If you’re looking for ways to finance your truck by purchasing a new one or refinancing your existing model, you have a number of options. You could spread the cost over time with hire purchase or release cash from a vehicle you already own.
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Flexible types of truck finance for your business
Tanker finance, tipper finance and trailer finance also available
Hire purchase gives you flexibility to spread the cost over time, without needing to pay a large upfront expense. It can be used for a wide range of assets, from trucks and other vehicles to manufacturing equipment.
With hire purchase, you’ll usually have fixed monthly repayments so you can manage cash flow during the finance term; when you’ve finished making the repayments, your business will own the asset.
Sale and HP Back finance is when the lender buys your truck at an agreed value before financing it back to you through what’s called ‘hire purchase’. Although you’ll no longer own the truck, you’ll hire it for use from the lender.
Leasing is a flexible form of truck finance - one of the biggest advantages is the ability to regularly upgrade the truck or HGV. In some leasing arrangements, you can own the asset at the end of the term, upgrade it or simply give it back.
7.63% APR Representative based on a loan of £50,000 repayable over 24 months. Monthly repayment of £2,252.94. The total amount payable is £54,070.56
*Some lenders may apply fees during the application process, please note that these are set and provided by these entities.
Annual Percentage Rate
Rates from 2.75% APR
1 month to 30 years terms