Rates from 8.9% APR. Representative Example: Borrow £12,000 over 5 years with a £0 deposit. Representative 19.5% APR fixed rate. Monthly payment: £304.38. Option to purchase fee £10 payable. Total cost of credit: £6,272.80. Total amount repayable: £18,272.80.
Car Finance 247 Limited is a credit broker, not a lender.
If you’re a business owner, sole trader or self-employed, you may be thinking about car finance for your business.
Business car finance lets you spread the cost of a vehicle for your company instead of paying for it all upfront. It can help protect your cash flow and might even bring tax benefits too.
At Car Finance 247, we make the process simple. We’ll search our panel of lenders to try and find tailored options that work for you, help with the paperwork, and give you your own account manager who’ll be on hand from start to finish.
Business car finance is a way for your company to pay for a vehicle without having to cover the full cost upfront.
Each month, your business makes fixed payments, which could make it easier to budget and manage cash flow. This might be especially helpful if you’re a small business or a start-up and you need to keep money available for other expenses.
Many people need car finance for business purposes. Business car finance could be ideal for anyone who needs a vehicle for work and wants to get it through their business. This includes:
If your business uses a car regularly, spreading the cost over manageable monthly payments could make it easier to plan your finances and help your cash flow.
At Car Finance 247, we work with lenders who could offer two different types of business car finance: Business Hire Purchase (HP) and Business Personal Contract Purchase (PCP).
Business Hire Purchase (HP) – With HP, you pay a monthly amount over an agreed term, plus interest. Once the final payment is made, you own the car outright. This could be a good option if you want to own the vehicle at the end.
Business Personal Contract Purchase (PCP) – With PCP, you also pay monthly, plus interest. But at the end of the agreement, you choose to pay a final balloon payment to own the car, return the car, or trade it in for a new one. PCP offers flexible end of term options, but can be more expensive in the long run.
Both options help your business spread the cost of a vehicle. This makes budgeting easier and keeps cash available for other expenses.
Start your application with us in your personal name. At the moment, we don’t have an online form specifically for business applications.
Once you’ve submitted your details and have been approved in principle, speak to your dedicated account manager and let them know that you’d like the finance to be in your business name instead.
Your account manager will then collect some further information about your business, which could include the registered name or number of employees.
Once we get your information, we’ll try and help you find car finance for business use. We work with many trusted lenders and will guide you through the next steps.
Business car finance could be available to a wide range of businesses, providing certain criteria are met and you intend to use the vehicle for business purposes.
Whether you’re just starting out as a sole trader or running an already established limited company, business car finance could help you spread the cost of a car or van, subject to status.
Here are some advantages of business car finance, and some potential downsides to consider when making your decision.
For illustration purposes only. The rate and payment you may be offered will be based on your individual circumstances.
Choosing between business and personal car finance depends on how the vehicle will be used and who will pay for it. Here’s what to consider:
You may wish to opt for business finance if the car is mainly for work, and choose personal finance if it’s mostly for private use.
Dedicated account manager – If provisionally approved, you’ll have a dedicated account manager, who will help you with everything from choosing your car to finding you the best business car finance deals for your circumstances.
Wide lender panel – We work with a large panel of trusted lenders across the UK, and we aim to to find the best deals for you.
Experience helping businesses – Many of our lenders accept applications from small business and self employed people, even if you need van finance with bad credit, subject to status.
No deposit options – If you’re a small business owner or sole trader and are struggling to save up for a lump sum, some of our lenders could offer no deposit car finance options.
High Trustpilot rating – We’re proud of our high Trustpilot rating, which shows you can trust us to help you every step of the way.
We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We will be paid a commission for providing our services and this commission may be a fixed amount or a percentage of the amount borrowed. The interest rate you pay is directly linked to the amount you are borrowing and your individual credit status.
