Light Commercial Vehicle Finance

At the heart of renewed interest in LCVs is an economy being changed by new patterns of consumption and working. The number of self-employed in the UK has grown by 48% since 2000, and growing numbers of workers are making a living in the so-called ‘gig economy’. LCVs are often central to these small, bespoke businesses.

Patterns of consumption are also changing, with the trend towards online retail continuing apace and LCVs delivering goods to people’s doors across the country every day. These trends look set to stay, and the corresponding increase in new LCV registration would indicate that LCVs play an increasingly important role in the UK economy.

Alongside LCVs and the classic White Van, we are also seeing small businesses looking to raise finance for car derived vans and flatbed vehicles such as the Mitsubishi L200 or the Mitsubishi Warrior. Similar vehicles such as the Ford Ranger and the Toyota Hilux are also growing in popularity. At Paragon Car Finance we recognise what these vehicles mean to SMEs across the country and we are always glad to consider financing them and supporting the businesses which rely on them.

Building a business is a challenge but a good finance package, allowing the cost of an LCV to be spread over a longer timeframe, can be crucial. Therefore, when investing in an LCV people should consider how much they want to pay per month, and over how long. The right finance package can turn a big expense into a manageable monthly payment. At Paragon Car Finance we will consider lending over a period of up to 60 months, with no deposit and competitive rates, meaning customers can invest with confidence in the vehicle which will help them grow their business.

Unlike most other lenders we are also happy to consider lending to businesses that don’t yet have a full two years of trading history. Our detailed and bespoke underwriting allows us to asses each case on its merits and we don’t believe in denying finance to a promising start-up, simply on the basis that they haven’t yet been trading two years. In such cases we will however, look for a director’s guarantee.