A recent study by Mercedes-Benz has revealed some interesting statistics on the raw deal that ‘White Van Drivers’ are still receiving from banks.
In Great Britain van drivers contribute over a huge £43.8 BILLION in to the UK’s economy – this is according to the calculations made by Mercedes-Benz, but nearly 60% of van drivers that apply for funding from high street banks see their applications turned down!
Each van in the UK costs more than £5,600 a year in fuel duty and tax alone, which goes into the UK’s economy budget, which is more than a fifth of the average Van Drivers annual income, this doesn’t include the revenue from income tax and national insurance. This aside a high amount of SME’s who need van/van drivers still find themselves getting turned away from the high street bank (according to Mercedes-Benz Van study).
Two thirds of SME’s van drivers and owners are expecting to see their business grown over the next year, which will have a significant benefit towards the UK economy, this aside over half will have their funding applications turned down by the lenders. This compares to a 90% acceptance pre the recession.
In the Mercedes-Benz Vans report it shows a massive increase in the amount of finance that has been requested and approved to the customers.
There is strong economic recovery in the SME sector; research shows SMEs repaid £5.2billion of existing loans in Q1 of 2014. Despite these encouraging financial figures the Bank of England believes lending to SMEs is more risky.
Steve Bridge – Managing Director from Mercedes-Benz Vans, said:
“It is staggering that while business van drivers contribute almost £44 billion to the UK economy, and make up of around 10% of the country’s total employment, their significant contribution to the economy is almost certainly forgotten when it comes to Britain’s banks.
In order to ensure these business grow, high street lenders need to wise up and give bank to such an important part of the economy.
We see great potential in the SME market and want to work with this significant business community to best support them and their vehicle requirements, however we can, be it through finance offerings, advice on running their vehicle fleet, or after sales care.”
At Cheaper Van Sales we can offer Leasing and Hire Purchase Deals on new vehicles, which means you are able to easily manage your finances.
Our sales team are only a phone call away so call 0845 4 900 400 for more information.
Company Car Tax - with over 60% of the UK new car sales market being taken up by company... read more
Posted on 23rd October 2014 at 10:55 AM
Whether you need a vehicle for a business or for your own personal use, we all want the... read more
Posted on 16th October 2014 at 3:44 PM
Through the recession vehicle leasing gained vast popularity. However, long after the... read more
Posted on 23rd September 2014 at 1:50 PM
Mercedes-Benz Vans are urging that all van drivers within the UK, check up on the facts... read more
Posted on 19th September 2014 at 11:30 AM
In a matter of just two days A US Auto Company created a 3D printed electric car and took... read more
Posted on 16th September 2014 at 2:33 PM
Why is this important? At Cheaper Van Sales we don’t have the added expense of... read more
Posted on 11th September 2014 at 4:33 PM
From the 1st of October 2014, the paper tax disc will be abolished and will no longer... read more
Posted on 8th September 2014 at 11:12 AM
“We’re proud to announce the launch of our limited edition BMW P.R.A.M (Postnatal Royal... read more
Posted on 22nd August 2014 at 3:22 PM
How important is your business van/vehicle?Your business van/vehicle is extremely important... read more
Posted on 21st August 2014 at 4:41 PM
So we have all felt that moment of rage on the road! Some person cuts you up while you... read more
Posted on 19th August 2014 at 11:22 AM
* All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
T: 0845 4 900 400
F: 02920 99 0360
Cheaper Van Sales
3B Innovation Centre
Cheaper Van Sales is a trading style of 21st Century Vehicles Limited. Authorised and Regulated by the Financial Conduct Authority, we are a credit broker and not a lender. If you are unhappy with our service we have a complaints procedure, details of which are available on request. You may be able to refer a complaint to the Financial Ombudsman Service (FOS) if you are unhappy with how we deal with your complaint. The FOS website is www.financial-ombudsman.org.uk.
Registered No : 674253| Registered in England & Wales with company number : 07093773 | Data Protection No : Z2207959 | VAT No : 971749968 |
Registered Office : 3B Innovation Centre, Technology Drive, Bridgend, CF31 3NA
Copyright © 2017 Cheaper Van Sales, All rights reserved.