Why Can Two Customers Get Different Van Finance Figures for the Same Van?
Two people can look at the same van and receive different finance figures. That is because the vehicle price is only one part of a finance quotation.
An accurate monthly figure can depend on the deposit, agreement type, agreement term, lender, interest rate, customer circumstances, credit profile, affordability assessment and any applicable fees or charges.
Van Finance Company acts as a broker and works with a panel of UK lenders. It should not estimate a customer's payment from another person's agreement or from the deposit amount alone.
Does a bigger deposit always mean a lower monthly payment?
A larger deposit normally reduces the amount that needs to be financed and may reduce the monthly payment. However, the exact figure still depends on the rest of the agreement and the lender's assessment.
That is why a customer saying “I can put £2,000 down” does not provide enough information for an accurate monthly figure on its own.
Why does the lender matter?
Different lenders can have different criteria, products and pricing. A customer who fits one lender's criteria may receive a different available option from another customer with different circumstances.
Van Finance Company can approach its lender panel where appropriate, but it cannot guarantee which lender will accept an application or what rate will be offered.
Does credit history affect the figure?
It may. A lender can take account of the applicant's credit profile as part of its assessment. However, a credit score is not the only factor, and two people with apparently similar scores can still have different applications.
Affordability, income, existing commitments, the vehicle and other lender criteria may also affect the result.
Does the agreement term make a difference?
Yes. The length and structure of an agreement can affect the monthly amount and total amount payable. Customers should compare the complete quotation rather than judging a deal only by the monthly payment.
Do not assume that stretching an agreement over a longer period is always available or automatically suitable. Available terms depend on the lender, vehicle and application.
Why can't you copy somebody else's deal?
A finance agreement is assessed for the specific applicant and vehicle. Another person's deposit, rate or monthly figure is not a personalised quotation for you.
Even if the same van is involved, the applicant information may be different enough to change the lender or terms available.
What information is needed for an accurate quotation?
The team needs the specific vehicle and relevant application information. The deposit you want to use is helpful, but the quotation also depends on the agreement and the outcome of lender assessment.
No representative example should be presented as though it is a confirmed customer quotation.
FAQs
Can you tell me my payment if I give you my deposit amount?
Not accurately from the deposit alone. The specific van, agreement, lender and customer circumstances are also relevant.
If my friend got approved, will I get the same deal?
No guarantee can be made. Each application is assessed on its own circumstances.
Is the lowest monthly payment always the cheapest option overall?
Not necessarily. Customers should review the full quotation, including the agreement term and total amount payable, before deciding.
Get figures for your own circumstances
If you have found a van you are interested in, tell the Van Finance Company team which vehicle it is and the deposit you would like to put down. The team can arrange the relevant personalised figures, subject to lender assessment and approval.
Next step
Tell the Van Finance Company team which van you want and your proposed deposit to obtain personalised finance figures.
Browse current Van Finance Company stock or start an application when you have found the right vehicle.