Non consumer protected HP - via business - bad idea?

[Ken Figenus]

Need to put 40% of the cost of a business EV on a 3yr HP and then the company can claim the tax relief on the whole purchase price. Just got a quote from one of the big brokers and there is no right of withdrawal (say I want to change the vehicle in 2 years) - they don't even deign to declare the interest rates as they don't have to like a consumer agreement would! Alarm bells ringing... Feel inclined to fund the 40% as a directors loan if I have to or to get a straight business loan.

Anyone any experience or knowledge?

[Simpo Two]

I have no idea about the detail, but a loan with no quoted interest rate seems either insane for you or illegal for them.

[Ken Figenus]

Previous tentative enquiry pre ordering the car: "The interest rate isn’t stated as it’s a business non-regulated agreement. But the flat rate is 3.6% with an APR of around 7%".

I bet I can get a business loan for 4% through someone like Funding Circle without all the HP smoke and mirrors and caveats - to my mind a loan secured on a vehicle should offer preferable rates as they have security AND ownership...

[Ken Figenus]

The more I look into this the worse it gets. Personal loan fed into the company as a directors loan beats any Ltd Co tax relief benefit. Sad but true.