How to Fund a New Van for your Business

auto-95824_640If your business van is looking tired, costing you a lot of money in repairs or you’re just due an upgrade, you might be thinking how am I going to fund a new van for my business? There are many different ways that you can fund a new van without having to spend a lot of money on buying a brand new van outright. The main 2 ways are to buy a new van or to lease one. Here’s the pros and cons to both to help you decide the best plan for your business:

Lease a van

One of the main pros to hiring or leasing a van through a leasing scheme are that it’s a great way to update your image at a fraction of the cost. Not only can you lease a brand new van, which is sure to impress customers and help your business to give off a sleeker image, you won’t have to pay out as much as you would if you were buying a van outright and you’ll be able to get a brand new model and pay it off in manageable monthly instalments. For small businesses or those on a tight budget leasing a van is a more desirable option, just be sure to check whether there is a mileage cap on the leasing plan you go for or not.

Buy a second hand van

A cheaper way to fund a van for your business if you’re set on buying a new van rather than leasing is to buy one second hand. There are a few things to be wary of when buying a second hand vehicle, so making sure that it’s got all the service history and MOT certificates is important before striking a deal. Taking the van out on a test drive to check it runs okay is vital as is shopping around to find one that’s a good deal without too many miles on the clock. One of the main perks that comes with buying a van is that as you own it, you can do with it whatever you like in terms of branding and making changes to the inside to best suit your business needs.

Doing your research and some calculations to see which method will be most beneficial to your business is important before making a decision. For some businesses, especially larger ones, buying a new van outright makes more business sense than signing up to hire a van for a certain amount over several years. Calculating exactly what you can afford and how the pros and cons of each method will benefit your business is advised as the benefits of a new van should hopefully outweigh the initial costs.

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