Pickup Truck Finance

Pickup Truck Finance

Monday 19th February | 11 minute read

Pickup Truck Finance is a financial facility that enables individuals and businesses to purchase or lease pickup trucks.

Our Pickup Truck Finance service

We arrange market-leading finance leasing for pickup trucks.

  • Market-leading rates.
  • Pickup truck finance from £30,000.
  • Available to companies in & England, Scotland, Wales and Northern Ireland.

Examples of Pickup Finance

Finance is available for all brands and models of pickup trucks, enabling businesses to spread the acquisition cost over time. Popular financing for pick truck models examples include:

  • Finance for Toyota Hilux Pickups
  • Finance for Ford Ranger Pickups
  • Finance for Isuzu D-Max Pickups
  • Finance for Volkswagen Amarok Pickups

Our Pickup Finance Options

  • Hire Purchase
  • Hire Purchase with Balloon Payment
    (Business Contract Purchase)
  • Finance Lease
  • Operating Lease
  • Residual Value-Based Lease (RVBL)

The Benefits of Pickup Truck Finance for Your Business

Pickup Truck Finance can bring tangible benefits to any business that needs to access a new asset but doesn't want to use its cash reserves. Here are the top 7 reasons why companies use it.

  • Maintain cash flow
  • Access to tax relief
  • Acquire assets quickly 
  • Gain flexibility to upgrade or replace assets
  • Risk protection against fluctuations in asset prices
  • Affordable payment terms
  • Protect lines of credit and cash reserves

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Pickup Truck Finance

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2024 Pickup Truck Finance Guide

Pickup truck finance encompasses a range of financial solutions available for individuals and businesses looking to purchase or lease pickup trucks. These options make acquiring pickup trucks more accessible and financially manageable by spreading the cost over time rather than requiring the total purchase price upfront.

Popular financing options in the UK for pickup trucks include Hire Purchase (HP), potentially with Balloon Payments, Leasing, and Business Loans. Each financing method offers unique benefits and considerations, from outright ownership with HP at the end of the term to flexibility and lower monthly leasing payments. This guide explores each type of finance, outlining the advantages and disadvantages to help you decide the best way to finance your pickup truck.

What is pickup truck finance?

Pickup truck finance refers to the various financial asset finance products and solutions available to individuals and businesses for purchasing or leasing pickup trucks. These financial options are designed to make these trucks more accessible and financially manageable by spreading the cost over a period rather than requiring the full purchase price upfront.

The popular types of finance options for pickup trucks in the UK include Hire Purchase (HP), optionally with Ballon PaymentsLeasing and Business Loans. Let's take a look at each type of finance.

Hire Purchase (HP)

What is Hire Purchase? It's a straightforward finance agreement where you pay off the cost of the pickup truck in monthly instalments over a fixed term. Once all payments are made, vehicle ownership will be transferred to you.

What are the Benefits of a PICKUP TRUCK hire purchase?

  • Ownership. At the end of the agreement, you own the pickup truck outright.
  • Fixed Payments. Monthly payments are fixed, making budgeting easier.
  • Flexibility. You can choose the length of the term to suit your financial situation.

What are the disadvantages of pickup truck Hire Purchase?

  • Higher Monthly Payments. Compared to leasing, monthly payments can be higher because you're paying off the entire value of the truck.
  • Depreciation. You bear the risk of the vehicle's depreciation; the truck may be worth less than you paid by the end of the term.
  • Early Settlement Charges. Paying off the agreement early may incur additional fees.


What is leasing? It's a contract where you pay a monthly fee to use the pickup truck for a specified period. You return the vehicle to the leasing company at the end of the lease term. There are typically options to choose between an operating lease, where you never own the vehicle, and a finance lease, which may offer the option to purchase the vehicle at the end of the lease.

What are the Benefits Of Leasing A PICKUP TRUCK?

  • Lower Monthly Payments. Payments are often lower than HP because you pay off the depreciation, not the full value.
  • Flexibility at the end of the Term. You can return the truck, keep it if your agreement is a PCP, have a Lease-to-own option (by paying the final balloon payment), or trade it in.
  • Warranty Coverage. The lease term may coincide with the manufacturer's warranty period, reducing repair costs.

What are the Disadvantages of leasing A PICKUP TRUCK?

  • Mileage Limits. Exceeding the agreed mileage can result in costly penalties.
  • Wear and Tear Charges. You could face charges for any damage beyond normal wear and tear.
  • No Ownership. You don't own the vehicle unless you pay the balloon payment at the end.

Balloon Payment. Common in Hire Purchase (HP), Business Contract Purchase (BCP) and Personal Contract Purchase (PCP)

What is a balloon payment? A balloon payment is an option in some finance agreements, particularly HP and BCP/PCP, and may include a larger final payment at the end of the term. This reduces the monthly payment amount but requires a significant sum to be paid to own the vehicle outright or to start a new finance agreement.

What are the Benefits Of Balloon Payments FOR A PICKUP TRUCK?

  • Lower Monthly Payments. Payments during the term are reduced, making the truck more short-term affordable.
  • Flexibility. You can pay the balloon payment to own the truck, refinance it, or part-exchange it for a new vehicle.

What are the Disadvantages of Ballon Payments FOR A PICKUP TRUCK?

  • Large Final Payment. A significant sum is due at the end of the agreement if you wish to own the vehicle.
  • Depreciation Risk. If the truck's market value falls below the balloon payment, you could owe more than it's worth.
  • Refinancing. Refinancing could result in higher overall costs if you can't afford the balloon payment.

Business Loan

What is a business loan? A business loan from a bank, finance company or online lender gives you the funds to purchase the pickup truck outright. You then repay the loan amount plus interest over a set period.

What Are the Benefits of a Business Loan for a pickup truck?

  • Ownership. You own the vehicle outright from the beginning.
  • No Mileage Restrictions. There are no penalties for high mileage.
  • Tax Benefits. Interest on the loan can often be deducted as a business expense.

What are the Disadvantages of a business loan for a pickup truck?

  • Collateral. The loan may require collateral, putting other business assets at risk.
  • Interest Rates. Depending on your credit, interest rates can be high.
  • Full Responsibility. You're responsible for all maintenance and depreciation costs.

What is a pickup truck?

A pickup truck is a light-duty vehicle with an enclosed front cabin for passengers and an open rear cargo area (often called the bed). These trucks are designed for versatility and utility, transporting passengers and cargo, tools, equipment, or other materials. Pickup trucks are popular for personal and commercial use due to their rugged build, towing capacity, and off-road capabilities. They come in various sizes and configurations, including compact, mid-size, and full-size models, catering to different needs and preferences. Modern pickups also offer a range of features, including advanced safety technologies, comfortable interiors, and efficient powertrains, making them suitable for a wide array of tasks, from daily commuting and family use to heavy-duty work applications.

Why is pickup truck finance popular in the UK?

Pick-up truck finance is popular among businesses that require utility vehicles for operations and individuals who prefer the versatility and capability of a pick-up for personal use. Financing a pick-up truck allows for better cash flow management, access to newer models, and, in some cases, tax benefits for businesses. However, it's important to consider the total cost of financing, including interest and any fees, and choose the option that best suits your financial situation and vehicle usage needs.

Pickup trucks not only boast a rugged appearance suited for all weather conditions and terrains, but they also offer exceptional practicality. With ample space to accommodate five passengers and a generous flatbed for equipment, they cater to customers' work-related and lifestyle needs.

The demand for pickup trucks has increased in the UK since 2012, leading many car manufacturers to include them in their vehicle lineup.

Among the top models available for leasing and finance are the Ford Ranger, Nissan Navara, Mitsubishi L200, and Toyota Hilux. A driving reason for their previous popularity was that those using them as company cars have paid the flat commercial vehicle rate of BiK tax. However, this minimum payload requirement of 1,000kg will be removed, and any pickup truck featuring a second row of seats will be subject to company car tax. Whilst double cab pick-ups look set to retain their VAT classification as commercial vehicles enabling VAT-registered companies to make savings, employees will see an increase in their benefit-in-kind tax, possibly slowing down the popularity of this vehicle type in 2024.

In the UK, the popularity of pickup trucks has been increasing, driven by their versatility, durability, and the ability to serve both as work vehicles and personal transport.

The most popular new pickup truck models available in the UK include the Ford Ranger, Toyota Hilux and Isuzu D-Max.

Ford Ranger

Why is it popular? The Ford Ranger is renowned for its strong performance, reliability, and advanced technology features. It offers excellent towing capacity, off-road capabilities, and a comfortable interior. Its wide range of models caters to different needs, from basic work trucks to more luxurious versions for personal use.

Toyota Hilux

Why is it popular? Known for its legendary durability and reliability, the Toyota Hilux has a strong global reputation. It performs well both on and off the road and offers a high level of comfort and safety features. Its ability to handle tough conditions and maintain value over time makes it a favored choice. Toyota light commercials sales set a new record for the company in 2023 with 19,314 total sales, accounting for 5.65% of the UK market.

Isuzu D-Max

Why is it popular? Known for its ruggedness and reliability, the Isuzu D-Max is designed to excel in challenging environments, making it ideal for work in rural and remote areas. It also boasts impressive towing capabilities and a durable engine. The Isuzu D-Max saw a 45% rise in registrations and a 5% increase in its market share for 2023 compared to 2022 sales.

Volkswagen Amarok

Why is it popular? The Amarok has a high-quality interior, strong diesel engines, and excellent driving dynamics. It's one of the more premium options in the market, offering superior comfort and a car-like driving experience. The popularity of these brands in the UK can be attributed to their ability to combine practicality with comfort, making them suitable for a wide range of activities. Additionally, the growing trend of using pickup trucks as lifestyle vehicles, beyond traditional commercial applications, has contributed to their appeal. Factors such as brand reputation, vehicle performance, fuel efficiency, safety features, and off-road capabilities play significant roles in determining their popularity among UK consumers. The new second-generation model is available in the UK. Volkswagen expects it to help continue the epic sales run (830,000 units of the first-generation Amarok were sold between 2010 and 2022).

Popular Models that are no longer available in the UK

Nissan Navara:

Why was it popular? The Navara is appreciated for its innovative suspension system that offers a smoother ride than traditional pickups, making it more comfortable for daily driving. It also provides strong towing capabilities and efficient engines, appealing to both commercial and private users. Unfortunately, Nissan stopped shipping to the UK in December 2021 and has no plans to import the new Navara models.

Mitsubishi L200

Why was it popular? The L200 stands out for its fuel efficiency, manoeuvrability, and cost-effectiveness. It offers a competitive payload and towing capacity, along with a range of features designed to enhance its off-road performance. Mitsubishi has introduced its newest L200, marking the sixth iteration of the much-loved pickup. Unfortunately, this model will not be available in the UK.

What are the most important factors to users of pickup truck finance?

When considering pick-up truck finance, users typically prioritise several key factors to ensure they choose the best financing option to suit their needs, financial situation, and the intended use of the vehicle. The most important factors include interest rates, monthly payment size, deposit payment requirement, total cost of ownership or usership, in addition to several other factors. Let's take a look at the most important factors.

Interest Rates

The rate at which interest accrues on the financed amount is crucial as it directly impacts the total cost of the finance. Users seek competitive interest rates to minimise the overall financial burden.

Monthly Payments

The amount required to be paid each month is a critical factor. Users need affordable payments that fit within their budget without causing financial strain.

Deposit Payment

The initial payment is required at the start of the finance agreement. A lower down payment is often preferred to preserve cash flow, but this can result in higher monthly payments.

Total Cost of Ownership

Users consider not just the purchase price and finance costs but also additional expenses such as insurance, maintenance, fuel, and taxes over the vehicle's life.

Lease vs. Purchase Options

The decision between leasing and purchasing impacts long-term financial planning and asset management. Leasing may offer lower monthly payments and flexibility, whereas purchasing may be more cost-effective over time.

Term Length

The duration of the finance agreement affects both the monthly payments and the total interest paid. Users must balance the desire for lower monthly payments to minimise total finance costs.

End-of-Term Options

The options available at the end of the term (e.g., returning the vehicle, making a balloon payment to purchase, or trading in for a new vehicle) are significant considerations for leases and personal contract purchases.

Early Termination Costs

The potential costs and penalties of ending a finance agreement early are important, especially for users whose vehicle needs may change.

Flexibility to Upgrade

The ability to upgrade to a newer model before the end of the finance term is valued, particularly by users who prefer to drive the latest vehicles with advanced features and technology.

Mileage Limits and Excess Mileage Charges

This is particularly relevant to leasing agreements, where exceeding predetermined mileage limits can incur significant additional charges.

Warranty and Maintenance Packages

Options that include or offer extended warranties and maintenance packages can simplify budgeting for vehicle upkeep and provide peace of mind.

Tax Implications

Understanding how the financing option affects taxes, including potential deductions for business use and benefit-in-kind, is especially important for many users.

Approval Process and Requirements

The ease of the application process, the speed of approval, and the documentation required can influence the choice of finance provider.

Is Pickup Truck finance right for me?

In summary, pickup truck finance offers diverse options to cater to the unique needs of individuals and businesses in the UK, facilitating the acquisition of these versatile vehicles in a financially manageable way. Whether through Hire Purchase, Leasing, Business Loans, or Balloon Payments, each finance method provides benefits and considerations, from achieving outright ownership to enjoying lower monthly payments and the flexibility to upgrade. This guide has explored the key aspects of each financing option, aiming to provide valuable insights to help you decide how best to finance your pickup truck, aligning with your financial circumstances and how you intend to use the vehicle.

What are the alternatives to pickup truck finance?

Alternatives to pickup truck finance offer different ways to acquire or use a tractor without committing to a traditional finance agreement. These alternatives can provide flexibility, potentially lower costs, or different ownership structures that might better suit certain businesses or individual needs. Here are some notable alternatives:

Outright Purchase. Using existing capital to buy a tractor outright eliminates interest payments and finance-related fees, immediately giving the buyer full ownership. This option is ideal for those with sufficient cash reserves who prefer not to have monthly payments. For those with savings set aside, using these funds for an asset purchase avoids the need for external financing. This option requires careful consideration of the impact on personal or business finances, but it is the cheapest option for owning a Tractor. 

Trade-In. Trading in an older asset model as part of the payment for a new one can reduce the overall cost. Dealers commonly offer this option and can simplify the transition to a newer model.

Rental. Renting an asset for a specific period or seasonal work can be a practical solution for those with occasional needs. It avoids long-term financial commitments and is ideal for short-term projects or peak season requirements.

Bridging Loans. For business owners who need urgent short-term finance and own land or property, a bridging loan can help acquire an asset. Bridging loans can be arranged in as little as 3 working days and used to purchase any type of equipment.

Each alternative has advantages and considerations, ranging from the total cost and flexibility to the impact on cash flow and tax implications. Evaluating each option carefully, considering both short-term needs and long-term financial health, is essential before deciding the best way to acquire an asset for your business operations.

We're financial experts who arrange pickup truck finance (asset finance) for business owners, securing you the best rates and terms from over 200 UK lenders, including private equity firms, investors and family offices.

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