Vehicle Finance: Cutting the cost of getting your business going places

It means that your fleet is a major investment. You need to minimise the cost of financing it.

Dealer finance could be the costly option

Vehicle dealers can offer 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 for your fleet

Asset Finance solutions let a lender finance your vehicle, and can let you choose how you repay them to suit the needs of your business – not the dealer’s. You pay the lender and spread the cost over the term of the agreement while your vehicles are already earning money for your business.

Asset Finance solutions include:

Hire Purchase

Hire Purchase works just 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 cash flow during the term. When you’ve finished making repayments, your business will own the vehicle.

HP can run up to 60 months.

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 your vehicles for their whole working life or a shorter, agreed period.

Leasing can allow you to update your vehicles regularly which can be important for prestige and reliability

Contract Hire

Contract Hire is a special kind of leasing arrangement. 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.

Contract Hire could be appropriate if a prestige vehicle is required.

Cutting existing payments

If you have an existing finance arrangement and want to reduce costs or free up cash, 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 with lower monthly costs.

Refinance could help 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 market. 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 the equipment you need, 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 - from Truck Finance to ULEZ vehicle finance - and all your other finance options.

That means cutting the costs of running your business while ensuring you can work with the vehicles you really need. Talk to our experts to discuss the details.