Step-by-Step Guide to Applying for Van Finance as a Limited Company
Applying for van finance as a limited company involves a clear process designed to suit business needs. This guide explains each stage in detail to help your application go smoothly.
1. Assess Your Business Eligibility
Before applying, ensure your limited company has been trading for at least 12 months. Lenders typically require this trading history to evaluate financial stability.
2. Gather Necessary Financial Documents
Prepare key documents such as:
• Recent company accounts (usually 12 months)
• Bank statements
• Proof of ID and address for directors
• Company registration details
These help lenders assess your creditworthiness and ability to make repayments.
3. Understand Deposit Requirements
Most finance agreements require a deposit which usually includes VAT. The exact amount varies depending on the lender and van.
4. Select Suitable Finance Options
Limited companies can explore various commercial van loans including Hire Purchase or Lease Purchase. Consider which suits your cash flow and ownership plans.
5. Submit Your Business Van Finance Application
Provide your financial documents and company details through Van Finance Company's streamlined application process. Applications from limited companies often receive decisions the same day during working hours.
6. Await Lender Decision
Finance decisions are usually provided within 60 minutes for individuals and tradespeople, while limited company applications may take similar or slightly longer.
7. Finalise the Finance Agreement
Review the terms carefully, including deposit amount, contract length, mileage limits, and warranty coverage.
8. Arrange Delivery
After approval, your van can be delivered to your home or workplace free of charge, simplifying your purchase.
9. Start Using Your Van
Once the transaction completes, you can begin operating your commercial van under the agreed finance schedule.
Additional Considerations
• Credit Checks: Lenders assess credit history as part of their affordability checks.
• Warranty: A free 3-month or 3,000-mile in-house warranty is included. Optional extended warranties are available.
• Support: Van Finance Company brokers finance from a panel of UK lenders, helping if you have poor credit or adverse history.
FAQs
**Q: Can a limited company with less than 12 months' trading apply for van finance?
A:** Most lenders require at least 12 months of trading history. Check with finance specialists for possible alternatives.
**Q: Are deposits refundable if the application is declined?
A:** Deposit conditions depend on the lender's terms; clarify before payment.
**Q: What if the company has poor credit?
A:** Van Finance Company works with lenders that specialise in sub-prime and adverse credit finance.
**Q: How long does the finance approval process take for a limited company?
A:** Typically, decisions can be provided on the same day during working hours.
**Q: Is delivery included when purchasing a van on finance?
A:** Yes, free UK delivery to your home or workplace is included.
View available vans and apply when you are ready with Van Finance Company, your trusted UK van finance broker.
Next step
View available vans and apply when you are ready.
Browse current Van Finance Company stock or start an application when you have found the right vehicle.