Hire Purchase for used vehicle
Hello,
I need some advice. I found a used car on ebay which I would like to buy using HP.
1. Do you know if this can be done with any online broker? Or can it only be done if bought from a dealer?
2. Can I use the car for business purposes like car rental even if bought as a private person?
Thanks
I need some advice. I found a used car on ebay which I would like to buy using HP.
1. Do you know if this can be done with any online broker? Or can it only be done if bought from a dealer?
2. Can I use the car for business purposes like car rental even if bought as a private person?
Thanks
0
Comments
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Is the seller private or a dealer ? If a dealer, then there's a chance they may offer HP terms - though tread very carefully, and do your research thoroughly.
Business use ? No problem at all, you just need to notify your insurance that the car is used for business. Doesn't usually add much ( if anything ) to the premiums, depending upon the nature of your business ( running a taxi service, for example, is a bit different to using your car to travel to client sites ).
But really, more information required in order to give more meaningful advice.0 -
I think the OP plans on hiring the vehicle out which maybe an issue for the lender.
Why buy it privately when you could probably get better value as a business?
How are you going to verify drivers indentities and take card payments?Censorship Reigns Supreme in Troll City...0 -
Hi,
I am basically thinking about buying myself a Tesla and making it pay for itself by renting it. I am aware that it's not going to be easy etc. The cheapest option to buy the car I want is getting a used one from a private person, advertised on ebay or fb. I'm just feeling the waters right now, and will check and calculate everything before making any moves.
Thanks0 -
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Hi Everyone
Can someone please help me with a good answer I bought a car on a hire purchase agreement about 4months ago I am now thinking of paying off the outstanding finance on it as I've taken out a loan to pay it off which is around £7385.79
What my plan was is to sell it or part exchange the car for a cheaper car but then my budget wouldn't be that great and would only get me a car with a lot of miles on the clock which I think would cost me a lot of money in the long ran
Would I be better off with just staying with the finance and paying the loan back
Thanks0 -
Tiger26223 wrote: »Hi Everyone
which is around £7385.79
Thanks
that seems more exact rather than around. troll?0
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