Quick Guide to Business Vehicle Finance

Your guide to our tailored business vehicle finance options, designed to suit your unique business requirements.

What is Business Vehicle Finance?

At Approved Finance Group, we recognise that for businesses to succeed, reliable and efficient transportation is essential. That's why we provide customised business vehicle finance options tailored to meet the unique requirements of your company.

Business Vehicle Finance is a specialised financial service designed to equip companies with the resources needed to acquire vehicles for their commercial operations. This includes a wide range of vehicles such as cars, vans, buses, heavy goods vehicles (HGVs), and more.

Whether you are a small enterprise seeking to expand your fleet or a large corporation aiming to upgrade your vehicles, our Business Vehicle Finance offers flexible and cost-effective solutions to help you achieve your goals.

Potential uses for Business Vehicle Finance

Business Vehicle Finance is a practical solution for companies looking to acquire and manage vehicles without large upfront costs. It enables fleet expansion, vehicle upgrades, cost management, and offers employee benefits through company cars.

You might consider applying for Business Vehicle Finance if:

You want to acquire additional vehicles to expand your business fleet without a large initial investment.

You want to replace old vehicles with newer, more efficient models to reduce costs and improve company image.

You are looking to spread the costs of vehicles over time to manage cash flow and budgeting more effectively.

You want to provide company cars to employees as part of their compensation package, enhancing job satisfaction.

How could it benefit my business?

At Approved Finance Group, we offer flexible and competitive commercial vehicle finance options to meet your specific business needs. Here’s how it can benefit your business:

Preserve Cash Flow: Spread the cost of acquiring commercial vehicles over time, helping you maintain a healthy cash flow.
Flexible Repayment Terms: Choose repayment terms that fit your financial situation, ranging from 24 to 60 months.
Competitive Interest Rates: Benefit from affordable interest rates that make financing your commercial vehicles cost-effective.
Variety of Vehicles: Finance a wide range of commercial vehicles, including vans, trucks, buses, HGVs, and specialised vehicles.
Quick and Easy Process: Enjoy a straightforward and efficient application process with fast approvals.

Am I eligible for Business Vehicle Finance?

The eligibility for business vehicle finance hinges on the unique circumstances of both you and your business. While many businesses discover they meet the criteria for a loan, the specific types of loans and associated rates can differ based on various factors, including your credit history and the trading history of your business. Transparency is key in ensuring a comprehensive and precise assessment of the loan options available to you.

It most circumstances, to be eligible to apply for business vehicle finance through Approved your business needs to:

Be based in the UK
Have a trading history of at least 12 months

What types of commercial vehicles can be funded?

At Approved Finance Group, we offer commercial vehicle finance for a diverse range of assets, including but not limited to:

Taxis: Flexible taxi finance solutions to keep your business moving.
Heavy Commercial Vehicles (HGVs): Comprehensive HGV finance for large-scale transport needs.
Cars and Light Commercial Vehicles: Competitive finance for business vehicles, including cars and vans.
Business Fleets: Customisable business vehicle finance for fleet upgrades and expansions.
Car and Van Rentals: Specialised finance for rental businesses.
Buses and Coaches: Bus finance options tailored to your passenger transport needs.
Delivery Vehicles: Finance options for delivery vans and trucks.
Refrigerated Vehicles: Specialised finance for refrigerated trucks and vans used in food and pharmaceutical transport.
Emergency Vehicles: Finance solutions for ambulances, fire engines, and police vehicles.
Utility Vehicles: Funding for utility and service vehicles such as maintenance trucks.
Public Transportation: Financing for public transport buses and shuttle services.
Electric and Hybrid Vehicles: Finance options for environmentally friendly electric and hybrid commercial vehicles.
Logistics Vehicles: Tailored finance for logistics and supply chain vehicles.
Construction Vehicles: Finance solutions for construction and heavy-duty vehicles.
Agricultural Machinery: Flexible finance for farming and agricultural equipment.
Forklifts and Industrial Vehicles: Industrial vehicle finance to support your operational efficiency.
Waste Management Vehicles: Financing for garbage trucks and waste management equipment.
Specialised Vehicles: Custom finance solutions for healthcare, catering, logistics, and more.

Whether you need financing for a single vehicle or to upgrade your entire fleet, our tailored solutions can help you acquire the assets you need to keep your business moving forward. Contact us today to discuss your specific requirements and explore how we can assist you in securing the right finance for your commercial vehicle needs.

Can I refinance an existing asset?

YES YES YES!

Refinancing existing assets is a smart strategy to unlock the equity tied up in your business vehicles, equipment, or machinery, providing you with much-needed cash flow.

By refinancing, you can renegotiate the terms of your excisting financing arrangement, potentially lowering your monthly payments or accessing additional capital to fuel your business growth.

What are my Business Vehicle Finance options?

At Approved Finance Group, we offer a variety of asset finance options tailored to suit your business needs. Here are the main types of commercial vehicle finance solutions you can apply for:

Hire Purchase: With a hire purchase agreement, you can acquire the assets your business needs while spreading the cost over time. You make fixed monthly payments over an agreed-upon period, and once the final payment is made, ownership of the asset is transferred to you. This option allows you to preserve your cash flow while gaining immediate access to essential equipment or vehicles.

Finance Lease: A finance lease arrangement provides you with the flexibility to use the asset without the burden of ownership. You make regular payments over the lease term, and at the end of the lease period, you typically have the option to extend the lease, return the asset, or purchase it at a predetermined price. Finance leases are ideal for businesses looking for a cost-effective way to access equipment or vehicles without tying up capital.

Asset Refinance: Asset refinance enables you to unlock the equity tied up in your existing assets to raise capital for your business. Whether you need to fund expansion projects, improve cash flow, or consolidate debt, asset refinance allows you to leverage the value of your owned assets to access the capital you need. This option is particularly beneficial for businesses looking to optimise their financial resources without taking on additional debt.

Our experienced team will work closely with you to understand your business objectives and financial circumstances, recommending the most suitable commercial vehicle finance solution to help you achieve your goals.

How does Business Vehicle Finance differ from Personal Vehicle Finance?

A business vehicle is specifically designed for acquiring vehicles for business use and often comes with different terms and benefits compared to personal vehicle loans. These benefits may include tax advantages, different interest rates, and flexible repayment option tailored to meet the needs of businesses.

How are we different from a bank?

Approved Finance Group is an independent broker. Unlike traditional banks, which typically offer a limited range of financial products and services, we specialise in connecting businesses with tailored finance solutions from our extensive panel of over 125 lenders.

As a broker, our primary focus is on understanding your unique financial needs and objectives. We work closely with you to assess your situation and identify the most suitable finance options available in the market. By leveraging our extensive network of lenders, we can offer you access to a wider range of products and competitive rates that may not be available through traditional banking channels.

Additionally, we are not tied to any specific financial institution. This means that we can provide unbiased advice and recommendations, ensuring that you receive objective guidance tailored to your specific requirements.

Our mission from the beginning has been to change the way business owners experience finance by simplifying the process while offering personalised service and support. Whether you're looking to fund new equipment, expand your operations, or improve cash flow, we are here to help you find the right finance solution to meet your business needs.

How to apply?

If you believe that your business could benefit from Business Vehicle Finance and would like to check your eligibility, then please click here to apply and a member of our specialist business motor finance team will get in contact as soon as possible.

Alternatively, feel free to give us a call on 01908 429888 and we'll be happy to answer any questions you may have!