How Does Business Car Finance Work?
Business car finance works by letting you borrow money from a lender to buy cars for your company. You then pay back the loan over an agreed term with interest and fees.
The amount you can borrow, the interest rate, and the repayment term depend on various factors such as:
- The type of finance you choose
- The value and condition of the cars
- The credit rating and financial history of your business
- The deposit and balloon payment (if any) you make
You can choose from different types of business car finance depending on whether you want to own the cars at the end of the term or lease them for a period of time.
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What is the best business finance option for you?
You will need to assess the affordability of the finance type, plus any terms and conditions for your business that come with this type of loan or contract. To help you decide on the best vehicle financing options for your business, you will need to think about:
How much you can afford to borrow.
How long you want the car for.
How you intend to use it.
To make driving a new or used car from Lloyd Motor Group as affordable and simple as possible, we offer a range of business finance options that can be tailored to meet each of our corporate and business customer’s requirements and circumstances.
We have a variety of business car finance options available. Read below to learn more: