Finance hassle

[penfold]

Yep, and then after a while they start reducing the overdraft if it looks like you're using it - they charge you for putting money in, charge you for taking it out and charge you when you run out

 

and charge you to see how much is in your account every month:sneaky2:

[A_lopa]

Pre-start meeting is next Wednesday ;-)

 

Thats good they might keep you on then,fingers crossed:001_smile:

[Buzz]

:001_tt2:Your obviously doing well looking at the size of that belly:001_tt2:

[skyhuck]

You basically sell the asset you have to the finance company then lease or HP it back thus raising the money for the chipper purchase. However you are putting your other assets at risk so it's no recommended for large purchases. A chipper though with the money raised against a truck etc should be fine.

 

Create a balance sheet to show what your business is worth to show the companies you are dealing with.

 

I would not want to do that!!

 

IMO, if the finance Co don't think the equipment is worth the money you are borrowing, then I would not want to buy it.

[skyhuck]

Mark if you borrowing from a bank you may be better buying new, as they are often happier lending for new and will often lend over a longer period for new stuff.

[Mark Bolam]

Update -

 

The bank were pure s***e and didn't even ask how much I wanted to borrow, or what it was for. It was just a capital NO.

 

My dad offered to finance it for me so I could pay the monthly vig back to him. He was refused because noone wanted to finance a hydraulic woodchipper for a man in his seventies. Even though he owns his own house outright and has a top credit rating. He was told if he said it was for a car he would get it, but he's old school and wouldn't lie on principal.

 

Now the good news.

 

Thanks to my existing company who finance my truck, they listened, looked into it and agreed to a deal.

 

So thanks to Richard and Andy at Close Asset Finance.

 

Also a massive thanks to Barry Brown at Orange Plant for his huge amounts of patience and good humour throughout. I owe you a pint mate!

 

After an epic road trip, I returned to Kent today from Cannock with a gleaming TW125.

 

Result.

[Rich Rule]

nice one mark. i used one today and it really surprised me...:thumbup:

[skyhuck]

Great news!!!!!

[Mark Bolam]

Oh, and I should have added thanks very much to everyone on here who has supported me and given advice throughout.

 

This is beginning to sound like an Oscar acceptance speech!

 

Seriously fellas, I appreciate it.

[Ian C]

Top news Mark, glad your sorted. banks are tossers at the moment. Good humor from Baz at Orange plant? mmmmm he's always in a good mood when theres a sniff of a sale.

 

top bloke our Baz, normally takes the phiss as soon as i walk in his place.