Truck & HGV Finance
Truck Hire Purchase Finance
Hire Purchase gives you flexibility to spread the cost over time, without needing to pay a large upfront cost.
It can be used for a wide range of items whether you need a truck or manufacturing equipment.
With hire purchase, you’ll normally have fixed monthly repayments enabling you to manage cash flow. Once you’ve finished making the repayments, your business will then own the asset.
Hire purchase is just that you ‘hire’ the asset until you’ve paid enough to ‘purchase’ it.
Truck Sale & HP Back
Sale and hire purchase back, also know as Sale & HP Back, is a way to unlock cash in items your business already owns. It’s a good way of using trucks and HGVs to finance your expansion place.
With sale and HP back, the lender buys your truck at an agreed value and then financed it back to you using hire purchase. That means that you no longer own the truck, but youll keep using it becyuase your hiring it from the lender
Sale and HP back is available to a wide variety of businesses, from sole traders to large established firms, and can be used on a variety of assets.
Truck Lease Finance
If you want a flexible form of truck finance for your business, Leasing gives you the freedom you need. One of the biggest advantages is the ability to regularly update the truck or HGV and in some leasing arrangements, such as sale and leaseback, you have the option to own the asset at the end of the term, upgrade it, or simply give it back.
With leasing, the item counts as a monthly expense rather than an owned asset on the balance sheet, which can be tax efficient for some businesses too. There are various sub-types of vehicle lease, so you can decide whether you’d like maintenance and insurance to be included and whether you need the item for a short period of time or its whole working life.
Trucks & HGV Refinancing
Refinancing is a way to with restructure existing HGV finance, or to release cash from a vehicle you already own.
Which means the amount you can borrow is related to the value of the truck or HGV its based on.
How Saffron Finance Can Help
Our focused and experienced team of Business Finance Specialists can find the right finance facility for your business, whether you own the asset outright or not.
In addition to truck finance, we can also help with tanker finance, tipper finance or trailer finance.
If you’re in the haulage industry, financing trucks isn’t the only funding challenge. Cash flow is the lifeblood of your business and we can help you with a variety of finance solutions to support you including Invoice Factoring and invoice discounting. Please don’t hesitate to contact our team to discuss these options in more detail.