Rent2Buy

How Much Does Rent2Buy Cost?

There is no single monthly price for Rent2Buy.

The cost depends on the individual van, the initial rental, the agreement structure and the customer’s assessed affordability. A price shown for one vehicle should not be treated as the price for every Rent2Buy van.

The team provides the actual figures after considering the application and the available suitable stock.

What Makes Up the Rent2Buy Cost?

The main financial parts can include:

• A £200 vehicle reservation when an approved van is selected

• The agreed initial rental

• Regular monthly Rent2Buy payments

• Full annual comprehensive insurance

• Fuel and ordinary running expenses

• Servicing, maintenance and repairs outside warranty

• Possible excess mileage charges

• Any damage or outstanding charges where applicable

• The final purchase payment set out in the agreement

The customer should review the complete agreement rather than focusing only on the advertised monthly figure.

How Is the Monthly Payment Calculated?

The monthly payment can be influenced by:

• The van’s value

• Age and mileage

• Make, model and specification

• The initial rental

• The remaining agreement balance

• The assessed affordable payment range

• The length and structure of the agreement

The monthly amount is therefore vehicle-specific and customer-specific.

What Is Included in the Monthly Payment?

Vehicle tax is included while the active Rent2Buy agreement continues.

The agreement also provides the customer with use of the van while the payments and conditions are maintained. Ownership does not transfer immediately. The vehicle remains owned by Vansco Limited until the agreement is completed and the final purchase requirements have been satisfied.

What Is Not Included?

Rent2Buy is a self-maintenance arrangement.

The customer is normally responsible for:

• Full annual comprehensive insurance

• Fuel

• Routine servicing

• Maintenance

• Tyres and consumable items

• Repairs outside the supplied warranty

• Later MOT requirements after the supplied MOT expires

• Keeping the vehicle roadworthy

• Excess mileage

• Damage beyond acceptable condition

Customers should budget for these costs before committing to a van.

Is There a Mileage Charge?

The normal allowance is 3,000 miles per month.

Mileage above that level is charged at 20p plus VAT per mile. The exact treatment of paid excess mileage should be confirmed from the agreement, but the customer should never assume additional mileage is free.

A high-mileage business should include this possible cost in its budget.

Is Insurance Included?

No.

The customer must arrange full annual comprehensive insurance before collection and keep suitable insurance in place throughout the agreement.

Temporary or short-term insurance may not meet the collection requirements. The policy normally needs to be in the customer’s name or an acceptable business name and must cover the correct vehicle and use.

Is Maintenance Included?

No.

The customer must look after the van and follow the required servicing schedule. Proof of servicing may be requested.

The vehicle comes with a three-month or 3,000-mile warranty, whichever limit is reached first. The warranty does not replace the customer’s ongoing maintenance responsibilities.

Does a Larger Initial Rental Reduce the Cost?

A larger initial rental may reduce the remaining balance and may change the monthly payment, but revised figures must be supplied by the team.

Customers should not assume that paying more upfront is always the best decision. They also need enough money available for insurance, fuel, servicing and unexpected business costs.

Is Rent2Buy Cheaper Than Finance?

Not necessarily.

Rent2Buy and van finance are different products with different assessment methods, ownership structures and responsibilities. The most suitable option depends on the customer’s circumstances and eligibility.

A customer should compare the full cost and obligations, not only the first payment or headline monthly amount.