Truck Finance & HGV Vehicle Finance
We can help you to finance your commercial vehicles, including lorries, trucks, LGV / HGV vehicles and more. We have ways to finance your vehicles whether you want to purchase a new HGV vehicle or refinance one you already own.
Hire Purchase Finance For Trucks
Hire purchase gives you flexibility to spread the cost over time, without needing to pay a large up front cost. It can be used for a wide range of vehicles, whether you need a truck or manufacturing equipment.
With hire purchase, you’ll normally have fixed monthly repayments so you can manage cash-flow during the term of the loan. When you have finished repaying your finance your business will own the asset. Hire purchase essentially means that you ‘hire’ the vehicle asset until you have paid enough to ‘purchase’ it.
Lease Finance for Trucks & Commercial Vehicles
If you want a flexible form of truck finance for your business, leasing gives you the freedom you need. One of the biggest advantages is the ability to regularly upgrade the truck or HGV — and in some leasing arrangements, such as sale and leaseback, you have the option to own the asset at the end of the term, upgrade it, or simply give it back.
With leasing, the item counts as a monthly expense rather than an owned asset on the balance sheet, which can be tax efficient for some businesses too. There are various sub-types of vehicle lease, so you can decide whether you’d like maintenance and insurance to be included, and whether you need the item for its whole working life or a shorter period.
Sale and HP Back for Trucks
Sale and Hire Purchase Back (or ‘sale and HP back’ for short) is a way to unlock cash in items your business already owns. It’s a good way of using trucks and HGVs to finance your expansion plans.
With sale and HP back, the lender buys your truck at an agreed value and then finances it back to you using hire purchase. That means you no longer own the truck, but you’ll keep using it because you’re hiring it from the lender.
Sale and HP back is available to a wide variety of businesses, from sole traders to large established firms, and can be used on a wide variety of assets.
Sale and Leaseback For Trucks, LGV / HGV Vehicles
One option you may wish to consider is unlocking the cash tied up in your existing haulage fleet.
Sale and leaseback enables a business to sell an owned asset, like its heavy commercial fleet, back to a finance company – who in return will release some of the value in those assets back into the cash flow of the business. We offer finance options to support you in getting value back from your assets.
The purpose of undertaking a sale and leaseback can be for a variety of reasons, including:
- Raising additional cash for working capital
- Refinancing assets subject to a current finance agreement over a longer period
- Replacing old assets with new
- Finance owned assets as part of the security in a larger transaction
Refinancing Trucks and LGVs / HGVs
Refinancing is a way to either restructure existing HGV finance, or to release cash from a vehicle you already own. It’s a form of asset-backed lending, which means the amount you can borrow is related to the value of the truck or HGV it’s based on.
Our team of Business Finance Specialists can find the right refinance facility for your business, whether you own the asset outright or not.
In addition to truck finance, we can also help with tanker finance, tipper finance or trailer finance.
If you’re in the haulage industry, financing trucks isn’t your only funding challenge. Cashflow is the lifeblood of your business, and we can help you with a wide range of working capital finance solutions, from the well-known like factoring and invoice discounting, to innovative new alternative finance solutions. If you’re looking to expand, there is a range of longer-term growth finance options, or trade finance if you trade overseas. We can also help with HGV training finance.