COMPARE
Home < Blog < Car Finance < Van Finance

Van Finance at Vanbase

Van Finance at Vanbase

Van finance at Vanbase

 

We all know life can throw us curve balls and whether that comes in the form of a new arrival to the family or your old vehicle going to the great scrapheap in the sky, or even if you just fancy a change, we have a range of vans to suit your needs, and yes that includes your financial needs. Buying a van is a big outlay and we understand you may need some options when it comes to paying.

As a family-run, customer-focused business, we put trust, transparency and fairness at the heart of all our finance deals.

 

 


 

Hire Purchase (HP)

What is a hire purchase?

A hire purchase agreement is a method of financial support that allows you to buy a vehicle in monthly instalments over a pre-agreed term. The term is typically calculated in multiples of 12 months - however, at Vanbase, you can select any number of months between 1 year and 5 years, whatever suits your needs.

Free finance check button

Pros of hire purchase

·       Flexible repayment terms to suit your needs and budget

·       Gives you access to the vehicle straight away

·       Fixed interest rates that stay the same for the duration of the agreement

·       No restrictions on the number of miles you can drive

·       There is no large payment at the end of the term

·       You can reduce monthly payments by paying a larger deposit and electing for a shorter repayment term (you can only do this before agreeing to the terms)

·       If you don't have a high credit score, it can be easier to get a hire purchase agreement than an unsecured loan - because the car acts as collateral

 

Cons of hire purchase

·       Although you have access to the car, it isn't officially yours until you make the final payment

·       Until you've paid a third of the total amount payable, the lender can repossess the car without a court order if payments are missed.

 


 

Personal Contract Payment (PCP)

What is personal contract payment?

A personal contract payment, also known as a personal contract purchase or simply PCP, is another way to finance a vehicle. It's more like a long-term rental than an instalment plan and, at the end of the contract, you can either return the van, keep it by paying off the rest of the vehicle's value, or use the resale value towards buying a new vehicle.

A vehicle bought on PCP may be returned at the end of the agreement and a van with lower mileage will generally be in better condition than one with a lot of miles under its belt - because of this, a lower maximum mileage will garner lower monthly payments. If you are planning to buy the van at the end of the term (by making what's known as a "balloon payment"), you don't need to worry about maximum mileage.

Free finance check button

Pros of personal contract payment

·       At the end of the contract, you can choose to return the van, buy the van, or use the resale value towards buying a new vehicle

·       You can lower the monthly payments by paying a larger deposit at the start of the contract and electing for a lower mileage limit

·       Flexible repayment terms to suit your needs and budget

·       Gives you access to the vehicle straight away

·       Fixed interest rates that stay the same for the duration of the agreement

Cons of personal contract payment

·       The "balloon payment" at the end of the term, if you choose to keep the van, can be quite large - often a few thousand pounds

·       There are restrictions applied to the number of miles you can do in the vehicle

 


 

Nothing to pay for 60 days!

 

Van Finance Calculator

Here at Vanbase, you can use our simple Van Finance Calculator to find out what a finance agreement will look like for you.

Simply enter the price of the vehicle you are looking to buy and the repayment term to see how much you'd pay each month, as well as the total repayment value, all laid out very clearly.

By clicking the More Options button, you can add a deposit amount into the calculation and also a maximum annual mileage (the latter is for PCP only), both of which will reduce your monthly and total repayments.

 

Free finance check at carbase.co.uk

 

However you'd like to pay for your next used van, whether it's through hire purchase, personal contract purchase, or by buying it outright, we're here to help you find the right van (and payment plan) for you. Get in touch with our friendly team today.

Free finance check button

 

Full price Monthly

Matches in stock:

1