getting a loan
Discussion
I have enough business to pay for my upgrade from TVR V8S to Cerbera, decided I couldnt wait and dont want to juggle money (again!) so am opting for the loan option, plan to pay it off by june.
Im after 10k and suddenly remembered someone saying Lloyds (business account) are the hardest bank to get a loan from
Is this true? Anyone heard this before? IIRC and this is so, will having some old debts which are not payed off (I dont have great credit) push their scoring system over the edge, and make a loan unlikely?
The plan is to put in a growth business development plan, after all, the cerbera will be used for business
That said, what do lenders want to hear, what should I tell them? Its a personal loan, nothing to do with the limited company.
They'll be paid back in a few months, but I cant wait that long to save the cash, and dont want to cock up the loan by saying the wrong thing
Im after 10k and suddenly remembered someone saying Lloyds (business account) are the hardest bank to get a loan from
Is this true? Anyone heard this before? IIRC and this is so, will having some old debts which are not payed off (I dont have great credit) push their scoring system over the edge, and make a loan unlikely?
The plan is to put in a growth business development plan, after all, the cerbera will be used for business
That said, what do lenders want to hear, what should I tell them? Its a personal loan, nothing to do with the limited company.
They'll be paid back in a few months, but I cant wait that long to save the cash, and dont want to cock up the loan by saying the wrong thing
Don't necessarily let this stop you - after all you should know your financial situation better than anyone (other than your accountant maybe!) - but I have never taken a loan out for a car and I find it has a few advantages:
1. The money you spend is all yours, so you tend to spend it more wisely.
2. When it comes to selling and/or depreciation, it is only your money you are losing, not yours + interest.
3. You don't have to pay the money back.
IMHO, of course.
Surely by selling your V8S you won't be too far away from a Cerb? If you have to finance the whole difference I would think again - personally I wouldn't fancy a Cerbera without a few grand in the bank just in case...
Sorry to put a bit of a damper on things - good luck in your search.
PS. You don't fancy taking an MX6 in px for your V8S do you?!
1. The money you spend is all yours, so you tend to spend it more wisely.
2. When it comes to selling and/or depreciation, it is only your money you are losing, not yours + interest.
3. You don't have to pay the money back.
IMHO, of course.
Surely by selling your V8S you won't be too far away from a Cerb? If you have to finance the whole difference I would think again - personally I wouldn't fancy a Cerbera without a few grand in the bank just in case...
Sorry to put a bit of a damper on things - good luck in your search.
PS. You don't fancy taking an MX6 in px for your V8S do you?!
Ok ex Banker here!! lol
You say that your credit history isnt that great yes?? That of course will go against you, which also means that by putting it on credit cards if you havent got one, they are likely to say no and also not give you a very hight credit limit.
I've had a think about this - do u have a mortgage? If so, you maybe able ask your lenders to extend your mortgage by another £10k, which will be payable over the remaining term, then you can pay it off in 6 months if you want to, or leave it, as really £10k wont mkae that much difference a month. We looked to do this at one point, for double glazing, but was given the money by a relative instead.
There are companies like Black Horse who lend to people with low credit history, there rates are much higher though but as you are paying off in 6 months it may be worth giving them a call and i believe they have a very fast turn around they say the same day for a straight forward loan.
HTH
Jane x
>> Edited by little me on Saturday 1st January 12:17
You say that your credit history isnt that great yes?? That of course will go against you, which also means that by putting it on credit cards if you havent got one, they are likely to say no and also not give you a very hight credit limit.
I've had a think about this - do u have a mortgage? If so, you maybe able ask your lenders to extend your mortgage by another £10k, which will be payable over the remaining term, then you can pay it off in 6 months if you want to, or leave it, as really £10k wont mkae that much difference a month. We looked to do this at one point, for double glazing, but was given the money by a relative instead.
There are companies like Black Horse who lend to people with low credit history, there rates are much higher though but as you are paying off in 6 months it may be worth giving them a call and i believe they have a very fast turn around they say the same day for a straight forward loan.
HTH
Jane x
>> Edited by little me on Saturday 1st January 12:17
ferg said:
If you can pay it off by June, just wait until June and save yourself the interest.
I'll
that too. That cerb has the potential to cost you even more when you add interest on top of it. Buy it only when you can afford it. An excellent principle for life.
Oli.
Hmm, im not sure. Cant wait, simple as that. I have three contracts out for quotes of 10k, one of them is for sure, and dozens of smaller 4 figure quotes. Trouble is, projects that start sometimes take bloody ages to finish (clients dragging their heels for months on end) and 6 weeks could be 6 months. Im not worried about interest, but dont want to wait.
Might look into that black horse option, not sure. Just cant make up my mind what to do
Might look into that black horse option, not sure. Just cant make up my mind what to do
WildfireS3 said:I remember
IIRC a wise soul onbce told me to stay well away from loans.
Its easy to give advice though, not so easy to follow. But I have three quotes out for new clients, any one of which will pay off the loan in one fell swoop (plus dozens of other 4 figure quotes) ... Its a good idea, I keep telling myself
I think Im just being a pussy when it comes to taking the plunge, especially with all the doom and gloom in the cerbera forum at the moment, added to the fact that I dont condone loans plus the (whinge whinge)
hmmmmm
Even Better Idea.
You already have a perfectly serviceable supercar?
Why not keep it another six months and give the extra cash you would be extravagently spunking on a frankly overindulgent toy to the Asian Tsunami Appeal? It would give you a lot more satisfaction than coming on here lauding how bloody successfull you are.
Rant Over!
You already have a perfectly serviceable supercar?
Why not keep it another six months and give the extra cash you would be extravagently spunking on a frankly overindulgent toy to the Asian Tsunami Appeal? It would give you a lot more satisfaction than coming on here lauding how bloody successfull you are.
Rant Over!
If you really have to take a loan, your mortgage will always be the lowest rate.
Your bank should add the money onto the mortgage and you can repay as quickly as you like with no penalties. (I bought a 911 this way and paid it back within 2 years...so owned the car outright..there is no cheaper way other than buying in cash)
If not the Alliance and Leicester do a 12 month loan at 5.9 % APR for anything over £5K..
Your bank should add the money onto the mortgage and you can repay as quickly as you like with no penalties. (I bought a 911 this way and paid it back within 2 years...so owned the car outright..there is no cheaper way other than buying in cash)
If not the Alliance and Leicester do a 12 month loan at 5.9 % APR for anything over £5K..
Jon C said:I think thats a bit harsh. I work for my money, am often still doing so at 11:30pm, long after many others here have finished work, gone to the pub, come home, watched some telly etc. You are free to trade your 9-5 job in for self employment, im 29 and my V8S was my first every car. I walked for the first 28 years of my life, in shoes with holes even, couldnt afford new ones. Im not lauding how successful I am, my origional post was asking for advice on applying for a loan, something Ive never done as Ive never had the means to pay it back.
Even Better Idea.
You already have a perfectly serviceable supercar?
Why not keep it another six months and give the extra cash you would be extravagently spunking on a frankly overindulgent toy to the Asian Tsunami Appeal? It would give you a lot more satisfaction than coming on here lauding how bloody successfull you are.
Rant Over!
Ive already been given the nod from one of the clients, have maybe 100 other clients who are in various stages of negotiation or deliberation... was one of the first people to donate (more money than I have ever donated before!) to the Asian Tsunami Appeal. So back to my origional post, tips on applying for a loan, anyone?
Chris, I take my advice back I guess, after reading this guys not so nice post, Im sure Im just being a pussy about taking the plunge.
Surely it all depends on the business use and any likely return on investment deriving from it. Self-employed / business owners don't fit the rules of normal loan and credit card advice, from banks or helpful folk on PH.
With a fixed income from a salary it makes sense to wait and save if the timescale is feasible, but if you're confident your business use can make a bigger monthly return on the money than the APR equivalent, it makes good sense to go ahead. Even if the equation is closer to break even or a little on the downside, there's the pleasure of ownership and use to factor in together with other issues we can't know about but you do.
With a fixed income from a salary it makes sense to wait and save if the timescale is feasible, but if you're confident your business use can make a bigger monthly return on the money than the APR equivalent, it makes good sense to go ahead. Even if the equation is closer to break even or a little on the downside, there's the pleasure of ownership and use to factor in together with other issues we can't know about but you do.
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