More from business loans
Last update: 8 September, 2020
If your business needs a new set of wheels, you could borrow the money you need with business car finance or a business car loan.
To get the best vehicle finance you need to:
Work out how much you need to borrow
Know how much money you have for a deposit, if any
Decide how long you need to pay back the loan
This comparison includes commercial vehicle finance companies and other lenders that offer finance options you could use to buy a business vehicle.
There are four main types of vehicle finance:
Contract hire: your business hires a vehicle from the finance company for a set time. Your business pays a fixed amount and may have to stick to an agreed mileage limit.
Hire purchase: your business hires a vehicle and has the option to buy it outright at the end of the term. You normally have to put down a deposit at the start of the finance agreement and stay within a mileage limit.
Finance lease: your business leases a vehicle but owns it from the outset.
Standard loan: your business borrows the cash and uses it to buy the vehicle upfront, with no mileage restrictions or other conditions.
Choose the type of company car finance finance that best suits your business and then get quotes to find the cheapest option.
Another option is asset finance, where the lender purchases your chosen vehicle on your behalf and then you pay them back.
You can get business vehicle finance to buy a wide range of vehicles, including:
No, there are some company car finance options available with a 0% deposit, but they be more expensive.
Sometimes depending on the vehicle finance company you choose, but not all business vehicle finance policies have a mileage limit.
It depends on the finance agreement you choose, some require you to pay a final lump sum payment to own the vehicle so always check this.
Yes, your business will normally have to pass a credit check and show it can afford the finance agreement.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.