Stoneacre Hire Purchase Van Finance
At Stoneacre, we understand van ownership is often the best option for your business, which is why we offer van hire purchase.
Arguably the simplest type of van finance, with van hire purchase you pay a deposit, usually 20%, with the remaining cost of the van broken down into affordable monthly payments. Once all the repayments have been made, the agreement ends, and the ownership of the vehicle transfers to you.
For many people, hire purchase van finance is the most convenient way to get a new van as you don't have to worry about mileage restrictions or damage liability.
Plus, with hire purchase, it’s easy to find the right option for your requirements. If you want lower monthly payments, you can pay more upfront, however, if you have less to put down, you can pay the minimum deposit.
You can also select the best repayment period for your circumstances, and as interest rates are fixed for the length of your agreement, there are no nasty surprises.
Benefits of choosing hire purchase van finance
- You can choose your payment term
- The first year of road tax is usually included in the initial deposit
- The deposit, which is usually just the Vat (20%) can then be offset against your next Vat return if you are Vat registered
- The van will appear as an asset on your balance sheet
- You get tax relief on interest charges
- Any equity in the van will be yours, so you can put this towards a deposit when you need a new van
Not sure if van hire purchase is the right option for you? Don’t worry, we have other options available, including business contract purchase and contract hire, which may be more suitable.