Truck Finance

Finance Your Truck

Trucks are an essential asset in many businesses’ operations, providing transport for essential processes such as moving business stock and products.

The most appropriate financial product for acquiring a truck will depend on your business’ financial position as well as other factors.

We can arrange funding for haulage businesses looking into financing a truck. With options including a tipper truck, flatbed truck or a rigid lorry, we can assist.

What is truck finance?

Truck finance is a method of purchasing an essential asset for your business without having to sacrifice a large amount of business capital when making the purchase, protecting cash flow for other business expenses.

Two methods of financing a truck are hire purchase and finance leasing, both spreading the payments over a long period. Asset refinancing is another method that is ideal for businesses who have a lower cash flow but have valuable assets available on their balance sheet.

MAF Finance Group are available to assist with any haulage needs businesses have across the UK.

Types of truck finance available

Hire purchase: The process begins with a deposit, and the remaining cost of the asset is spread over a fixed term, with monthly payments that include interest. You have the flexibility to adjust the deposit amount, meaning you can lower your monthly payments by contributing a larger upfront payment.

Finance leasing: If purchasing a truck outright isn't suitable for your business, a finance lease could be the right option. With a finance lease, you rent the asset for a set period and remain responsible for the maintenance. This solution has similarities to hire purchase, with the main difference being that ownership of the stays with the lender.

Asset refinancing: If your business has valuable assets, refinancing can help unlock the equity tied up in them. With this arrangement, the lender purchases the asset and leases it back to you under a specified agreement. This is an excellent way to acquire a truck, as you retain full usage rights of the asset.

How does truck finance work?

When financing a truck, you place a deposit on this asset, and then the outstanding amount is paid over an agreed period with monthly payments being made throughout. Whilst paying for the truck, you are not the owner of the asset, however, usage can be undertaken by your business. The truck financing process allows you to decide on the deposit amount and how long you wish to finance the truck over.

Is truck finance right for your business?

Purchasing a high value asset such as a truck outright could not be accessible for some business, and having the option to spread the cost of the asset over a longer time frame will be more suitable to many businesses cash flow and business capital. Solutions such as hire purchase, finance leasing and asset refinancing give your business this option.

Thanks to the fixed structure of financing payments, budgeting the payments for a truck can be completed alongside your business’ other financial commitments.

Applying for truck finance

MAF Finance Group work with a thorough selection of banks and lenders to provide your business with quality financial solutions.

If you’re interested in getting a quote or need further information, simply fill out the form below and we will be in touch shortly. If you would like to call a member of our team directly, you can call us on 0115 958 6872, and we will happily speak to you. Alternatively, email us at [email protected].