Independent research carried out on behalf of Extra Leasing showed that transport managers were aware of the terminology surrounding vehicle finance but did not fully understand the pros and cons of each option.
To help fleets, the firm has produced a chart that provides an at-a-glance guide to the different sources of finance available to transport and finance managers.
The chart is available free from Extra and can be found its website, at www.extra-leasing.com in the 'Guide to Finance' section. It covers financial, accounting, tax and management control issues and compares eight different options from bank overdraft, through to full asset management and including contract purchase and finance lease.
Nick Egerton, sales and marketing director, said: 'It has been our experience that clients have varying levels of knowledge about the finance options available to them and the implications of each. If all parties are aware of the issues, it allows us to tailor a package that is right for them depending on their priorities and resources.
'For example, an organisation with its own workshop may not need a maintenance contract – but the company may need management information and planning to get the best results from that workshop.'