Resources for a New Yodel Driver
As a New Yodel Driver, there are a range of finance packages available to you to provide ultimate flexibility and a tailored package to suit your needs. We find most people fit into one of these categories:
But no matter where you find yourself—the ones you'll "need-to-know" are as follows:
Lease to buy
A ‘win win’ for owner drivers wanting to benefit from the tax advantages of a low cost lease whilst being able to take ownership at the end. Additionally there are no damage or excess mileage charges, giving maximum flexibility. All payments are 100% tax deductible and VAT is spread across all payments. Low deposits, typically three months, are available although one payment can be arranged. Finance lease can be taken with or without a final payment, the final payment being based on the anticipated resale of the van. The VAT element is paid monthly and reclaimed quarterly: all the payments are reclaimable against tax. The lease will appear on your balance sheet. When the van is sold at the end of the lease agreement you retain 97.5% of the sale value.
Good for businesses wanting cost certainty and no resale hassle. Put simply, this is a longer term rental providing lower cost rentals. Payments are based on a given contract mileage and the vehicle is simply returned at the end. Road fund licence is included but maintenance, tyres, roadside assistance and relief vehicle are options that can be added and will change the monthly rental. At the end of the contract the van is returned to the contract hire company and any damage repairs made will be recharged along with any excess mileage charges. The VAT element is paid monthly and reclaimed quarterly: all of the payments are reclaimable against tax. The lease does not appear on your balance sheet.
Only suitable for owner drivers that are VAT registered, offers traditional loan finance. Typical deposit of 10% of the cost of the vehicle plus the entire VAT element is paid upfront. The VAT can be claimed back in the next VAT quarter. As a purchase agreement the agreement will appear on the balance sheet and normal writing down allowances apply. The New Yodel Driver will own the vehicle once the last payment and option purchase fee is paid.
Our new short term rental agreement offers a fully specified Yodel Van on our most flexible basis yet. Your maximum commitment will be 90 days and this will suit sub-contractors who do not want to commit to a longer term or those with a lower credit score.
Take a look at a few of our other resources for Yodel Drivers.