How to Finance Your First Truck
If you are looking to become an owner-driver and buy your first truck, there are a few ways to finance this investment in the UK. Truck ownership is an excellent way to get more out of your work and break free from sub-contracting.
There are lots of ways that you can finance the purchase of your own truck, and this guide will help you decide which method suits your needs the best.
Obtain your truck with Hire Purchase finance
If you are looking to finance your truck over a set period of time, Hire Purchase finance could be an excellent option for you. The overall cost of the truck will be spread out over a set period of time, which you will pay in instalments.
Once you complete the monthly payments, the truck will be yours outright and it will become a business asset. As a form of finance, Hire Purchase is an incredibly effective way to guarantee the ownership of a truck over time without a large up-front cost.
Get your truck through lease finance
Lease financing your truck is an excellent way to make sure you won’t be burdened with the same truck for 10 years or more. This flexible form of finance allows you to upgrade your truck over the course of the contract, ensuring you have a new vehicle every few years.
Using lease finance to acquire a new truck works by treating the truck as a monthly bill as opposed to an owned asset. This can often help when it is time to do the taxes as it is one less asset to declare. There is a variety of lease finance options available, such as terms that include insurance and tailored contract durations.
Challenges you may face when leasing your first truck
If you are looking to obtain your first truck outright, there are a few challenges that you may face while trying to get finance. Many companies that offer finance for trucks will have strict requirements for successful applicants. Things such as homeownership, truck age restrictions and even your nationality can all be used as a metric to approve or deny financing.
How Truck2Finance can help you
At truck2finance, we understand the difficulty that many people face when trying to obtain finance for their trucks. This can be incredibly frustrating because trucks are often used as a way to work and earn a living. Financing restrictions based on being a foreign national or a new start company are huge stumbling blocks for many people, so we are looking to fix that at Truck2Finance.
We don’t believe restrictions on finance like the ones discussed above. Instead, we support all applicants to the best of our abilities, from offering low deposits to helping foreign nationals and startups obtain the finance they need to get their own truck.
If you would like to know more about our truck finance services at Truck2Finance or would like a quote, please don't hesitate to get in touch. If you are ready to take the first step to becoming an owner-driver, apply online today!