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The different types of business vehicle finance
Hire purchase
Own the vehicle at the end. Pay a deposit, then monthly payments until it's yours. Simple and straightforward - no mileage restrictions and you can modify the vehicle as needed.
Contract hire (leasing)
Get a new vehicle without the ownership hassles. Fixed monthly payments include maintenance and breakdown cover. Hand it back at the end and get a newer model.
Finance lease
Rent the vehicle long-term with the option to buy at the end. Lower monthly payments than hire purchase, and you can claim back VAT if you're registered.
Contract purchase
Like hire purchase but usually with lower monthly payments. Pay a large final payment if you want to keep the vehicle, or hand it back and walk away.
Asset Finance
Use the vehicle as security to borrow money. Keep using your existing vehicles while accessing cash for other business needs.
Outright Purchase
Buy vehicles directly using business loans or asset finance. Own them from day one and claim capital allowances for tax benefits.
Finance vehicles in a way which works for your business.
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Frequently Asked Questions
With hire purchase, you own the vehicle at the end after making all payments. Contract hire is essentially long-term rental - you hand the vehicle back at the end. Hire purchase gives you ownership, contract hire gives you lower payments.
Most finance options require some form of deposit, typically 10-30% of the vehicle's value. However, some providers offer deals with minimal or no deposit, though this usually means higher monthly payments.
Vehicle finance spreads the cost over time instead of requiring a large upfront payment. This preserves your working capital for other business needs. Monthly payments are predictable, making budgeting easier.
Yes, most lenders offer finance for both new and used vehicles. Used vehicle finance often has different terms and may require vehicles to be under a certain age or mileage.
This depends on the finance type. With hire purchase, you can claim capital allowances. With contract hire, monthly payments are often fully tax deductible as a business expense. Always check with your accountant.
Early termination is possible but often involves penalties. With hire purchase, you may need to pay a settlement figure. With contract hire, you might face early termination charges. Check the terms before signing.
This depends on your agreement. With hire purchase, you can usually modify once you own the vehicle. With contract hire, modifications are typically restricted as you don't own the vehicle.
Usually, your finance agreement continues even if the vehicle is damaged. Gap insurance can help cover any shortfall between the insurance payout and what you still owe on the finance.
There's no set limit, but lenders will assess your ability to make payments across all agreements. Many businesses finance entire fleets through specialist commercial vehicle finance providers.