Trucks, trailers, or any other commercial vehicles are important business assets required in the normal day-to-day running of your business operations. As a business owner, you are constantly faced with several critical decisions, whereby you have to decide – what is best for your business. So, if you are a business owner, you should carefully consider several important factors when it is time to get a new truck, trailer, or any other commercial vehicle, such as having:
1. The right truck that will help to keep your business competitive
2. The right truck for the work required and at the right price
3. The right finance arrangement to buy a truck
Different Types of Truck, Trailer, or Commercial Vehicle
Business owners can buy any of the following vehicles:
>> New Truck
>> Refrigerated Lorry
>> Tipper, or
>> Transporter (light or heavy)
Factors to consider before buying New Truck, Trailer or Commercial Vehicle
There are several factors you should take time to consider when buying a vehicle, and you should ask yourself the following questions:
>> Is the truck, trailer, or commercial vehicle new or used?
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>> Is the truck, trailer, or commercial vehicle coming from a dealer, auction, or private sale?
>> Has the truck, trailer, or commercial vehicle been previously written off?
>> How many hours has the truck recorded?
>> Is there any money owing on the truck, trailer, or commercial vehicle?
>> Are you considering drawing down from your home loan (e.g., equity release) to give you the required cash to buy your truck, trailer, or commercial vehicle?
Listed here is a summary of the types of finance arrangements available in the marketplace, and after you have read this article, you should find choosing the right finance arrangement to be the simplest decision you will make:
Finance Lease – This financing arrangement enables you (the customer) to use your truck, trailer, or any other commercial vehicle and the benefits of ownership. At the same time, the financier (lender) retains actual ownership. The finance lease arrangement will also enable you to free up your capital for other business purposes.
Commercial Hire Purchase – This financing arrangement is where you (the customer) hire the truck, trailer, or any other commercial vehicle from the financier (lender). You have the certainty of a fixed interest rate over a set period (I.e., 2 to 5 years) and the flexibility of reduced monthly payments by including a final “balloon” payment at the end of the term.
Asset Loan – This financing arrangement gives you (the customer) the security of knowing that your truck, trailer, or any other commercial vehicle is an asset of your business, and it offers you the certainty of a fixed interest rate over the choice of loan terms (I.e., 1 to 5 years).
Seek Expert Advice
I sincerely recommend that you seek expert advice before choosing any of the truck finance arrangements because the taxation and accounting treatments you choose may vary from option to option.
If you want to remain in the driver’s seat and concentrate on running your business so that you can cover your costs, overheads, and running expenses, then look no further and take advantage of professionally qualified and specialized finance brokers because:
>> They have a thorough knowledge of the finance and trucking industry
>> They have access to many lenders/credit providers as they deal with them on a regular daily basis
>> They can customize the best truck finance arrangement for you
>> They can get you into a new truck quickly and easily
So, if you don’t want to spend hours of your valuable time trying to find the right truck finance arrangement, then let a specialized and professionally qualified finance broker do the running around for you.
Singh Finance wants to help you in expanding your business. The firm provides cheap truck finance for buying vehicles. It also provides quick loans for business equipment. So, if you are looking for any affordable finance packages, contact the firm today World Scoop.