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More and more people and businesses now lease rather than buy their van or van fleet. In 2021, nearly 900,000 (or 1 in 5) vans on UK roads are lease vehicles, highlighting the sheer popularity of leasing in the UK today!
Van leasing is like renting, in that you're using a particular van, for an agreed length of time (usually between 2 to 5 years), for a set fee.
You have complete choice over make, model and specifications, including features such as colour and trim. The contract is tailored to your needs in terms of the annual mileage, length of contract and how you’d like initial and subsequent payments structured.
At the end of the contract, the van is simply returned, checked over, and payments cease, leaving you to take another lease, should you wish to. It really is that easy.
Business van leasing is when a van is leased and either used solely for business purposes or for a mix of business and personal. The van is leased in the name of one of the following business entities:
Business van leasing offers businesses a whole host of excellent benefits over buying a commercial vehicle. These include minimal capital expenditure, fixed monthly outgoings, great tax advantages and balance sheet benefits, as well as no depreciation risk. Plus of course, you and your employees get to drive a brand-new, fully warrantied vehicle, and at the end of the lease you just hand back the keys. It couldn't be simpler!
While the criteria differs depending on whether you're leasing as an individual or as a business, don't worry, our expert van leasing consultants will guide you through the process.
Regardless of size, your business may be eligible for business van leasing if it is one or more of the following entities:
• A sole trader/self-employed person
• A Limited Liability Company (LTD)
• A Public Limited Company (PLC)
• A Limited Liability Partnership (LLP)
• A Charity, Embassy, Local or Government Authority
Other businesses may also be eligible, depending upon circumstances.
Your business must be currently trading, have a suitable income and profit level (assessed during the application process), plus be able to provide the following:
Business applications undergo a credit check to assess credit strength and risk status, however this is often a relatively quick, easy process. In some circumstances - for example if your business is new or has been declined for credit - we may also require one or more of the following:
Personal van leasing is a contract taken out by an individual, rather than by a business or company. The vehicle is used either solely for personal purposes, or for a mix of business and private use.
As well as being great for purely private purposes, a personal lease can also be a great solution, both for new businesses who don’t have all of the required documents to obtain a business lease, as well as for businesses who for other reasons are currently ineligible for a business lease contract.
Whatever the reason, the great news is that if you do find you aren’t able to get a business van lease, a personal lease will still provide you with a brand-new van, at an incredibly affordable set monthly fee, as well as the opportunity to claim back tax if you're a taxpayer, plus the vehicle can also be being used for business purposes beyond simply commuting to/from work.
Personal leasing is a great option for those looking for a van for purely personal usage, however it can also be ideal for businesses who find they don’t meet the criteria for a business lease contract.
The good news is that if you don't qualify for a business lease, you're still likely to be able to get a personal lease in your own name.
With personal van leasing, your application is a non-business application, but you will need to meet the following criteria:
As with business leasing, part of the personal lease application process requires you to satisfy a personal credit check to assess your credit strength and risk status.
Finance companies make their decision on whether to offer finance to a customer based on their past and present financial circumstances, so it's obviously easier to lease a vehicle if you have a healthy credit status.
If you have a poor credit rating however, don't worry too much as you may still be able to lease using a funder who specialises in helping those with poorer credit history, including those who have recently moved to the UK to take up employment.
Our 6 Step Journey
If you're thinking about leasing a van or pickup, we have a collection of informative guides on all aspects of vans and commercial vehicles to make the process as simple as possible.
Regardless of the shape or size of your business, van leasing offers a myriad of benefits, making it a really smart choice. Find out more about the tax and accounting benefits of business van leasing, along with the staff-related benefits and broader business-related benefits.
Today there are so many more types of van to choose from, that as long as you do your homework and have a good handle on your needs, you’re certain to find a van that’s truly fit-for-purpose.
If it’s time to get a new van, then this guide is a must-read. It will take you through everything you need to think about, including body type, tax implications by body-type, payload, dimensions, engine type, location and door choice.
Select Van Leasing are one of the UK's largest independent specialists for van and car leasing. Whether you are looking for more information on leasing, electric vehicles or looking for special offers - here's some links to help you get to the right place!
At Select Van Leasing, we pride ourselves on both our specialist van knowledge and our fantastic van special deals that combined, ensure that you'll find the perfect van lease to suit your needs and budget.
