One facility covering several cars, so a growing sales team does not mean a fresh credit application every time you hire.
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Yes. Where a business needs several cars, funders will set a facility limit for the company and draw each vehicle down against it as a separate schedule, rather than underwriting every car from scratch. Hire purchase, finance lease and contract hire can all sit under this structure, and vehicles can be added as drivers join. The thing that catches businesses out is that the limit is set against the company’s current accounts, not its plans — so if you expect the fleet to grow quickly, say so at the outset and have the limit sized for that, because going back for a substantial increase shortly afterwards is treated as a new credit decision.
Used kit: Yes, and mixing used and new vehicles under one facility is common
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Business asset finance is quoted on a flat rate, so that is what this shows — with the equivalent APR underneath, because the two are not the same number. A quick guide only; your actual rate depends on the asset, term, deposit and lender.
Representative example: on Hire Purchase, borrowing £25,000 over 48 months at a 6.0% flat rate (equivalent to 11.5% APR representative), you would repay around £646 a month; total amount repayable approximately £31,000, of which £6,000 is the cost of finance. This calculator is for illustration only — it is not a quote or an offer of finance, and the rate and repayments you are offered will depend on the asset, term, deposit and your circumstances. CW Asset Finance is a credit broker, not a lender, and may receive a commission from the lender that funds your agreement. All finance is subject to status, affordability and lender approval. CW Asset Finance is an Appointed Representative of Rural Finance Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 630701).
Fleet underwriting is a company exercise before it is a vehicle exercise. Funders size a limit against filed accounts, net worth, sector and how existing facilities have been run, then treat individual cars as drawdowns within it. They pay attention to concentration — a fleet of identical models all returning in the same month creates a residual value cluster they would rather avoid — and to mileage profiles, because a heavily used fleet comes back in poorer condition. Vehicle choice policy helps: mainstream marques with deep used demand support a better structure than an eclectic mix. Where the business is a limited company they read the balance sheet; where it is a partnership or a group, they will want to see the wider structure and may ask for cross-guarantees. Declines usually come from overtrading or from a limit request that has no relationship to turnover.
Examples of the machines we are asked to fund. This is not an exhaustive list — if what you are buying is not here, it does not mean we cannot fund it. Your supplier quote is what the agreement is written against.
| Machine | What it is |
|---|---|
| Volkswagen Passat Estate | Sales fleet estate for high mileage |
| Skoda Octavia Estate | Value fleet car with large boot |
| BMW 3 Series Saloon | Premium user-chooser compact executive |
| Audi A4 Avant | Premium estate for regional managers |
| Kia Sportage | Fleet SUV with long warranty cover |
| Tesla Model 3 | Fleet electric saloon with low tax cost |
| Volkswagen Golf | Compact pool car for mixed duties |
| Volvo XC40 | Premium compact SUV for user-choosers |
| Hyundai Ioniq 5 | Electric crossover for fleet electrification |
| Toyota Corolla Touring Sports | Hybrid estate for high mileage reps |
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Companies running a handful of vehicles and upward — field sales teams, multi-site service businesses, recruitment and estate agencies, care providers with visiting staff. The trigger is usually growth outpacing an ad hoc approach, several agreements ending at the same time, or a finance director tired of chasing separate renewal dates and V5s across half a dozen funders.
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We publish the deals we arrange, with no client named and no rate quoted. See what we have funded in business car finance.
Cars are treated differently from commercial vehicles. A van generally qualifies for the annual investment allowance; a car generally does not, and instead attracts writing-down allowances tied to its CO2 emissions, with fully electric cars in the most favourable position. A car made available for private use also creates a benefit in kind for the driver. The rules change between budgets and your position depends on how you trade, so treat this as the direction of travel and get your accountant to confirm the detail before you commit.
There is no fixed threshold, but a block facility starts to earn its keep once you are running a handful of vehicles or expect to add cars through the year. Below that, individual agreements are usually simpler. The real test is whether you are repeating the same application process often enough for it to be a nuisance.
That is the point of it. Once the limit is agreed, each new vehicle is drawn down against it with far lighter paperwork than a fresh application. You can keep adding until the limit is used. Increasing the limit itself is a new credit decision, so size it for where the business is heading rather than where it is today.
No, and funders often prefer a spread because it avoids a cluster of identical vehicles hitting the used market together. What helps is a sensible vehicle policy — mainstream marques with strong used demand across the fleet — rather than a completely open choice that produces hard-to-value cars.
Within a policy, yes. Most businesses set bands by role and let drivers choose inside them, which keeps staff happy without leaving the fleet unfundable. Give us the policy and we will tell you where it will cause valuation problems — usually unusual colours, niche models and very high optional specification.
We do, as the broker. One facility means one set of company documents, then a schedule per vehicle with its own delivery date and details. You still hold V5s and insurance obligations per car, but you are not repeating accounts, bank statements and director information for every single order.
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See everything we fund in business car finance →
Not an offer of finance. All finance is subject to status, affordability and lender approval.
Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day.
Prefer to talk? Call 07581 364281 · serving Leeds, York, Harrogate, Wakefield, Selby, Tadcaster & across North & West Yorkshire.