Financing a van

[PeterY27]

Hi

I'm looking to finance a van through my Ltd. company, i've just sold my last van due to it getting a bit long in the tooth.
I don't have the cash to go out and buy a van outright so looking to get finance but this is where i'm running in to issues.

I have £6k approx to put down against the right van, the one i'm looking at is approx £11k+vat but i've not been able to get finance due to the balance sheet on my company looking worse than it is.
I have no debts to any third party, the only money the company owes is to me privately but this is quite a lot more than the assets and current cash in the bank.

I have a couple of months before its essential to have the vehicle but would like to get it sorted as its not very convenient not having one.

What's my best option to raise the finance??

[Dr Interceptor]

What's the company name / reg number?

[PeterY27]

SPY Motorsport Ltd. 06746639

[Dr Interceptor]

Hmm... had a look and you're in a similar position to one of my companies.

I bought a van through that in August, I had to give a directors guarantee on the finance, but other than that it went through absolutely fine.

EDIT - have you tried business contract hire instead of straight Hire Purchase?

Edited by Dr Interceptor on Monday 9th November 16:27

[PeterY27]

Had a look at most options but liked the idea of owning once the finance had finished but will look into the BCH more to see if i can get that to work and what the options are.

[Dr Interceptor]

PeterY27 said:

Had a look at most options but liked the idea of owning once the finance had finished but will look into the BCH more to see if i can get that to work and what the options are.

I have to admit I tend to buy as I keep them for 5 years... but 2-3 year lease might get going until the accounts look healthier.