Business loans for Ltd. companies?

[iain85]

Looking to get a loan to fund the new wheels for work. I currently bank with HSBC and quite frankly think they are Carp. Takes a week to see someone about getting a loan! Clowns.. Any how, cos I'm considering moving bank I'd like to hear if anyone has or knows of else where to get a loan for a ltd company at decent rates?

Ta,

 

[lame plumber]

take out as loan for both at the same time then as you may well know, taking out one for the van, will lower your credit status later on and a mortgage for the extn is cheaper than a van loan.

 

[iain85]

take out as loan for both at the same time then as you may well know, taking out one for the van, will lower your credit status later on and a mortgage for the extn is cheaper than a van loan.

Could work, only trouble is building loan is required potentially (planning dependant) late summer and van loan is needed ideally this month as I'm pushing my luck with my postman pat wagon.

good idea though.


I wonder if I might have to bite the bullet and lease, although I am concerned about the horrendous fees they will undoubtably charge when handing the vehicle back.

 

[lame plumber]

if you can forget leasing, most fleet hire make their money on returning vehicles from my experience, unless you have enough clout they can be beggars

 

[Ermintrude]

Lease company's have a book, it's a standard and details what damage is wear and tear. U can insure against damage for about £7 with Northgate?

 

[iain85]

Lease company's have a book, it's a standard and details what damage is wear and tear. U can insure against damage for about £7 with Northgate?

Interesting. Are Northgate an insurer or leasing agency?

 

[lame plumber]

cut tyre damage! windscreen chip damage, more damage than wear n tear from experience

 

[Ermintrude]

Leasing company. Big one two. Open account get one or one thousand vans on rolling monthly contract. Cheeeeeeeep

 

[iain85]

Didn't understand that post emintrude! Although I am at man flue level 10.

 

[cr0ft]

I got my loan for my VW Crafter from VW finance. Was 11% APR if I remember, quite pricy but I saved up and paid it off mid-term so saved a lot of interest.

I had to guarantee it personally as the director of the company, even though it was a limited company loan. Shouldn't have that problem 2nd time round. This should save you the problem with needing a personal loan for an extension soon.

 

[erpkid]

Leasing company. Big one two. Open account get one or one thousand vans on rolling monthly contract. Cheeeeeeeep

I remember Ralph when he used to flag down our hire trucks and try to nick the business. Many years on it looks like it worked !

 

[erpkid]

For any bank to be comfortable lending to a limited company the company has to be either massive or sufficiently asset rich. The assets that get their gussets moist tend to be bricks and mortar , strings of patents or government contracts. In the absence of these expect personal guarantees and charges on your own property. Truly competitive finance is not available at small scale.

 

[iain85]

For any bank to be comfortable lending to a limited company the company has to be either massive or sufficiently asset rich. The assets that get their gussets moist tend to be bricks and mortar , strings of patents or government contracts. In the absence of these expect personal guarantees and charges on your own property. Truly competitive finance is not available at small scale.

depressing reading but thanks. Lease or vehicle finance it is then!

 

[cr0ft]

Everyone has a different view on this. I prefer to own the vehicle once I pay the loan off. Touch wood, a VW with 30,000 miles on it should last ages and ages. I only get rid of vehicles once they cost me more in fixing them than the loan/depreciation on a newish one would.

 

[Ray Stafford]

Our angle is to contract hire them, and then ask the contract hire company for a buyout price at the end of the deal. Always tell them its bang on the contract mileage when asking for the buyout price.

If we have a mechanically reliable vehicle with lots of minor scuffs on several different body panels (the sort that really cost you money at the end), or that is well under the contracted mileage then we buy it. Anything with a poor mechanical history goes straight back, regardless of condition. No point in throwing good money after bad.

 

[lame plumber]

depressing reading but thanks. Lease or vehicle finance it is then!

go online to find the cheapest loan you can for 10/20k etc, I got M&S and sainsburys at the time at around 4% I think, then once you have an offer in writing, off to your bank, barclays in my case who promised to match any loan I got else where, which they did and they bettered it by £1 a month. so now barclays pay me £17 a month and I pay them their normal rate, however one cock up and I owe them their stupid rate.