include normal wear and tear, however should the vehicle be returned in a poorer condition than estimated, then the leasing company will charge you extra at the end of the lease to cover the costs of repair or loss in value.  In this blog, we will examine how to check for normal wear and tear.

  • Ensure that your vehicle is clean and valeted just before collection.  A clean car shows it has been well looked after;
  • Check all the panels for dents and chips.  It is better to bend down and look along the panels at it is easier to see any indents;
  • The tyres should be worn equally and there should be no scratches on the wheels or trims (ensure the spare tyre is in good order);
  • All lamps, lights and mirrors should be in good working order and not have any chips or cracks;
  • The interior of the car should be in good order with no tears or stains;
  • The boot should be free of debris and if you have an estate, any damage from dogs should be rectified and dog hairs removed;
  • All technology such as radios, Bluetooth etc should be in good working order.

It is better to inspect your vehicle a few weeks before it is due to be returned, so that you can get any faults rectified before collection.

When collection is made, the driver will note any damage to the vehicle and you will be asked to sign; agreeing to his findings.  Should you not agree, you need to clarify what happens next but you are entitled to pay for an independent engineer to inspect the car.  Should the engineer find in your favour, reasonable costs of the inspection will be made to you by the leasing company.  Should this be of interest to you, please contact us for more information.

]]> (David Troke) Blog Thu, 20 Apr 2017 08:24:56 +0000
The Pros and Cons of Contract Hire

The Pros and Cons of Contract Hire


There have been quite a few reports in the papers and journals recently in the rise in popularity of Contract Hire.  For people who do not have an attachment to their cars, this is a good way to have the use of a car without actually owning it and thus they are able to change their cars every 2/3 or 4 years depending on the agreement.  There is also a product called Personal Contract Hire (PCH) which is available to individuals.  However, before you go down the Contract Hire route there are a few pros and cons to think about:   


]]> (David Troke) Blog Fri, 13 Nov 2015 12:31:33 +0000
Would Personal Contract Hire (PCH) help senior citizens?


Would Personal Contract Hire (PCH) help senior citizens?


Senior citizens are usually on a fixed monthly income and may not wish to have the hassle of owning a car.  As in our previous blog on the pros and cons of contract hire, many of the pros are highly positive for senior citizens, such as being able to change the car every 2 or 3 years.  As people age, their wish to drive bigger, more powerful cars may diminish, personal contract hire can help by being able to change the car more frequently, without the hassle of selling the current car and finding a new car.  We can help as our contract hire cars are picked up from your address and a new car can be delivered the same day.  

]]> (David Troke) Blog Wed, 20 Apr 2016 09:09:05 +0000
5 tips to help you sell your car

5 Things That Will Help You Sell Your Car

  1. Clean your car thoroughly inside and out.  This will add about 5% to the price of a used car. 
  2. Use on-line sites like Autotrader to get a good indication of what your car is worth - be realistic.
  3. Take photos of both the outside and inside of your car.  Use at least 2 images (this has double the click rate compared to adverts with no photos).
  4. Check and top up oil and water if necessary, don't forget the windscreen washer bottle and check that your tyre pressures are correct. 
  5. Lastly make sure all the paperwork is correct and organised so the buyer can examine it.  If you only have a short MOT it is probably worth getting a new one.

]]> (David Troke) Blog Tue, 18 Aug 2015 14:22:22 +0000