Owning a ŠKODA is Easy
Our aim here at ŠKODA Finance is to facilitate you, in the easiest and most stress-free fashion, when purchasing your new ŠKODA. It doesn’t matter whether you are a private customer or a business customer – our range of financial products offer the perfect solution to meet your individual needs.
Why not take advantage of our expertise and experience? Our team at ŠKODA Finance will be delighted to help you identify which of our excellent finance and insurance products suit you best.
Company
ŠKODA Finance is part of Volkswagen Financial Services AG, the fully owned Volkswagen Group automotive financial services company, which operates in 35 countries worldwide and offers financial services to millions of customers.We benefit from decades of experience in automotive financial services and our aim is to ensure you get the full advantage of this expertise.
Volkswagen Bank Gmbh Branch Ireland trading as ŠKODA Finance is authorised by the federal financial supervisory authority (bafin) in Germany and is regulated by the Central Bank of Ireland for conduct of business rules.
Products
At ŠKODA Finance, we understand that everyone’s needs are different. That’s why we provide individually tailored payment plans and solutions that make it easier for you to drive off in your new ŠKODA.
Whether you are a private customer or a business customer you’ll find a comprehensive selection of financial solutions at your local ŠKODA dealer. Ask for ŠKODA Finance and you’ll get the fairest and most suitable financial plan available.
Consumer Hire Purchase
Under Hire Purchase, ŠKODA Finance purchases the car on your behalf. You then pay an agreed installment over 1 to 5 years. The car becomes your property at the end of the agreement upon payment of a purchase installment.
With Hire Purchase you can defer part of the capital cost until the end of the agreement and pay a final “balloon” payment, thus making the monthly installment more affordable.
Benefits of Consumer Hire Purchase:
- You have peace of mind by knowing from the outset the timeframe and amount of repayments
- As the installments are fixed, the payments are not subject to fluctuations in interest rates
- You have ownership of the car at the end of the agreement on payment of the purchase fee
Warning: You will not own these goods until the final payment is made.
Non-Consumer Hire Purchase (Business Hire Purchase)
Hire purchase is an agreement whereby vehicles are purchased by ŠKODA Finance on behalf of the customer and hired for an agreed term. At the end of the contract period, ownership transfers to the customer on the payment of a purchase installment.
For business and taxation purposes, vehicles acquired under a Non – Consumer Hire Purchase arrangement are treated as fixed assets of the company with the amount being treated as a liability.
A Business can offset the interest element of the Hire Purchase cost against Tax thereby reducing the effective cost of borrowing. The VAT amount on the vehicle can be claimed back from Revenue in one upfront payment at the beginning of the agreement (subject to vehicle qualification rebate). Vat is not normally recoverable on cars.
With Hire Purchase you can defer part of the capital cost until the end of the agreement and pay a final “balloon” payment, thus making the monthly installment more affordable.
Benefits of Non-Consumer Hire Purchase:
- The product is straightforward with no tax implications on completion of the agreement
- Fixed installments provide for more accurate budgeting and forecasting
- By funding vehicles by way of a separate line of credit, working capital is free to be used where it is needed most – in the business
- As well as preserving valuable working capital, HP can provide better cash-flow management and control.
Warning: You will not own these goods until the final payment is made.
ŠKODA PCP Solutions
ŠKODA PCP Solutions gives you flexible finance options and the convenience of a guaranteed future value (GFV) for your new ŠKODA. This personal contract plan is based on a hire purchase agreement with a difference. It allows you to use the equity in the future value of your ŠKODA to reduce your monthly payments and avail of a shorter termed agreement.
A PCP contract over 36 months may have similar monthly rentals to a 60 month agreement using traditional hire purchase. You pay a small deposit (as little as 10% of the purchase price) and benefit from attractively low monthly instalments and a guaranteed future value for your new ŠKODA. At the end of your contract you may choose to change your ŠKODA for a brand new model, keep it or simply return it to your ŠKODA retailer.
So, whether you want to drive the latest and safest model, upgrade regularly or simply keep your new ŠKODA, ŠKODA PCP Solutions makes your money go further.
Gap Insurance
ŠKODA GAP Insurance products are designed to ensure that if the unforeseen happens, you and your ŠKODA have the best protection you need. Our GAP insurance (also known as Guaranteed Asset Protection) helps to bridge the payment GAP between the settlement amount from your motor insurer and the original purchase price of your car. So if your car is written off, or stolen and not recovered, the additional worry of finding the money to purchase a replacement ŠKODA could be taken away. We think you deserve another new ŠKODA if yours is no longer with us. ŠKODA GAP Insurance provides you with the following additional cover:
Return to invoice price GAP, or RTI as it is also known pays the difference between the original net invoice purchase price of your ŠKODA vehicle and the total loss settlement paid to you by your motor insurer. The original net invoice purchase price includes all factory fitted accessories and any discount given. (ŠKODA retailer fitted extras or accessories are also included up to a total value of €500) but excludes motor tax, dealer delivery charges, fuel, paintwork and/or upholstery protection kits, insurance premiums, warranty premiums and any such associated costs and any negative equity.
How does GAP Insurance Work?If, for example, you purchased a ŠKODA costing €20,000 and it is written off after 24 months, your motor insurance provider may only pay out the current market value which might be €12,000 to replace your ŠKODA with another model worth €20,000 you would need to find €8,000. However, with our GAP Insurance, which provides return to invoice price cover (RTI), you could be paid the missing €8,000.