Question 1

Can tractor units and trailers be funded together?

Accepted Answer

Yes, though they are often split. Units typically run over three to five years while trailers, which last far longer, go over five to seven — splitting usually gives a better overall cost.

Curtainsiders, tippers, tankers and refrigerated trailers are all funded on this basis.

Question 2

Is contract hire or hire purchase better for a fleet?

Accepted Answer

Contract hire suits operators who change vehicles on a fixed cycle and want maintenance and residual risk handled for them. Hire purchase suits those who run vehicles well past the term and want to own them. Many fleets use both — contract hire on the units, hire purchase on the trailers.

Question 3

Can fridge units, tail lifts and telematics be included?

Accepted Answer

Yes. Refrigeration units, tail lifts, cranes, bodies, livery and telematics can be added to the vehicle agreement rather than bought separately.

Question 4

Can I refinance vehicles the fleet already owns?

Accepted Answer

In many cases, yes. Refinancing owned units and trailers releases working capital for fuel, drivers or a new contract, based on current market value. It is a common way to fund expansion when a contract win needs vehicles on the road quickly.

Question 5

I have never used a finance broker before. Is it more hassle?

Accepted Answer

Less, in our experience. You complete one application and one conversation with us. We then approach the funders on your behalf, rather than you filling in separate forms for your bank, the dealer's finance arm and anyone else you might have approached. We handle the paperwork, the funder's questions and the chase-up, and we come back to you with the options set out plainly. You keep the decision; we do the legwork. It also protects your credit file. Rather than several lenders searching you in a short space of time, we place the proposal with the funders most likely to say yes to that particular asset and business.

Question 6

What types of assets can be funded?

Accepted Answer

Broadly, anything identifiable, durable and used for business purposes. In practice that means: tractors; combines and harvesters; balers, mowers and forage equipment; telehandlers and loaders; ATVs, side-by-sides and utility vehicles; grain handling, storage and drying plant; livestock housing, feeding and handling equipment; milking parlours and robotic milking systems; irrigation and water management; groundscare machinery including greens mowers, fairway units, sprayers and top dressers; construction plant such as excavators, dumpers and rollers; commercial vehicles, vans and trailers; solar arrays, battery storage and other renewables; and IT, software and telematics. If an asset is unusual we will say so early. Specialist or bespoke equipment can usually be funded, though the funder panel narrows and the structure may differ.

Transport & Haulage finance

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Transport & Haulage finance: common questions

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