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Securing a van for your business can make a huge difference to your daily operations. A reliable and practically sized vehicle could help make transportation and storage easier, whilst also allowing you to reach new clientele. All of this can provide a boost to your profits and support your growing company.
But it can be difficult to know which financing methods are best for you. Unless you have the money to hand, buying outright may not be a feasible option. As such, you will need to consider the alternatives, which typically consist of credit loans, part exchange deals and leasing contracts.
Read on for an insight into these different types of van purchasing options, with an overview of their benefits and drawbacks.
Finance
One of the most common methods for obtaining a van without paying upfront is to secure a finance agreement, otherwise known as a loan. This involves a credit agreement between you and the dealership which allows you to pay for the vehicle over time, in addition to paying interest on the loan. You may also be able to opt for a fleet finance package for multiple vehicles.
Advantages:
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Fixed financial agreement, so you know what you’re paying
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Helps you to build your credit score
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Low monthly payments, meaning you can afford a better vehicle
Disadvantages:
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Some loans are subject to mileage limits
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You won’t fully own the car until all instalments have been paid
Part Exchange
If you choose to part exchange your van, then this means that the cost of your old vehicle goes towards the price of your new one. The dealer will value your old van and effectively buy it from you, discounting this total from the cost of the new van.
Advantages:
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Quickly and easily sell your old car without hassle
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Buy and sell your vehicles in one transaction
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Save money directly on your new van
Disadvantages:
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Your old van may be bought at a reduced price than if you sold it
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The process can be complicated by finance agreements
Lease
A vehicle lease is a long-term rental agreement which allows you to pay a fixed monthly fee for your van over a set period of time. These agreements tend to include mileage limits as well as additional costs for damage caused.
Advantages:
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Lower monthly payments than other financing methods
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No long-term commitments to owning a vehicle
Disadvantages:
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Potential unwanted charges for exceeding the mileage limit or causing unreasonable damage to the vehicle
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You won’t be given the opportunity to own the vehicle, as it will be returned to the dealership at the end of your contract
Van Sales UK: Helping You To Drive Your Dream Van
At Van Sales UK, we offer a wide range of financing options to help you to access your dream vehicle, including part exchange and van lease purchase plans. Contact us today to find out more about our finance provisions.
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