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MARCH 2008 BUDGET FOR MOTORISTS

Thu, 13 Mar 2008
The 2002 - 2008 100% capital allowance for company cars of 120g/km or less ended on 31st March 2008.

From April 2008 - March 2013 it is replaced by a 100% capital allowance for company cars of 110g/km or less.

See FAQ: www.honestjohn.co.uk/faq/faq.htm?id=81

VED for 2008 - 2009 remains at the previously set rates.

But VED for year 2009 - 2010 changes to a new 14 band system with rates from £0pa to £440pa.

For year 2010 - 2011, the 14 band rates go up to from £0pa to £455pa, but in addition an new cars emitting 131g/km or more will be subject to a one-off Purchase Tax of from £115 - £950.

See FAQ: www.honestjohn.co.uk/faq/faq.htm?id=20

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Amount to borrow
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Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17

£186.05

48 monthly payments

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Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

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