Our objective at Crusader Vans is to simplify the van finance process, making it as seamless and straightforward as possible. We cater for all of your diverse needs, from businesses looking to enhance their operations with a new fleet to individuals requiring a single van for daily use.
Our Finance Options:
Let’s check out some of the different van finance options:
1. Hire Purchase:
Hire Purchase (HP) is a well-established van finance method that offers a clear route to van ownership. After an initial down payment, which includes the VAT, monthly instalments cover the remaining value. This van finance option is perfect for those aiming to own the van outright at the end of the term.
- Straightforward Finance Method: Hire Purchase is a simple and direct approach to financing a vehicle, free from complex terms and conditions.
- Ownership Upon Completion: The vehicle becomes yours once all payments are completed. This provides a sense of security and investment in a tangible asset.
- Capital Allowances: As the vehicle is considered an asset on your balance sheet, it qualifies to write down allowances and offer tax benefits.
- VAT Advantages for Registered Businesses: If you are VAT registered, you can reclaim 100% of the VAT by the end of the first quarter, improving cash flow.
- Competitive Interest Rates: Hire Purchase agreements often come with lower interest rates, making this an economical choice in the long run.
2. Lease Purchase:
Lease Purchase uniquely combines leasing’s flexibility with the benefits of ownership. You start with a down payment, followed by monthly instalments and a final balloon payment. This structure keeps monthly costs lower, making it ideal for those who prefer smaller regular payments but still wish to own their van.
The initial deposit for a Lease Purchase can vary, though it typically includes all the VAT on the purchase price, influencing the borrowed amount. The repayment period usually spans from 12 to 60 months.
Key Points to Consider:
- Monthly repayments are VAT-free as the VAT is already paid upfront.
- VAT-registered customers can reclaim 100% of the VAT deposit in the first quarter.
- Interest charges are completely offsettable against taxable profits.
- The vehicle is considered an asset on your balance sheet, qualifying for writing down allowances.
- At the contract’s end, complete ownership of the vehicle is transferred to you after all payments, including the balloon payment, are made.
Advantages for Businesses and Individuals:
Some of the advantages include…
- Simplified Vehicle Finance: Lease Purchase offers a straightforward route to vehicle financing, combining the benefits of leasing and buying.
- Vehicle Ownership Assurance: Full ownership is guaranteed upon completing the payments, including the balloon payment.
- Tax Benefits: Capital allowances are available, and VAT-registered individuals or businesses can reclaim VAT.
- Lower Monthly Payments: The balloon payment structure results in lower monthly repayments during the contract term.
- Flexibility: Suitable for various types of commercial transactions and provides an alternative for those seeking ownership without the full initial outlay.
3. Contract Hire:
Contract Hire is increasingly favoured for its simplicity and predictability. It is especially suitable for businesses that prefer not to deal with the nuances of vehicle ownership. It involves a fixed monthly fee for the agreed lease term, after which you can return the vehicle or extend the lease.
The initial payment for Contract Hire typically ranges from 1 to 12 months’ rental in advance, plus VAT on this amount. Known also as an operating lease, Contract Hire often includes an optional maintenance package, covering all servicing, maintenance, and tyre needs, allowing you to avoid concerns about vehicle sales or depreciation at the contract’s end.
Pros:
- Fixed monthly repayments
- No risk of residual value
- Inclusive of breakdown cover and road tax for the term
- Flexible low-deposit options
- Optional maintenance package
Cons:
- Considered an ‘On Balance Sheet’ type of finance
- No ownership at the end of the agreement
- Potential for excess mileage and damage/refurbishment charges
- Early termination costs
Why Contract Hire Could Be the Best Choice for You:
Contract Hire is an excellent choice for those seeking hassle-free van leasing with predictable costs. It is particularly beneficial for businesses that want to avoid the complexities of vehicle ownership, such as dealing with depreciation and vehicle disposal. The fixed monthly cost, inclusive of various fees, provides clear budgetary control and peace of mind. Moreover, with options for maintenance packages, you can enjoy a worry-free leasing experience without unexpected servicing costs.
Tailored Finance Options for Your Needs
At Crusader Vans, we recognise that every client comes to us with their own unique set of financial circumstances and goals. With this personal insight, we are dedicated to providing you with a variety of financing options, each meticulously crafted to align with YOU.
Whether you’re delving into the possibilities of a van loan, pondering over car finance, or in pursuit of new van finance solutions, our team of seasoned experts is at your service. We’re here to offer clear, personalised guidance and craft bespoke solutions that meet and exceed your financial aspirations.
Benefits Of Van Finance
When it comes to financing your van, choosing Crusader Vans offers several distinct advantages:
1. Competitive Rates
Our finance rates are among the most competitive in the market, thanks to our strong relationships with leading finance providers. This means more affordable monthly payments and overall costs for you.
2. Flexible Terms
We understand that financial needs vary. Therefore, we offer tailored finance options to match your budget and preferences, whether you need lower monthly payments over a longer period or a shorter term with higher payments.
3. Wide Range of Vans
With Crusader Vans, you gain access to an extensive selection of high-quality vans from top manufacturers, ensuring you find the perfect van to meet your specific needs.
4. Expert Advice
Our team of finance experts is dedicated to guiding you through the finance process, offering clear, jargon-free advice to help you understand your options and choose the best solution for your situation.
5. Quick and Easy Process
We’ve streamlined our application process to be efficient and hassle-free, ensuring rapid processing and minimal paperwork. This allows you to get on the road faster without unnecessary stress.
6. Transparent and Honest Service
Transparency and honesty are key in our services. We provide clear information with no hidden fees or surprise charges, ensuring you know exactly what you’re committing to.
7. After-Sales Support
Our commitment to you extends beyond the finance agreement. We offer comprehensive after-sales support for any questions or assistance you might need with your van or finance agreement.
Choosing Crusader Vans for your van finance not only gives you access to competitive rates and a wide range of vehicles but also ensures a flexible, transparent, and supportive financing experience. Let us help you make your van purchase straightforward and satisfying.
Frequently Asked Questions
Let’s dive into some of your most frequently asked questions about van finance options:
What Documents Do I Need To Apply For Van Finance?
When applying for van finance, the necessary documents typically include proof of identification (like a driver’s licence or passport), proof of income (recent payslips or bank statements), and proof of address (such as a utility bill or council tax statement). Additionally, details of your employment or business might be required, particularly if you’re applying for business van finance. It’s also standard to provide information on your financial history and credit status, which helps the finance provider assess your application.
Can I Finance A Van For Personal Use?
Absolutely. Personal van finance is available and can be tailored to individual needs. Options such as Hire Purchase, Lease Purchase, and Personal Contract Purchase cater to different personal requirements and financial situations. Whether you’re looking for a van for daily use or specific personal projects, there’s a finance plan that suits you.
What Happens At The End Of A Lease Agreement?
At the end of a lease agreement, several options are available. You may choose to return the van, extend the lease for a further period, or, in some contracts, acquire the van by making a final balloon payment. This outstanding finance amount is typically predetermined at the start of the van finance deal, allowing for a clear understanding of future financial commitments.
Is It Hard To Get Van Finance?
Securing van finance can vary based on factors like credit rating and financial history. Those with good credit and stable income generally find it easier to obtain finance. However, for those with a low credit score, there are still accessible options, though they may involve higher interest rates. It’s important to choose a finance provider that understands your unique circumstances.
Can You Finance A Van As A Self-Employed Individual?
Yes, self-employed individuals can certainly claim van finance. You’ll need to show proof of income, typically through bank statements or tax returns. Lenders will also consider your credit history and business stability to determine your eligibility for van finance.
Can I Get Van Finance With Bad Credit?
Having a poor credit history does not automatically disqualify you from van finance. There are specialised options available, such as guaranteed van finance, designed for those with less-than-ideal credit histories. While these options might involve different terms, such as higher interest rates or specific conditions, they provide an opportunity to finance a new van or upgrade your current vehicle through a personal loan or other finance options.
