Typically, October and November can be quiet months for the commercial vehicle sector, the buzz around the new registrations in September has curtailed and new purchases tend to be slow. However, it appears the trend has changed this year and the demand for commercial vehicles continues to rise.
A key factor behind this is that companies are focussing on preparing for one of their busiest times of the year and in anticipation they are investing in more vehicles to meet the demands of their customers.
Here at NGI we are seeing first-hand how demand is on the rise. For example, we have assisted a local fishmonger with the purchase of a new fleet of refrigerated vans, we have supported butchers who have been able to increase their delivery network to restaurants and food outlets and we have financed a ‘man-with-a-van’ business allowing them to purchase 4 new vehicles.
There are some excellent rates available for commercial vehicle purchases and you can choose from 3 options. The first is hire purchase, (HP) where monthly payments are made over a set time and at the end of the plan the vehicle becomes the property of the business. The second option is finance lease where the vehicle is hired to the business by the finance company and remains the property of the finance company at all times. Monthly payments and interest rates are fixed for the duration of the contract. VAT is payable on the monthly rentals rather than in full at the outset of the contract. The final option is contract hire where a business pays a set amount per month and will have a limit on the mileage for the vehicle.
If you need some help with any form of commercial vehicle finance, then our team will be happy to help. For more information, please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.