What types of business vehicle loans can I access?

There are three main ways to finance business vehicles:
- Equipment loan: Your lender will provide you with funding to purchase a business vehicle (which you'll own from day one) and they’ll then use it as collateral in case you default on your loan.
- Hire-purchase agreement: Your lender will purchase a car on your behalf for you to borrow. They’ll own the vehicle until you pay it off in full—in which case you’ll own it outright.
- Term loan: Secured and unsecured term loans can be used for many business purposes, including investing in assets. Your lender will give you a lump sum and you’ll make regular repayments (usually monthly).