When is the best time to think about Vehicle Finance
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When discussing business vehicles you are, in fact, describing a diverse group of assets which perform a wide range of tasks in and around your business. However, they also tend to possess a high purchase price which typically needs to be paid up front. Making such a purchase on your own can be difficult to manage, especially you’re an SME with a tight budget. Yet, if you feel that your business could go further with the support of a business vehicle, you could explore another route towards achieving your goals by applying for Vehicle Finance. An umbrella term covering a variety of business finance solutions, Vehicle Finance offers you the means to bring vehicles into your business in a manner that places less strain upon your working capital. So if your business could benefit from the versatility that a business vehicle has to offer, some of the most common scenarios in which you may consider applying for Vehicle Finance could involve:
- Heavy duty assignments
- Luxury vehicles
- Releasing equity
How could Vehicle Finance support heavy duty assignments?
Vehicle Finance could prove invaluable if you’re operating in sectors such as construction, agriculture, haulage and warehousing, where you typically need vehicles that can quickly carry heavy loads or perform strenuous tasks. The issue, however, is that such vehicles typically tend to carry a high retail cost, even if you intend to source them secondhand. But by applying for Vehicle Finance you can avoid squeezing your finances further and gain the vehicles your business requires, by spreading out the overall cost of each vehicle or borrowing them over an agreed period using either Hire Purchase or Leasing. So although you may need to perform heavy duty tasks, you needn’t take the same approach with your business’ finances.
How can Vehicle Finance help my business acquire luxury and bespoke vehicles?
Vehicle Finance can also be a useful avenue to explore if you’re looking to acquire luxury or bespoke vehicles for your business, especially if you operate in sectors such as transport and hospitality to catering, for example. But yet again, you’ll still need to decide how to overcome the cost factor, which can rise further if you need to factor in modifications. However, Vehicle Finance offers you some interesting ways in which to get around this issue by offering your business access to Leasing and Contract Hire solutions. Plus, depending on your chosen finance solution, you could also upgrade to another model at the end of the agreement. This could be of vital benefit for your business since these types of vehicles tend to depreciate quickly or become obsolete as new models are released.
How can Vehicle Finance help me release equity?
Another way in which Vehicle Finance can help support your goals is by releasing equity from your business’ unencumbered assets using Asset Refinance. Some of the assets that you can release equity from in order to generate a lump sum can include equipment, machinery and vehicles to property. No matter which sector your business operates in, this route can be useful if you’re looking to support a large upfront payment for a specific vehicle, or group of vehicles, that you wish to purchase outright.
Thinking about applying for Vehicle Finance?
When looking to acquire vehicles for your business, it can be difficult to know which way to turn. You may decide to approach your local dealership, who may try to entice you with clever marketing terms such as ‘0% interest’ or ‘interest-free’. Yet, although this may seem like an enticing offer, you could gain a more beneficial agreement elsewhere by simply weighing up your options. By applying for Vehicle Finance you could gain access to a variety of business finance solutions which will allow you to acquire all the vehicles you need to succeed. So, whether you’re looking for luxury cars, tractors, articulated lorries or any other specialist vehicles for your business, apply for Vehicle Finance today or find out more with Rangewell.