Can I Get Vans on Finance with a Bad Business Credit Score?
Taking out vans on finance is a great way to save your business money. However, as with any kind of financing, you will […]
To prioritise your enquiry our sales team is ready to take your call. Call us on
January 7th, 2022
When you take out van finance deals, it’s important to make sure you’re informed about the whole process. Many of our customers have questions about the end of their lease, and (dependant on their finance agreement) what happens when they hand the vehicle back.
Wear and Tear refers to the deterioration of the vehicle as a result of normal use over the duration of the lease period. Each finance company will have individual specifications regarding wear and tear. These are built around the Fair Wear & Tear guidelines set out by the BVRLA (British Vehicle Rental and Leasing Association).
Any damage to your vehicle will affect the residual value of your van at the end of the lease agreement and therefore may incur costs from the finance provider. The Fair Wear & Tear guidelines ensure that each vehicle is held to the same standard. If any damage is deemed to fall outside of these guidelines, this is when Excess Damage Charges will be incurred.
The vehicle finance agreement you have chosen will have end of lease options specific to that finance product. Some vehicle finance options will not require you to hand back the vehicle at the end of the agreement, and therefore you will not be subject to any excess damage charges regardless of the vehicle’s condition.
Each finance company will have individual specifications regarding wear and tear. This will be detailed on your vehicle finance agreement.
Acceptable condition includes:
This is not an exhaustive list of the areas assessed – to learn more just visit the BVRLA website.
Unacceptable wear & tear includes:
If you are aware of any damage to the vehicle, the best option is to get this fixed by an approved garage prior to handing back the vehicle. Information on approved garages and process of reporting damage can be provided by your vehicle finance company.
Should you have any further questions regarding Fair Wear & Tear or your end of lease options, just Contact Us or call 01179625314 and speak to one of our van specialists.
Taking out vans on finance is a great way to save your business money. However, as with any kind of financing, you will […]
There are a huge number of benefits to choosing vehicle finance, as opposed to buying outright. By choosing to lease, you’ll avoid having […]
If you’ve never taken out a vehicle lease before, you may be wondering how much you can expect to pay. We’ve written this […]
If you’ve never leased a vehicle before, how to get a van on finance can seem complicated and intimidating. It’s the job of […]
When you take out van finance deals, it’s important to make sure you’re informed about the whole process. Many of our customers have […]
Choosing your small van lease is a big decision. It’s important to make sure you choose not only the right business van lease, […]
The cost of maintenance is definitely something you should factor in if you are considering business vehicle leasing. How much you pay to […]