Anyone got any good finance deals lately?
Discussion
GT4RS said:
EvoSid said:
It was done privately and it was pretty easy and straightforward
I’ve used Lombard via my business, wasn’t aware they could offer rates as good as that privately!We used to use them a lot, but periodically they used to mess around or quote high rates. Then a year later super low rates. A yacht broker I know said the same; they used to use them exclusively but now not at all.
At the start of lockdown 1, Lombard agreed a deal with us but then didn't issue papers. Nothing we said encouraged them to do so.
We have not used any asset finance lately, but I spoke to our account manager there recently and she was all doom and gloom about high rates. Contrary to what is being said in this thread.
GT4RS said:
I’ve used Lombard via my business, wasn’t aware they could offer rates as good as that privately!
Neither did so I was pleasantly surprised when they gave me that rate. As one PH forum member said cheap money Worth a try but as some have found out the seem to only give better / good rates to RBS / Natwest cutomers
Louis Balfour said:
They seem to blow hot and cold.
We used to use them a lot, but periodically they used to mess around or quote high rates. Then a year later super low rates. A yacht broker I know said the same; they used to use them exclusively but now not at all.
At the start of lockdown 1, Lombard agreed a deal with us but then didn't issue papers. Nothing we said encouraged them to do so.
We have not used any asset finance lately, but I spoke to our account manager there recently and she was all doom and gloom about high rates. Contrary to what is being said in this thread.
Thats our experience too, so we usually shop around between a few leasing companies to get the best dealsWe used to use them a lot, but periodically they used to mess around or quote high rates. Then a year later super low rates. A yacht broker I know said the same; they used to use them exclusively but now not at all.
At the start of lockdown 1, Lombard agreed a deal with us but then didn't issue papers. Nothing we said encouraged them to do so.
We have not used any asset finance lately, but I spoke to our account manager there recently and she was all doom and gloom about high rates. Contrary to what is being said in this thread.
But it costs nothing to get a quote and sometimes you get lucky and they give you a super low rate
A word of warning
A few guys have tried to get the same rate but it seems they are reserved for RBS / Natwest customers as Lombard Finance is part of that group
If that is the caseI suggest contact Ryan Dobson
email: ryan.dobson@cybg.com
tel 01138079071 / 08001412231
He works for Clydesdale bank (now probably known as Virgin Money)
He offered a great rate on £50k finance as well
They offered me £50k over 3 years
basically 34 payments of 1470.96 and 1st and last payment at £1570.96 (to include £100 acceptance and purchase fee )
Total Payable on £50k over 3 years was ££52,954.56 plus the £200 fees.
I think that works out at 1.95% flat which seemed ok to me
Hope that helps you guys out
Sid
A few guys have tried to get the same rate but it seems they are reserved for RBS / Natwest customers as Lombard Finance is part of that group
If that is the caseI suggest contact Ryan Dobson
email: ryan.dobson@cybg.com
tel 01138079071 / 08001412231
He works for Clydesdale bank (now probably known as Virgin Money)
He offered a great rate on £50k finance as well
They offered me £50k over 3 years
basically 34 payments of 1470.96 and 1st and last payment at £1570.96 (to include £100 acceptance and purchase fee )
Total Payable on £50k over 3 years was ££52,954.56 plus the £200 fees.
I think that works out at 1.95% flat which seemed ok to me
Hope that helps you guys out
Sid
Edited by EvoSid on Monday 10th May 22:49
Just financed a Cayenne turbo at 6.9% with a very very conservative balloon...6-7% seems to be the going rates around currently.
Out of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
Out of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
Gonzo0 said:
Just financed a Cayenne turbo at 6.9% with a very very conservative balloon...6-7% seems to be the going rates around currently.
Out of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
I started an application with Lombard six months ago, but it looked like being such hard work I paid cash (in so doing demonstrating my PH credentials because I could REALLY afford it). It was looking like hard work, as you suggest, because I own companies and don't draw income from them unless I need it. My cost of living is quite low, so I don't draw a lot.Out of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
I am not sure why finance companies struggle to understand that business owners don't draw all the profits from their companies. It is as though they currently prefer employed people living pay cheque to pay cheque, who could be made redundant at a moment's notice.
Perhaps they have data that suggests PAYE applicants are less likely to default.
Louis Balfour said:
I started an application with Lombard six months ago, but it looked like being such hard work I paid cash (in so doing demonstrating my PH credentials because I could REALLY afford it). It was looking like hard work, as you suggest, because I own companies and don't draw income from them unless I need it. My cost of living is quite low, so I don't draw a lot.
I am not sure why finance companies struggle to understand that business owners don't draw all the profits from their companies. It is as though they currently prefer employed people living pay cheque to pay cheque, who could be made redundant at a moment's notice.
Perhaps they have data that suggests PAYE applicants are less likely to default.
Louis....same position as you...have retained profit within businesses but it seems underwriters don't get that, previously some have asked for company accounts though.I am not sure why finance companies struggle to understand that business owners don't draw all the profits from their companies. It is as though they currently prefer employed people living pay cheque to pay cheque, who could be made redundant at a moment's notice.
Perhaps they have data that suggests PAYE applicants are less likely to default.
It's reasons like this why I've taken an Inside IR35 contract too so I get paid a PAYE salary....makes applying for mortgages/car finance much more easier. Easy to prove income with a simple pay slip.
I think in the current climate being a business owner is deemed much more risky than a full time employee...even though as you said you could be made redundant at a moments notice.
Gonzo0 said:
Just financed a Cayenne turbo at 6.9% with a very very conservative balloon...6-7% seems to be the going rates around currently.
Out of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
you'll also find that the remaining human underwriters are a tad busy restructuring their back book with payment holidays and extensionsOut of interest how have people found dealing with underwriters recently around finance? I think COVID has caused a lot of nervousness within the industry and lenders are being very strict around their requirements now...more so than before.
As a business owner with multiple streams of income it's taking longer than usual to get higher value finance deals across the line.
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