Truck Finance: Spread the cost of your fleet

Whether you run a transport business or the logistics arm of a larger operation, you know how quickly the costs of your vans and trucks add up. Staying in business means keeping all those costs under control.

You can start cutting those costs before you turn a wheel by getting the most competitive finance deal on your new vehicles.

Dealer finance could be the costly option

Truck and van dealers may offer a bewildering variety of finance plans. Some even offer 0% finance to help them close a deal, but they may hide the real costs.

The deals they offer may be designed to maximise their profits, and often mean that the purchase price is inflated to pay for the finance.

You could be better off asking for their best price for cash and paying for the truck with finance from a specialist lender. Your overall costs and monthly payments could both be reduced.

Asset Finance: spread the cost of your truck fleet

Asset Finance solutions let a lender finance your vehicle. You spread the costs and repay the lender while your vehicles are already working for your business.

Asset Finance solutions include:

Hire Purchase

Hire Purchase works exactly as it sounds. You ‘hire’ the vehicle until you’ve paid enough to ‘purchase’ it.

With hire purchase, you’ll normally have fixed monthly repayments so you can manage cashflow during the term. When you’ve finished making repayments, your business will own the vehicle.

Lease Finance

Leasing gives you flexibility. You can regularly upgrade your vehicles, and in some leasing arrangements, you have the option to own them at the end of the term, or simply give them back.

You can also decide whether you want maintenance and insurance to be included and whether you need the truck for its whole working life or a shorter, agreed period.

Contract Hire

Contract Hire is also used for trucks. Payments are calculated on the purchase value less the estimated value of the vehicle at the end of the agreement. This helps keep your monthly repayments down and makes it simple to switch to a new vehicle at the end of the agreement. It could be appropriate if a prestige vehicle is required.

Making existing payments easier

If an existing finance arrangement is causing problems, or if you want to redirect cash elsewhere in your business, we may be able to help find a refinance option. A lender will pay off what you owe under your original agreement and set up a new finance arrangement.

This can mean reduced repayments, spread out over a longer term. It could also allow you to release a substantial cash lump sum if you wished to refinance a large fleet.

Why you need Rangewell for Vehicle Finance

At Rangewell, we work across the entire lending industry and our finance experts have personal experience of a broad range of different business sectors.

Their expertise works for you. Our team knows the lenders who specialise in Vehicle Finance, and those who understand your business sector. It means that we can help you find the most competitive rates for all types of vehicle finance solutions.

We put this knowledge to work for you, finding the most competitive deals for every type of truck and business - from haulage services financing to ULEZ vehicle financing, and from a single van to a complete HGV fleet.

Call us to cut your costs

Coming to Rangewell means getting finance experts working to help you find you the most competitive funding for all your vehicle needs. That means cutting the costs of using trucks, vans and other commercial vehicles in your business.

Make sure you are getting the right funding solution for your trucks. Talk to our experts to discuss the details.