Forklift Finance & Leasing | Finance from £25,000

Forklift Finance & Leasing - How It Works

What is Forklift Finance & Leasing?

Forklifts, encompassing counterbalance, reach trucks, and other specialised models, are crucial tools in various industries like warehousing, logistics, and manufacturing. They play a vital role in material handling, lifting, and transportation tasks.

However, acquiring a brand-new forklift can be a substantial investment. Fortunately, forklift finance and leasing offer alternative solutions to make these essential machines accessible for businesses.

Essentially, forklift finance is asset finance, which is a form of lending that is secured by an asset, such as a vehicle, equipment, or machinery. It enables you to spread the cost of the asset over a period of time, usually with fixed monthly payments and interest rates. Depending on the type of finance or leasing agreement, you may also have the option to own the asset at the end of the term, or return it to the lender.

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What types of finance are available for Forklift Finance & Leasing?

There are different types of finance and leasing options available for forklifts, depending on your needs and preferences. Here are some examples and popular options for financing construction vehicles and equipment:

Hire Purchase: Like buying a car on finance, you pay a deposit and then spread the remaining cost over monthly payments. Once all payments are made, you own the forklift. This option is good if you want to eventually own the equipment and can afford the initial deposit and ongoing payments.
Finance Lease: Think of this as renting the forklift for a fixed period. You pay a set monthly fee throughout the agreed term. At the end, you can return the forklift, extend the lease, or even sell it and keep a portion of the proceeds. This option is suitable if ownership isn't important, and you want potential tax benefits associated with leasing.
Operating Lease: This is like a short-term rental for the forklift. You pay a lower monthly fee compared to other options, but for a shorter period, typically less than the forklift's lifespan. At the end of the lease, you simply return the forklift to the lender. This option is ideal for specific projects or contracts where you only need the equipment temporarily and want to avoid maintenance and depreciation costs.

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How does it Work?

If you want to finance or lease a forklift in the UK, you will need to follow a similar process as applying for other loans;

First, you will need to fill out an application form with some information about yourself, your business (if applicable), and the specific forklift you’re interested in. You will also need to show that you have a good credit score and that you can afford the monthly payments.
Next, the lender will review your application and send you a quote with the details of the finance or lease option they offer. The quote will include the total amount, the loan term, the interest rate, and any other fees or charges. You can compare quotes from different lenders to find the best deal for you.
Once you decide on a lender, you will need to sign a contract and pay any fees or deposits that are required. The lender will then either transfer the funds to the seller of the forklift or deliver the forklift to you. You will then start paying the lender a fixed amount every month until the end of the contract.
Depending on the type of finance or lease agreement, you may also have some responsibilities regarding the forklift’s maintenance, insurance, and taxes. You should keep the forklift in good condition and follow the terms and conditions of the contract. If you fail to pay on time or break the contract, the lender may take back the forklift and charge you extra fees.
Before you enter any finance or lease agreement, you should consider getting some professional financial advice – at Clifton Private Finance, we can help advise and guide you through the process. You should also do your research and compare different options to find the most suitable and cost-effective solution for your needs.

Benefits of Forklift Finance & Leasing

Affordability: Spread the cost of the forklift over time, making it easier to acquire without a large upfront investment.
Flexibility: Choose from various finance and leasing options, tailoring the terms and payments to your specific needs.
Accessibility: Gain access to potentially more expensive forklifts, enhancing your capabilities and efficiency.
Upgradability: Easily upgrade or replace the forklift as your business needs evolve.
Potential Tax Benefits: Depending on the chosen option, you may be eligible for tax deductions on interest, fees, and depreciation (consult a tax advisor for specifics).

Drawbacks to Consider

Overall Cost: Over the agreement, you might pay more than the forklift's original value due to interest and fees.
Potential Maintenance Expenses: You may be responsible for maintenance, insurance, and taxes, increasing total costs.
Risk of Loss: Failure to meet payments or breaching the contract could lead to repossession by the lender.
Long-Term Commitment: You could be bound by a lengthy agreement, potentially limiting flexibility if your needs change.
Early Termination Penalties: Ending the agreement prematurely or switching options might incur fees or charges.

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How do I qualify for forklift finance or leasing?

To qualify, you'll typically need:

Good credit history: This demonstrates your ability to manage debt responsibly.
Financial information: Provide details about yourself, your business (if applicable), and the desired forklift.
Ability to repay: Lenders will assess your income, expenses, and cash flow to determine affordability.

Based on these factors, the lender will evaluate your application and offer you a quote.

How much can I borrow?

Several factors influence the borrowable amount, including:

Finance/leasing type: Different options have varying borrowing limits.
Forklift value: Generally, the higher the value, the more you can borrow.
Financial situation: Lenders consider your financial health and borrowing capacity.

Remember, borrowing responsibly is key. Only borrow what aligns with your budget and cash flow.

What are the interest rates?

Interest rates for forklift finance and leasing can vary depending on:

Finance/leasing type: Each option might have different rate structures.
Loan amount and term: Longer terms often have lower rates but higher overall costs.
Lender's policy: Different lenders offer varying rates based on their risk assessment.

To secure the best deal, compare quotes from multiple lenders thoroughly.

In need of Forklift finance or leasing?

We can help you:

Choose if Forklift finance or leasing is right for you
Learn what type of loan best fits your situation
Feel confident with how the process works and what the costs will be

And when we’ve found the best type of finance for you, we will:

Compare rates from multiple lenders across our network
Negotiate the best deal for your circumstances
Help you through the application process
Follow up on your application until the asset is in your hands

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Call us today to discuss your requirements on 0203 900 4322

What Our

Clients Say

I approached Clifton Private Finance to help me get a mortgage as an Expat working in the Far East. I would normally 'cut out the middle man' on something like this and try to get myself a deal directly with the banks, but I am now sold on the broker concept and wouldn't hesitate to use Clifton Private Finance again. There were a number of complicating factors such as being an expat, the stamp duty holiday, the sheer amount I wanted to borrow and the fact I wanted it all wrapped up before the Stamp Duty holiday ended. It is clear to me now that the relationship that brokers have managed to foster with their banks means they can simply pull levers and make stuff happen that us ordinary folk cannot. Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet. Thank you George and Jan for all your hard work!

James M

Luther was excellent. Very clear in his advice and explanations of products and was able to move things on very quickly when we ran into difficulties with the estate agents. Without a doubt I would recommend Luther to all friends, family and colleagues. Luther was a joy to deal with and took a lot of the stress out of a troublesome transaction, from my end. I would view Luther as real asset to Clifton Private Finance Ltd.

William W

The team at Clifton Private Finance has been outstanding, not only in helping me to obtain a mortgage on a slightly unusual home, but also in continuing to provide support and liaise with the lender and solicitors through to completion. Thank you for making the process of buying my first home much easier.

Chantelle S

Sam O'Neill, and the new lender he identified for me, worked tirelessly together using my time constraints, to make sure my mortgage application was completed on time. They are a brilliant company to work with, fast, efficient, open and transparent from the very beginning, and turned a seemingly impossible situation into a viable one. Sam was brilliant throughout the whole process and I would highly recommend him, and his colleague Helen, to anyone without hesitation, I cannot speak highly enough about them.

Myr B

I was incredibly lucky to find Clifton Private Finance after a search on line as their service has been more than exemplary. My point of contact was Sam 0’Neill and he was happy to help at every stage during the application of the bridging loan, making a stressful process much easier to deal with. He was always available by phone or email and gave prompt answers to queries I had as well as always getting back to me when he said he would. That to me is excellent customer service and I cannot thank him personally or the company enough for the support they have given me.

C Jefferey

Adam cannot thank you enough for all your support throughout this arrangement. You have gone more than the extra mile to support us. Without you we would not have got our dream retirement home. You have been most professional and personable. Liz and I would be more than happy if you wanted to use us a reference with respect to any future clients.

Nigel & Liz K - Bristol

You have certainly shown me that you do everything for your clients, including tolerating their excessive emails and questions for updates. I have been kept in the loop, from yourself, about why the delays were occurring (Nationwide, post etc) which I would like to highlight that I really appreciated. I certainly will be able to recommend you to others as and when the need arises.

Mr Morris

I recently contacted Clifton Private Finance after a Google search for bridging finance providers and was immediately struck by their efficiency and support. Forms were emailed over almost immediately and the necessary finance was arranged within a few days. None of the other companies I contacted came close to their professionalism, and the quote that I eventually received was impressive. Thank you Adam, your help has enabled us to reserve the house that we wanted and I certainly recommend you to others.

Mr M. R. - Oxford

Absolutely brilliant. The service was first class, got everything sorted efficiently and were always friendly. Any fees were negligible compared to the service offered. Robert was particularly outstanding.

Charles N

My advisor, Robert, was very helpful in finding the mortgage to suit me. He kept me up to date throughout the process and dealt with any issues when they arose.

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