Vehicle finance recommendations

[Rough Hewn]

Finances Is a great tool. Terms seem nothing when you take them out. Then later down the line it can get annoying esp with other things on finance also. 
 
I'd look to see if you can afford it even in quiet times. Look at what work you have on and forecast for works.
 
Interest rates should be low and best time to borrow but still might not be right for you? 
 
Weigh it up first is all I say
 
 

I only wanted to borrow a couple of grand. Got a grand deposit.
Need a reliable 4x4 vehicle which will pull at least 2.8ton
Finance company I spoke to last week advised me to get a credit card instead, as they only lend 5k minimum.
[emoji106]

[Khriss]

Thats bit low fr a reliable 4x4. Unless yr topping up yr funds. I would be looking at 6 grand. An yr getting more fr yr money. K

[Rough Hewn]

Thats bit low fr a reliable 4x4. Unless yr topping up yr funds. I would be looking at 6 grand. An yr getting more fr yr money. K

I'd love to, but I'm small scale and couldn't afford that.
I really don't like being in debt unless I'm absolutely sure I can cover it.
Need a wee chipper and a B+E soon too, so it's all budget stuff I'm looking at.
[emoji106]

[butters]

Try Lommond house finance. They are superb to deal with and I have 3 things of finance with them and nothing but praise [emoji1303]

[swinny]

If your borrowing small amount the interest rates are bigger. 

 

A 3k 4x4 might not get you much, maybe some hassle also... If you look carefully you might get something half decent but with all price ranges of second ha d vehicles it's a gamble.

 

Would it not work out cheaper to borrow a larger amount so less Interest so you can get your truck, trailer license etc all in one go then your up and working earning straight away? 

 

Rather than bits here and there with finance and waiting? All thats being done there is affecting your earning capability

 

[Khriss]

If yr off roading a lot- a good 4x4 will pay fr itself . But a shit one will just eat yr money - caveat emptor mate . I would go fr Hilux as they better on road and more reliable - Landrovers are fab ( way better n tougher off road ) - but spanner- hungry ! K

[Ian C]

Buying a 4x4 for that money is buying a money pit imo finance more and get something remotely reliable it will cost less in the long run!

[Rough Hewn]

Swinny,khriss and Ian,
You are correct.
But a decent second hand is 8/10k
I'm subbing up north
The wages are crap.

[ForestryFinance]

I know a lot of the lenders I deal with have a minimum advance of £5k, but I also have plenty that have no minimum. 

What you might find though is that rather than coming up against minimum advances, your budget will mean you are looking at older vehicles, and then you will struggle to get anyone to lend due to the age of the asset. For cars etc for example a lot will say no older than 10 at end of term. 

 

Contract hire was mentioned above, but I would strongly recommend you avoid that, as it’s not as easy to exit as with an HP deal.

 

Also Close Asset Finance mentioned above they have recently tightened up their underwriting so less likely to look at bad credit. Although not sure how bad you’re meaning...

Asset finance tends to assess credit a bit differently, so you might be ok. 

 

I’m a broker - would be happy to have a chat and look at your options if you like? 

[Big J]

A new Navara/L200/Hilux etc will only work out at a monthly payment of about £350/month plus VAT over 5 years and it's yours at the end. That's less than £100/week and when you factor in the much better fuel economy, zero repair costs (most offer a 5 year warranty) and a large reduction in down time, that cost is well worth it.

 

Just fuel economy is a big one. A modern Narava for instance (NP300 I think is the designation) does 10mpg more than it's predecessor (the D40). On 25k per annum, that's a fuel saving of £1400, which is a third of your annual finance cost.

 

And then downtime. Lets assume your billing out at £150-200 a day. If you lose 3 days per annum with an old truck to repairs, you're doing well, but that's over £500 lost. Plus actual repair bills.

 

If it's your daily driver, I'd always recommend going new unless you have a back up vehicle. You always lose money with vehicles - with new it's depreciation, with old it's down time and repairs. I find the former to be less annoying.