Loan for van to start a business

owensofi

Thanks Paulwf,

Thing is, the job used to be done with ladders but there were so many public liability and personal accident claims that they brought in these hydraulic platforms as standard. The legislation on service and state of repair of the equipment is understandibly really strict and its advised that on some older models, some serious parts tend to "go" and those parts cost a fortune to repair and replace. So they've decided that to keep the risk of this to a minimum that they'll need to spend about £10k on one.

I have suggested that they get a cheaper one but I suppose as with any vehichle there are no guarentees, they could get a brand new one and it could go caput and an old one could last for years. Just don't know:).

But I think you're right, could be cheaper definately.

martindow

Although this is a specialist vehicle it might still be possible to lease one. Cash flow is often the major problem with new businesses. You really need to see that this business makes financial sense with the minimum outlay. Buying an expensive bit of kit (which will start losing value straight away) on a loan that needs to be repaid regardless is not the best way to start.

owensofi

Thanks,

I'll get googling for a lease company

COOLTRIKERCHICK

at only 22 the insurance is going to be sky high.. for something like that

If he finished work to go self employed,the work he is going to do, is it going to last?

There are specialist firms who hire/lease certain types of vans etc... this way if he could hire it on a day to day basis, he could claim the total amount against expenses.

ok it might work out more expensive to begin with, but at least he will then have trading figures to show his business bank manager for a future loan

grey_lady

Actually I think there probably is a market, in my area there isn't to many companies that repair or maintain lighting, the main company that does it normally works for the council highways and is pretty expensive, to get the bulbs changed in half a dozen car park lights on a private car park was going to cost over a grand, until we found a smaller company that did it for a little cheaper but there just aren't many firms about in my area that do it, plus you could always expand CCTV for instance.