With fixed monthly instalments, you can budget more easily. A new Van Hire Purchase deal is a flexible way to buy a new van, without having to take too much cash out of your business at once. You can also offset the 20% deposit (VAT) with your next VAT return.
New Van Hire Purchase is a great finance option for businesses looking to budget easily. With manageable monthly payments, you can adjust your deposit to an amount that suits you.
With new Van Hire Purchase, you are financing the full value of the van, minus the deposit, to get ownership at the end of the contract. With new Van Contract Hire, you are simply renting the van throughout the agreement, but must hand it back in the end.
There isn't a specific score that you must achieve to be approved for new Van Hire Purchase finance. The higher your score, the more likely you are to be approved for finance. Generally, if your credit score is good or higher, you should have no problem being accepted.
There's an option to choose a new Van Hire Purchase deal with or without balloon payment. If you decide to choose the option with a balloon payment, you are expected to pay a larger sum at the end of the contract to gain the ownership of the van.
The Van Hire Purchase deal with a balloon payment may be the right option for you if you wish to keep the monthly payments as low as possible. However, if you want lower monthly instalments, you must make the final balloon payment before you gain legal ownership of the van.