Quick summary
This guide sets out practical steps to help you identify, compare and qualify for business finance in the UK. It is general information, not financial advice.
1. Start With the Vehicle
Lenders assess vehicle finance on the vehicle as much as the business: make, model, age, mileage, whether it is a light commercial or an HGV, and whether it is coming from a dealer or a private seller. Having the dealer invoice or full vehicle details ready speeds the decision up.
2. Compare Structures and Balloon Payments
Hire purchase, lease purchase and contract hire all work differently. A balloon or final payment lowers the monthly cost by deferring part of the price to the end of the term, but it raises the total you pay. Decide in advance whether you will pay it, refinance it, or part-exchange the vehicle.
3. Get the VAT and Tax Treatment Right
VAT and capital allowances work differently for vans and cars, and for buying versus leasing. Review the treatment with your accountant before you sign, because the cheapest monthly payment is not always the cheapest option after tax.
How we work
- No credit check is run to show you indicative options.
- Rates and terms are set by the lender, not by Bizzloans.
- We are a commercial finance broker, not a lender.
- Your information is handled under UK GDPR and the Data Protection Act 2018.
