Construction Vehicle Finance

Finance your construction vehicles

Construction vehicles are a necessity to many businesses operating in this sector, making construction processes quick and efficient.

However, choosing which vehicle to be financed depends on the needs on what type of business you are.

We can arrange financial solutions to fund a variety of construction vehicles. Whether that is a composter, loader, or a concrete mixer, we can assist you.

What is construction vehicle finance

Construction vehicle finance is a method of asset finance that allows you to acquire specialist assets for your construction business, whilst protecting your working capital and preserving your cash flow.

Finance leasing and hire purchase are two methods of financing that can help your business acquire construction vehicles. However, if your business has many assets on its balance sheet, selecting asset refinancing can be a great alternative when wanting to raise capital for new vehicle purchases.

Our construction team are on hand to provide assistance to any construction related queries your business may have.

Types of construction vehicle finance

Hire purchase: At the beginning of the agreement, you’ll pay a deposit, followed by fixed monthly payments according to the time stated in the agreement, with contracts usually lasting up to five years. Once all payments have been made, your business will own the asset outright.

Finance leasing: A finance lease can be ideal if your business doesn’t need to own the asset. This option involves renting the construction vehicle from the lender and making regular fixed payments throughout the lease term, with no intention of owning the vehicle.

Asset refinancing: Leveraging the equity in an existing asset is an excellent way to finance construction vehicles for your business. With this arrangement, the asset is sold to a lender, and your business rents back the asset under an agreed term. This allows you to access capital while still retaining the use of the asset.

How does construction vehicle finance work?

Construction vehicle finance involves placing a deposit for the asset, with the remaining amount being paid over a set of monthly payments up until the term end. Throughout the agreement, you are not the owner of the construction vehicle, however this asset can be used for your operations. Through financing your construction vehicle, you can determine the time in which you pay off the asset, as well as the deposit amount.

Is construction vehicle finance right for your business?

Buying vehicles for you construction business outright would involve laying out a large amount of business capital. With financing, you can acquire the asset needed for your business without having to put down a large amount of business capital to use it.

With a fixed repayment schedule and flexible terms, managing the payments on your finance deal is made simple, meaning incorporating the asset repayment into your operations can be done easily.

Applying for construction vehicle finance

MAF Finance Group work with multiple banks and funders to supply you with quality financial solutions.

If you would like to get a quote or learn more, fill out the form below and we will be in contact shortly. If you would like to speak directly with someone, call us on 0115 958 6872 and a member of our team will be happy to speak with you. Alternatively, email us at [email protected].