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Our Simple Guide to Van Finance

• What is Van Finance at Vanbase?

  At Vanbase we keep used van finance simple to understand and quick to apply for. This ensures we can secure your van loan within the same day of application, allowing you to drive away as soon as you're ready. From finding van finance to getting you on the road, our team is on hand to help you make the best decision!

• What is Lease Purchase Finance (LP)?

  A lease purchase is a type of finance which is used to buy a van over a set period with monthly payments and a final payment at the end. It's known as one of the most affordable ways to pay for a van as the monthly payments can be lower than other finance options, and the length of the lease purchase agreement can often be negotiated to suit the needs of the buyer. Learn more about Lease Purchase >

• What is Hire Purchase Finance (HP)?

  Hire Purchase finance (HP) enables the customer to purchase the vehicle outright.

  HP finance involves spreading the cost over a series of fixed monthly instalments, which usually lasts between two and five years, with the customer owning the vehicle once the final payment is made.

• What is Personal Contract Purchase (PCP)?

  Personal Contract Purchase (PCP) is a finance deal available to help customers to purchase a vehicle. PCP finance involves the customer paying a deposit at the beginning of the agreement followed by monthly repayments over a 24, 36 or 48-month period.

  During this time, the customer will pay off only a proportion of what the vehicle is worth at the time of purchase, minus the deposit and including interest.

  If the customer wishes to own the vehicle outright at the end of the PCP agreement, a final balloon payment is required.

  Learn more about other options >

• What documents do I need for van finance?

  In order to apply for car finance, you will need to provide:

  • Proof of identity - a driving licence is usually the easiest method, however, a passport could be accepted, depending on the finance lender.
  • Proof of income - you will need to provide three months' worth of payslips or bank statements in order to prove you are able to afford the monthly payments.
  • Address history - your address history for the past three years will also need to be provided.
• What about my credit rating?

  Whatever your credit, our friendly Business Managers will help find a finance solution that is affordable for a Van that meets the needs for you or your business. Our Business Managers are experts in securing lines of credit and whether you are looking for prime, subprime or no deposit finance, our managers know where and how to secure the best van finance for those with a bad credit rating.

• I've been refused van finance, can I still get accepted?

  Been turned down before? Don't worry, Vanbase offers a wide range of finance options that can meet the needs of you or your business.

• Can you swap / trade a van on finance?

  Yes, swapping or trading a van on finance is common. It is possible to swap your vehicle in the middle of an agreement. When the amount you owe on your car is less than its trade-in value, this amount will be deducted from the sale value of the vehicle and given to you as a remainder.

• Does Vanbase guarantee finance?

  No-one can guarantee finance, but we work hard to get you a van finance deal you can afford and want at the best possible rates.

• How do I buy my van?

  We can help you find van finance, secure part exchange valuations of your current van and get on the road with your new Vanbase van.

• Does buying a van on finance affect my mortgage eligibility?

  Yes. When it comes to mortgage applications, banks and other providers are legally required to examine an applicant's finances ahead of granting a mortgage offer. Among the many factors being looked at is your credit rating, employment status, any debt, as well as your history of repaying loans.

  Van finance will be included in a mortgage lender's assessments. As a general rule, the larger the debt against your car, the lower the amount you will be lent for a mortgage.

• Can an 18-year-old get a van on finance?

  Once you turn 18, you could be eligible for van finance. If you are employed with a regular income, these are crucial factors the lenders will wish to see. Lenders will be looking for a good credit history, which at 18-years-old, might be difficult to prove. Ensure you apply to lenders who offer the 'soft search' credit check method, as this won't negatively impact your credit score.

• Is van finance a personal loan?

  No, taking out a personal loan is a separate option.

  A personal loan, if granted, is typically offered over a fixed period of monthly repayments with interest added each month. As a general rule, a personal loan has higher Annual Percentage Rates (APR) compared to the options from finance dealers.

• Can you pay off van finance early?

  It is possible to pay off your van finance early, however, most finance companies will enforce early repayment fees. These vary between lenders.

• Do Vanbase charge fees for consumer credit services?

  We do not charge fees for our Consumer Credit services. We may receive a payment(s) or other benefits from finance providers should you decide to enter into an agreement with them. The payment we receive may vary between finance providers and product types. The payment received does not impact the finance rate offered. Vanbase are fully compliant regarding the latest FCA regulations.