At First Oak Capital, we understand that purchasing commercial vehicles is a significant investment for any business. Commercial Vehicle finance allows you to spread the cost of your investment over a period of time. This will help you maintain cash flow while benefiting from the use of new or upgraded vehicles.
We offer a range of financial solutions, including Business Hire Purchase and Finance Lease, to help your business grow. Whether you need to finance a single vehicle or an entire fleet, our expert team is committed to supporting your business goals. We can help startups, small businesses and large national companies.
We have relationships with some of the largest banks, as well as smaller niche lenders. This enables us to provide financing regardless of your credit history, and we can arrange for both new and used commercial vehicles.
Commercial vehicle leasing is also a good option if you would like to avoid the large initial VAT payment and would prefer to spread this over the term of the agreement. It is also possible to re-finance commercial vehicles that you already own to cover a new expense or opportunity.
Access to a wide range of commercial vehicle funding options
With a variety of commercial vehicle funding options available, we work with you to determine your needs and requirements. The financing options available to you include leases, hire purchase, and term loans.
Business Hire Purchase is a financing option that allows you to purchase commercial vehicles through regular installments. At the end of the agreement, your business will own the vehicles outright. This type of finance is suitable if you want to own commercial vehicles and have the option to claim capital allowances.
A Finance Lease is a flexible financing solution that enables your business to use commercial vehicles without the responsibility of ownership. At the end of the lease term, you have the option to continue leasing, return the vehicles, or sell them to a third party. With the sales proceeds typically used to settle any outstanding lease payments. There is generally the option to then purchase the vehicle should you wish to. Commercial vehicle leasing can be a tax-efficient option, as your business may be able to claim VAT on the lease payments.
WHY FIRST OAK CAPITAL?
Helping Since 1994
Benefit from our 30 years of experience and expertise in commercial finance brokering
Competitive Industry Rates
Increase business growth and save money with highly competitive industry rates
Access Over 100 Lenders
You can access more than 100 lenders in the UK finance market with our help
Funding Within 48 Hours
Once approved, funding can be provided in as little as 48 hours
Commercial vehicles we can finance
Regardless of your circumstances, we can help finance or lease commercial vehicles such as:
- Vans
- LCVs
- HGVs & Trailers
- Trucks
- Buses
- Coaches
- Taxi Cabs
- Forklift Trucks
- Tractors
- Pickup Trucks
- Vacuum Excavation Vehicles
- +More
Benefits of financing commercial vehicles:
- Protect precious working capital
- Offset lease payments against tax and reclaim the VAT element
- Finance up to 100% of the purchase price
- VAT deferment until reclaimed option
- Finance lease, Hire Purchase or Term Loans available
- Repayment terms of up to 7 years
- Commercial vehicle leasing also available
FAQs
Commercial vehicle finance is a financial arrangement that allows businesses to purchase commercial vehicles through affordable monthly payments, rather than paying the full cost upfront. This type of financing is particularly useful for businesses that require vehicles such as vans, trucks, LCVs, HGVs, buses, coaches, taxi cabs, and forklift trucks.
At First Oak Capital, we offer two primary types of commercial vehicle finance:
- Business Hire Purchase: Under this arrangement, your business makes monthly payments towards the total cost of the vehicle. Once the final payment is made, ownership of the vehicle is transferred to your business.
- Finance Lease: With a finance lease, your business rents the vehicle for a fixed term, making monthly payments throughout the lease period. At the end of the term, you have the option to purchase the vehicle for a pre-agreed amount or return it and enter into a new lease agreement for a different vehicle.
Financing enables your business to acquire new or used vehicles without waiting for sufficient capital to accumulate. This means you can enjoy the benefits of the latest technology and improved efficiency right away.
Depending on the type of finance arrangement you choose, there may be potential tax benefits. For example, with a finance lease, the monthly payments can be treated as a business expense, which may be tax-deductible. Always consult your accountant or financial advisor for specific tax implications.
Companies of all sizes, from small businesses to large national corporations, are eligible for commercial vehicle finance, as long as they have a legitimate business purpose for the vehicles.
In some cases, a deposit payment may be required. However, this will depend on the specific financing arrangement, the vehicle and the creditworthiness of your business.
Interest rates for commercial vehicle financing can vary depending on factors such as your business’s credit history, the type of vehicle, and the financing arrangement chosen. First Oak Capital will work very hard for you to find the best possible rate for your situation.
Repayment terms can vary depending on the type of finance arrangement and your specific needs. Generally, terms can range from 12 months to 60 months or more.
Yes, many lenders will allow companies to trade in their old vehicles as part of a finance deal for new commercial vehicles.
Absolutely! First Oak Capital can provide financing for a single vehicle or an entire fleet of vehicles, depending on your business requirements.
The approval process for commercial vehicle finance can vary depending on the lender and the complexity of the application. However, many lenders can provide a decision within a few days, with funding disbursed soon after.
At the end of a finance lease term, you typically have the option to purchase the vehicle for a pre-agreed amount, return the vehicle and enter a new lease for a different vehicle, or extend the lease for the existing vehicle.
Yes, some lenders offer re-finance options for existing commercial vehicles, which can help companies lower their interest rate, extend the repayment period, or release capital to use for another business expense.
Yes, you can generally customise financed vehicles to reflect your company’s branding and specific requirements, as long as any modifications comply with applicable regulations and laws.
Early repayment terms vary depending on the financing arrangement. It’s essential to discuss any potential early repayment penalties with First Oak Capital before entering into a financing agreement.
While it may be more challenging for start-ups or businesses with limited operating history, it is still possible. This will require you to have experience in your industry and a decent personal credit score.
Have Questions? Let’s Talk.
Call us today to get help securing finance for your commercial vehicle needs. In addition, we would be happy to provide you with more information about our services. Call us on 0800 066 3677 or email us to get the ball rolling. Alternatively, if you’d like to get your finance approved today just click on the quote button, complete the short form and we’ll be in touch.
