Depending on your circumstances, owning a van may not be realistic for your business or budget. Leasing is a popular option that lots of business owners are opting for.
Below, we’ll explain the difference and compare buying and leasing to help you make a decision right for you.
While other finance products also use “lease” in their name, we’re referring to Contract Hire.
Buying a van can be done either by a cash payment upfront or using a loan such as Personal Contract Purchase (PCP) or Hire Purchase (HP). We explain PCP and Hire Purchase more in our car finance jargon buster.
Leasing a van means you’ll make monthly payments to use the vehicle for a certain period and return it at the end of the agreement.
Some lease agreements offer the option to buy the van, but it’s not standard, so check with the lease company if you’re interested in this.
While some van leasing agreements offer built-in van insurance, you should check what you’re covered for.
Otherwise, you’ll need van insurance suited for your usage. We offer various cover options for many professions if you use the van for business.
I started my career selling vans in the mid-eighties, progressing through dealer groups to management level. In 2010 I joined vehicle valuation company CAP, being made responsible for forecasting future used values for all makes and models of vans and trucks, this data being used by leasing companies and manufacturers to assess future risk. This role entailed very early exposure to new models including extensive testing across Europe.
In 2016 I started up my own consultancy business dedicated to the LCV industry. In addition, my freelance written work has been used by a number of clients and I am a regular contributor to WhatVan? magazine. I’m also a judge for their annual ‘Van of the Year’ awards.
To relax, I enjoy travel and walking near my Yorkshire home.