What lenders check
For business vehicle finance, lenders look at the business's trading history and accounts, and often the owners' personal credit for smaller businesses. The vehicle itself usually acts as security.
Worked example
£600 a month at 9% over 48 months would finance about £24,110.87, with £4,689.13 of interest. Add your deposit to see the vehicle price you could afford.
Before you apply
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the commercial vehicle loan eligibility calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your finance. The rate shown is only an example, so enter the rate from your quote.
Term
How many months you'd repay over.
CALCULATOR QUESTIONS
Commercial vehicle loan eligibility calculator questions
Can a new business get van finance?
Often, though lenders may look more closely at personal credit and ask for a deposit.
What secures the finance?
Usually the vehicle itself.
Does a deposit help?
Yes. It reduces the amount financed and can improve the terms.
Is this a guarantee?
No. The lender decides.