The Best Ways to Fund Your Next Commercial Vehicle

Modern society is fast-paced, high tech, and very different to how it was just a few decades ago. Where once vehicles were a luxury, there are now many jobs that you simply can’t perform without the right sort of vehicle. 

This can cause some issues for those that are expected to provide their own transport. Builders need reliable vans to taxi equipment to and from sites, salespeople often require fuel-efficient cars that can take them up and down the country without costing a fortune, and high-flying executives need a vehicle that will create the right sort of first impression.

The problems arise when your funds are a little limited. Useful, reliable vehicles cost, and yet spending money on them is often unavoidable. If you’re planning on upgrading your motor, here are three of the best ways to fund your next car or van.

Save 

Although we all know that saving is the best way to get our hands on the money we need to upgrade, it’s often easier said than done. As a result, lots of people discount it out of hand, but it really is worth considering. If you know that you’ll need to upgrade in the next year or two, then start looking at your options now. By assessing how much the vehicles you’re considering are retailing at, you can gain a ballpark figure to save towards. Down the line, this means that you can get the motor you need without any added interest or complications.

Lease 

For those that need a more immediate solution than saving, leasing can be a good option. Businesses like LeaseVan offer a wide range of makes, models, and packages to choose from, and provide you with immediate access to a new vehicle, minus the initial outlay. The length and terms of contracts vary from company to company, but most will allow you to put down an initial deposit, and then make manageable monthly repayments going forwards.

Specialist Loans 

If you want to own the vehicle outright, but don’t have the funds you need immediately available, then neither of the two options above will be suitable for you. This means that you may need to consider a slightly more drastic option: borrowing. The downside to this is that you’ll have to factor in added interest, but it can still be a useful alternative for those with a healthy monthly income and a positive credit record. Your best bet is probably to approach a specialist loans provider, who will be able to offer a package perfectly tailored to your needs.

If you’re thinking of investing in a new commercial motor, which option would be best for you?

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