Van Loans – Your Choices
For many businesses and some individuals a van is an absolutely essential tool without which the ability to operate (and make money) is severely restricted. Finding the right vehicle is therefore really important as is the ability to finance it in the most cost effective manner.
There are several ways in which to do this as explained below:
Van Loan & Van – Buy As A Package
Perhaps the easiest and most convenient option when it comes to buying a van on finance. There are two ways to package up the van and van loan:
1: Find a van and build the finance around it – shop online, at a main dealer or specialist van retailer and find the right van after which the dealer will tailor their own finance package around you and the vehicle. Many of the main dealers and companies will have access to competitive finance and alternative options if credit ratings dictate and will also often provide attractive offers and special deals to incentivise a purchase in this way.
2: Get the loan approval before finding the van – many online dealers will now allow you to apply for the finance package and get the in principle approval before giving access to their own national database of vehicles to choose from within the finance limits. Particularly useful if there are concerns over credit history or ratings. In fact there are even specialist bad credit van loans providers who work in this way. There are a number of van retailers who operate in this way many of who provide access to used vehicles and differing makes and models. In fact the database will likely contain several thousand different vans of all makes, shapes, sizes and ages.
As the UK emerges from recession vans and commercial vehicles represent great value and interest rates are low – and with business confidence improving it could be a good time to buy. That’s why there are more and more companies out there providing specialist finance for vans, 4x4s, minibus’s and commercial vehicles of all types along with access to a UK database of competitively priced vehicle solutions to suit all requirements and budgets.
These companies want to help all kinds of customers including:
- Self Employed
- Sole Traders
- LTD companies
- Applicants with Good credit
- Applicants with Poor credit
Van Loan & Van – Separate Transactions
Get a personal or business loan to buy a van – financing a van in this way means that you can shop around to get the very best of finance deals or obtain a loan with bad credit first and then, in effect, become a cash buyer and all the benefits that brings. A van loan obtained in this way can be negotiated, agreed and deposited in your bank account before the search for a van begins and the search has no limitations – the van can still be bought from a main dealer or online retailer or via an auction or private purchase so many more doors can be opened. Being a cash buyer also gives the buyer more control over negotiations and improved chances of a better deal.
Personal van loans are available via any mainstream, high street bank or financial institution or also any of the specialist online lending companies many of who are geared up to help the less straightforward of applications – bad credit, CCJs previous credit problems etc.
Always shop around for the best deal and always consult a professional financial advisor before making any commitment.
If you’re undecided as to whether to buy a van or not then there are other options to consider, options like a van lease agreement, van rental (short or long term) or a longer term contract hire or hire purchase agreement – see related articles.