This spring we saw the introduction of the UK’s first ever Ultra Low Emission Zone in London and it is unlikely to be the last. Introduced to specifically tackle toxic air pollution in the nation’s capital, the area the zone covers will be expanding in 2021 to the North and South Circular Roads; an area 18 times larger than the central ULEZ that is in place now.
This means that cars, coaches, trucks and trikes (and any other vehicle with an engine), need to either meet tighter exhaust emission standards or pay a daily charge. For buses and coaches, operators are liable for the daily charge of £100 per day if the vehicle does not meet Euro 6 standards. From October 2020, vehicles within the wider Low Emission Zone in London, will also be liable for a daily charge if their vehicles don’t meet the minimum Euro 6 requirements. This charge will range from £100 to £300 per day.
Other areas where it’s said that Low Emission or Ultra Low Emission Zones might come into force include Birmingham, Manchester, Oxford, Leeds and Liverpool.
If you’re a bus and coach operator travelling to and from, or in and around London, this is an issue that you will already be contending with. For other operators across the UK, because of the likelihood of this extending to other major cities; evaluating the impact of your vehicles on the environment and considering what changes might need to be made in the future, is something that should possibly begin sooner rather than later.
Another important aspect is the financial impact any necessary upgrades may have and the most cost-effective way to manage that. This is where the many advantages of asset finance come into play, and with both Hire Purchase and Lease facilities available (whether that be a Finance Lease or an Operating Lease), the huge expenditure involved in purchasing an asset outright is avoided. Instead, the payments are spread over a set term. Working in partnership with Praetura Direct Finance, you will have the added bonus of knowing that the deal will have been specifically arranged to fit with the needs of your business.
For a lot of operators, upgrading to brand new vehicles still isn’t seen as a viable proposition. However, we always work closely with our customers to get to know them, their business and their budget requirements. This means we can structure a finance package that is manageable and specifically fits with their profile. Others think at the outset that they won’t be able to obtain funding for a higher priced asset and have been surprised at the different ways that we can help and the different solutions we can offer.
Another facility which is becoming increasing popular with our customers, is securing a Praetura Direct credit line, to enable the upgrade of a number of vehicles over a period of time. Many see the benefit of this level of forward planning, as it removes the hassle of gaining credit approval with each individual transaction. It also brings comfort in the knowledge that your funding is in place and allows you to focus on the day-to-day running of your business.
To find out more about the finance options available to upgrade your vehicles and how we can make that as simple as possible, please get in touch with the team at Praetura Direct Finance today, by calling 0161 457 1156 or emailing firstname.lastname@example.org.