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For many businesses and individuals, owning a van is a crucial part of their projects and operations. From electricians, labourers and construction workers to removal companies and artists, vans are essential within a wide range of industries and trades. A good van is far more than a means of getting from one place to another, it is a source of income and the lifeblood of a business.
Of course, buying a van is no small commitment, and a new vehicle can cost tens of thousands of pounds. While this may be a worthwhile investment, for many it is simply not a financially viable option. In this case, financing a van through a trustworthy service is a great alternative to buying outright.
If you’ve financed a van, there may come a time when you consider selling it. But is this something you can do? Here is our guide.
Types Of Finance
Firstly, it is worth understanding the main types of finance available on vans and other vehicles. Here at Vanaways, we offer three main finance options: contract hire, hire purchase and finance lease.
Contract hire is a form of long-term rental agreement, ranging from 24 to 60 months and tailored to suit the needs of your business. This is essentially a rental agreement and does not offer the option to purchase the vehicle at the end of the agreed period.
A Finance lease is a popular option for businesses when contract hire is not suitable. Not only is this option somewhat more flexible, but it also offers many tax advantages for those unable to buy a van upfront.
Finally, we offer a hire purchase option. This is essentially a rent-to-own agreement, during which the customer pays a fixed monthly cost and, at the end of the contract period, the vehicle is theirs.
Can I Sell My Financed Van?
It is worth noting that a van that is being used as part of a finance lease or contract hire agreement cannot be sold until all payments, including any final instalments or balloon payments, have been paid off.
At the end of a finance lease, you do not own the vehicle. However, customers may be presented with the option of selling the vehicle on to a third party. The terms of this scenario must be agreed with the finance company in advance. More information can be found on our website.
Once all payments have been made on a hire purchase agreement, the customer owns the vehicle. At this point, they may keep or sell the vehicle. It should be noted that selling a vehicle before it is legally yours is an act of fraud.
If you’re considering acquiring a vehicle through one of the finance options available here at Vanaways, get in touch with a member of our team. We’ll be happy to discuss your requirements and find an agreement that suits you.
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