Buying a Van for Your Business – Get a Guide from Credo Asset Finance

Buying a van for your business will be a crucial step, whether you are taking on your first vehicle or expanding an existing fleet. There are many factors to consider before you jump into this process. With this guide from Credo Asset Finance, you should be able to select and procure a suitable van.

Choosing a van

In theory picking a van should be the simplest part of the process, as there are plenty of competitive options available from major manufacturers. As long as you have a specific role that you need a vehicle to fulfil, you can match this to an existing model with ease.

The most compact vans are adapted from hatchback platforms, while larger panel vans with short or long wheelbases can be selected if you need a little more capacity in the load space. Check professional reviews, take a test drive and compare prospective purchases against one another to get the best results.

New or used?

The next step is to work out whether you should buy a new van or select a secondhand example. In theory a used model will be cheaper in terms of its upfront cost; however, with favourable finance packages available, you may find that a new model might edge it out of the running.

New vans have added benefits, such as being covered by manufacturers' warranties, offering main dealer servicing packages and a wealth of other potential perks, which of course vary depending on the manufacturer and dealership in question. Used vans more than one year old will be a budget-friendly option; however, they should be thoroughly investigated to check that everything is in order from a mechanical point of view.

Buying, leasing and hiring

The final stage of buying a van will involve choosing whether to buy it outright, purchase it using a finance package, or lease it from a dealership under a long-term contract.

Outright ownership has a number of benefits, chief amongst which is that you will not have any additional outgoings to worry about apart from the monthly payments if you decide to take this route with a firm such as Credo Asset Finance. You will also have the ability to use the van in any way you see fit and avoid worrying about adhering to restrictions that might be in place on a leasing deal, such as a mileage limit that cannot be exceeded without incurring additional costs.

Conversely, a van you own in full will be a burden when it comes to servicing and repairs; however, it does help that owning a van outright will enable you to deduct the interest costs on the finance used to secure it and the costs of keeping it running from your tax bill.

Leasing is popular because although there are ongoing costs to consider, it is a potentially affordable and low-hassle way to manage a fleet.

Most importantly, you should not rush into buying a van, no matter how you choose to go about it.
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