Want to cut costs in your business without cutting quality? Leasing a van is a great idea, particularly if your business needs plenty of transport.
Van leasing is a more cost-effective idea compared to purchasing a new car since you won’t have to pay a huge upfront amount of money. Additionally, you won’t have to deal with cost depreciation; a new van loses approximately 60% of its initial value within the first three years. Leasing is also tax efficient since you claim 100% VAT back when filing your annual business returns.
Whether you are leasing a van for short-term or long-term purposes, you should ensure that you work with a reliable van lease company. Below is a guide on how to choose a trustworthy company.
Compliance with relevant authorities
Before investing in any service from a service provider, ensure that they have all the necessary accreditations. Just like with other service providers, a leasing company with the right papers is easier to trust with your business’s money.
Every leasing company must comply with the standards set by the Financial Conduct Authority. The FCA regulates the conduct of approximately 60,000 service providers in the UK. Besides monitoring financial services, the FCA gives guidelines that the van Leasing company needs to follow when accredited. This regulatory body also ensures that clients of the company it regulates get fair deals.
The British Vehicle Rental and Leasing Association is another regulatory body that protects customers from harassment by leasing companies. BVRLA regulates companies in both the private and public sectors.
If you come across a van leasing company with accreditation from the FCA and BVRLA, it’s a sign that you are working with a legit service provider.
Find out how long the van leasing company has been offering services in the industry. The level of experience is a crucial consideration that you shouldn’t ignore. By choosing to work with a company that registers years of experience and serves numerous customers, you can be certain that they will offer exemplary services effortlessly.
As you shop around, choose an organization with plenty of experience in addition to quality and affordable prices.
Check for reviews or testimonials.
Besides choosing a leasing company with adequate experience, take a step further and look for positive testimonials and reviews from people who have hired their services. Reading reviews is a great way to know whether or not the leasing company is reputable. You will also have an idea of how the company treats its customers.
If many customers give positive reviews and stories of professionalism and quality services, it’s a sign that you can trust the van leasing company. Plenty of negative testimonials and reviews, on the other hand, is an indication that you should avoid the company at all costs.
Van leasing company location
Choosing to work with a local van leasing organization is beneficial in many ways. To begin with, the company understands your region and average prices. It will therefore be in a position to offer you better advice when leasing a van. Additionally, if a problem related to the lease arises, you will contact them immediately for prompt, effective, and efficient maintenance and repair services, saving you downtime costs.
Remember to consider the company’s reach. For instance, if the company only operates within a certain region, will this affect your business operations or not? With this information, you will make a well-informed business decision. The key is to ensure that you get value for every coin you invest in the service provider.
Cost of the leasing deal
The cost of leasing a van may be too high if you don’t bargain for a better deal. However, some van leasing companies offer numerous cost-spreading initiatives that you can take advantage of to reduce the cost.
Leasing a van is a great opportunity for every business to grow while lowering expenses. To save more money, ensure that you pick a leasing company that gives financial packages to spread costs further, including VAT benefits. You will save a considerable amount of money monthly.
Type of van leases
To be certain that a leasing company is suitable for your business needs, know the type of van leases available. Know the exact size and type of van you need. For instance, depending on how you intend to use the van, you may need a larger vehicle to serve you effectively.
Some van leasing companies offer short-term leases, while others only handle long-term leases. To be on the safe side, you might consider working with a service provider that gives both short- and long-term leases. Call your potential provider to inquire about their range of leases and the type of vans they have for hire.
There is a wide range of van leasing companies out there, but not all can satisfy your business needs and preferences. If you are still unable to pick the best company, you can use recommendations from friends or family when deciding. The ball is on your side; pick what works for you.