Commercial Vehicle Finance

What is commercial vehicle finance?

Commercial vehicle finance is a type of financing that enables businesses to acquire business vehicles like vans, trucks, or buses for their operations, without the need for a large upfront payment. Instead, the cost is spread out over time with monthly installments. This type of financing helps businesses manage their cash flow and budget more effectively.

Commercial vehicle finance can include a range of assets, from a new business van, executive car or a pick-up truck.

Whether you need a new car as a director of a business, have a fleet of vans that you need to purchase or if you want to lease a new business vehicle, we can help.

With commercial vehicle finance, you can finance a wide range of wheeled assets for businesses including cars, buses and coaches, heavy and light commercial vehicles, construction vehicles, trailers and more.

We can cater for small business requiring a company car or larger businesses needing a fleet of cars.

Our vehicle management division will also be able to help with any fleet requirements you may have, ranging from telematics to driver assessment training programmes.

Some of the commercial vehicles we can finance

We offer a range of commercial vehicle finance solutions, including:

Recovery truck finance – Recovery vehicles can come in many different shapes and configurations. Whether it’s a heavy recovery truck, a slide bed truck or a specially converted vehicle, we can provide a route to your recovery truck finance.

Utility vehicle finance - Ranging from golf carts and quadbikes to ATVs and crossovers, utility vehicles can be used in a number of circumstances.

Motorhome finance – If you’re looking to get away on the open road, a motorhome can be the perfect mixture of luxury and practicality.

Luton van finance – Luton vans are designed to maximise the volume that can be carried at once which can improve productivity within your business.

Left-hand vehicle finance - While buying your new vehicle is an exciting prospect, spending hours scouring the market to looking for the best one can quickly become tedious – especially when you’re looking for a vehicle that’s left-hand drive.

Forklift finance - If your business requires the moving and lifting of heavy materials, a forklift can be the perfect solution to increase the efficiency of moving your business' stock and products. 

Types of commercial vehicle finance

Hire Purchase: A common method where the business pays a deposit and then makes regular payments, taking ownership of the vehicle once the final payment is made.

Finance Lease: The leasing company owns the vehicle, and the business makes monthly payments to use it. VAT is typically payable on the monthly rentals.

Operating Lease: Similar to a finance lease, but may include maintenance and other services, often for a fixed monthly cost.

Asset Finance: A broader finance term encompassing various financing solutions for business assets, including vehicles.

Fleet Finance: Specialised financing for businesses with multiple vehicles, often including leasing or hire purchase options.

How does commercial vehicle finance work?

A commercial truck finance company provides funding solutions to businesses for the purchase of trucks, trailers, and other commercial vehicles. MAF Finance Group offer various financing options, including hire purchase, finance leases, and operating leases, to help businesses acquire the vehicles they need to operate efficiently.

Commercial vehicle finance is a practical option to buy a vehicle without having to make a sizable down payment or buy the vehicle entirely. Even though you do not actually own the car right away, you can still use it as an asset for your business. If you choose to finance a new vehicle, you can determine how long you wish to finance the vehicle over.

How can commercial vehicle finance help your business?

Commercial vehicle finance is a type of asset finance in which the cost of the vehicle is spread out over time. This helps you manage your business’ cash flow as you will not have to pay the full cost upfront, and it makes budgeting easier because you will be paying monthly instalments instead.

Why should you finance a commercial vehicle?

There are a couple of reasons why it might be beneficial for your business use commercial vehicle finance:

· Fund what you require – grow your business by utilising vehicles that will improve productivity, sustainability, or efficiency.

· Spreading out the expense allows you to avoid impacting your cash flow or using up all of your cash reserves.

·Select your financing – lease or hire purchase options with durations up to five years.

How long does it take to secure commercial vehicle finance?

Commercial vehicle finance often varies and depends on the business and type of finance required. Typically, it can take anywhere from a couple of days to weeks to get finance in place for your new purchase. Finance applicants for vehicle finance should have all their accounts in order and available for inspection, just like with any other type of business funding. Bank statements, the last three to five years’ worth of certified accounts, business plans, and specifics on assets and liabilities can all be required.

Applying for commercial vehicle finance

MAF Finance Group works with a wide panel of banks and alternative finance providers to deliver the most competitive and flexible solution for you.

If you would like to get a quote or need further information, simply fill in the form and we will contact you. If you want to speak to someone directly, you can call us on 0115 958 6872 and a member of our team will be happy to speak to you. Alternatively, email us at [email protected].