Vehicles can be a major expense for a business is it a good idea to tie up capital or use Truck Finance?
We have spent 16 years to become specialists in the Truck Finance market.
On top of paying for fuel, repairs and maintenance you also need to determine how you plan to pay for the vehicle itself.
Are you going to pay cash, use finance to lease or spread the cost of the truck?
Below, you’ll learn about the factors that can affect whether it’s better to buy or use Truck Finance.
- How much mileage will the truck accumulate over the term?
Mileage is one of the biggest limitations that leased vehicles have as opposed to owned vehicles.
The lender doesn’t want too much wear and tear the vehicle before returning it, they put a cap on the number of miles you are allowed to drive the vehicle throughout its term.
Exceeding this limit will incur an additional mileage charge. If you feel confident that you know how many miles the vehicle will be able to be driven, you’ll be able to ensure that the contract doesn’t prohibit you from using the vehicle as much as necessary.
If you need the truck to cover a lot of miles, you will get less favourable terms from the lender.
This will vary on a case by case basis, but it makes it more likely that frequent vehicle users will usually be better of buying the vehicle or financing it instead of taking a lease option.
2. How Long Do You Plan To Keep The Vehicle?
How long do you plan to keep the vehicle will also influence whether you should rent or buy it.
It does not make sense to pay for a vehicle that could last many years if you only need it for one or two. There may be a certain stage of your business or a certain event which necessitates a vehicle that you wouldn’t otherwise need.
You should also be aware of the additional charges that lease companies will make once trucks are returned at the end of the lease period.
Items such as scuffed wheels, scratches dents to bodywork missing logbooks will all attract sure charges from the lease company.
If you run several vehicles this can quickly add up to a significant sum.
You can ask the company for a list of charges so you can ensure no high fees at the end along as you make sure the assets are returned in a condition that meets the lease companies requirements.
If you require new trucks regularly then financing those vehicles is the most cost-effective way so you do not tie up too much working capital in depreciating assets.
3. At the end of the finance term
If you are unable to get a list of the chargeable items the British Vehicle Rental and Leasing Association can supply a copy.
It is much better to have a clear understanding of these costs as they should be factored into your business plan as a real cost in several years time.
4. Can I finance a used Truck?
Yes we are experts in this field and it is very common for us to work with customers for used truck finance. The process is exactly the same as with a new truck.
We arrange finance for both new and used trucks on a monthly basis.
We hope you find the article useful and welcome any questions on this subject, all of our staff are experts within this field and carry many years of experience.
At Kingsgate Finance, we’re proud to offer our services for a variety of different commercial needs. One of our specialities is truck finance. We have spent over 16 years really getting to know this niche, which is why we understand the terms you need in order to help your business succeed.
If you want to learn more about what we can do for you?
Please call us at 020 3959 9490 or fill out one of our application forms and we will get straight back to you
Truck Finance Experts The Uk's Number 1
Fantastic low rates and very quick credit decisions for every customer large or small we aim to make your experience the same.
Find the truck you want to purchase, send over the details and we will do the rest.
It is our job to make the process as easy and painless as possible whilst also supplying the most competitive rates in the market.
We understand that life is extremely busy in our modern world it is our aim to provide quick truck finance service at the best rates allowing you to concentrate on your own business.
Truck Finance Benefits
Find out more about Truck Finance
Truck Finance quote?
We are happy to provide you with quotes over different terms with varying deposits so you can make the correct decision for you or your business.
Our staff can talk you through the right options for you whatever your goals are that could be the lowest monthly payment or the smallest finance charges payable.
We can supply the truck finance or the trailer finance or both together.
Terms of between 1 and 7 years can be supplied with 5 years being the most common.
Some customers prefer to pay a deposit whilst others are happy to just pay the vat.
How do you pay for the truck?
Once you have signed the finance paperwork we will arrange to pay your chosen supplier, leaving you to collect your truck.
The funds are usually transferred by same day faster payment or BACS.
All our customers walk away happy and satisfied enough to leave a 5 star review.
17 tears of industry experience is enough to call ourselves experts within our market. All our quotes and advice are completely free of charge.
Where do I find a Truck For Sale?
The choice is ultimately yours there are a lot of websites and dealers that sell trucks.
We recommend ensuring that you know the service history of the vehicle, who built it (the original manufacturer), who the previous owners were.
You can purchase from a dealer or an individual.
What type of business finance do you offer?
Commercial vehicle finance
New or used truck finance
Used Truck Finance
We are experts in used truck finance of any age. The process is exactly the same as with a new truck.
The lease term is normally affected by the age of the HGV.
How do I get truck finance?
Yes, just work with us and allow us to help you by providing all necessary information. All of our procedures are compliant and we are authorised by the Financial Conduct Authority.
We are finance professionals with a vast amount of industry experience, all of our rates are extremely competitve.
We can supply finance to sole traders and limited companies. Interest rates and payments will depend on your company credit score.
What are the best deals on Truck Finance now?
The benefit of working with us is that we are able to go out to all of the lenders in the market place and work with the one with the lowest rates that will support your business.
We are regularly the cheapest out of three quotes.
Can I buy a truck and finance it afterwards?
Yes you can, refinance is one of our specialities. Just send us a copy of the invoice or order form and we will do the rest. The bank will deposit funds directly into your bank account.
What information do you require for Truck Finance?
Just to send a link to the Truck or the Trailer you want to finance if this is not possible the registration mark can be used to gather information on the age, mileage and vehicle chassis.
You may also need to supply your home address, date of birth, name of your business if you have one and some financial information such as
Up to date management accounts
Some applications only require the name of the business.
We will usually ask for the minimum amount of information required to be able to arrange the finance for you. We will not request any information that does not help and inline with GDR guidelines.
Just complete one of our online application forms or call 020 3959 9490 and we will complete it for you. perfectly optimized content goes here!