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Helping Businesses
WITH VEHICLE LOANS

Fast cash, which grows with your business.

Fast cash, which grows with your business.

Fast cash, which grows with your business.

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Buying vehicles for business purposes can be a big investment, impacting on cashflow when you release capital up front. By using commercial vehicle finance, you effectively reduce risk while continuing to expand on your commercial vehicle fleet and see your business grow.

Whether you are looking to hire purchase or lease a commercial vehicle, or need to fund a fleet of HGVs, trailers, buses or coaches, Compare Your Funding can help.

Our specialist team have the experience and expertise to support you with your commercial vehicle investment and help find the right finance solution for you.

We know that vehicles are vital part of your business. We work with companies across the UK to help with their commercial fleet hire and finance. With extensive knowledge of this sector Compare Your Funding can provide you with support throughout the entire process.

There are several ways of financing commercial vehicles.

  • Commercial vehicle contract hire
  • Finance lease
  • Commercial vehicle contract and hire purchase

There are several ways of financing commercial vehicles. It is worth considering them all before making a choice which type suits you and your business best.

This is a hire agreement between any trading business (sole trader, LLP, Ltd or PLC) and a finance company. The finance company owns the vehicle, and the lease is essentially paying for the depreciation in value of the vehicle during the contract duration.

With commercial vehicle contract hire, you can hire vehicles for a predetermined mileage and amount of time for a fixed rental fee. The monthly payments will then take into account the cost of the vehicle, how long it is used for, agreed mileage, funding costs, and forecast residual value (the commercial vehicle’s estimated value at the end of the contract).

We can help you weigh up whether commercial vehicle contract hire is the right finance option for you and your business.

Benefits:

  • Fixed cost motoring
  • Frees up capital
  • Improved cashflow
  • 100% VAT claimable on business use
  • Additional line of finance that may not affect banking arrangements
  • Removes stress of vehicle maintenance

The third most popular option amongst UK businesses is to lease the car (or cars) they require. Finance Lease is used for businesses needing cars, vans and commercial vehicles where contract hire is not suitable. It offers flexibility and tax advantages to eligible companies who require one or more vehicle.

Initial deposits are payable at the beginning of the term, followed by a series of affordable monthly repayments. The difference with leasing being that there is no option to become the legal owner of the vehicle at the end of the term.

It allows you to hire the vehicles for a fixed fee like contract hire, however, all liabilities are passed to you, so the vehicle will appear on your balance sheet.

Unbeatable deals may be available for businesses looking to lease multiple vehicles, with no specific restrictions placed on poor-credit applicants. 

Benefits:

  • Fixed monthly rentals
  • 50% of VAT can be reclaimed on the finance element
  • Potential to carry on using the vehicle at the end of the lease
  • Additional line of finance that may not affect banking arrangements
  • Vehicle appears as an asset on company books

Hire purchase is the number-one choice for vehicle acquisition among private and business buyers alike. A deposit is payable at the beginning of the term, after which an affordable monthly payment is made over a period of two to four years. When all the payments are made, the agreement ends and you own the car.

Benefits

  • Flexible and affordable monthly repayments
  • Guarantee of vehicle ownership at the end of the term
  • Elimination of credit checks from most application processes 

You can still secure vehicle finance, but the key is to know where to look so you can secure affordable vehicle finance with poor credit. Using a broker like ourselves will help you know where to look. Compare Your Funding are experts and have strong links with all major funders and plenty of smaller, more niche specialists also. Conventional banks may decline poor credit applicants outright, but there are alternative options to explore and we can help.  

Still not sure if vehicle finance is right for your business?

If this is the case, there are other options available to you.  Have a look at our product pages:

Our experts work hard to negotiate you the best deal and are with you, side by side, from your first enquiry through to renewals and beyond.
Bad debt protection and confidential factoring options available.