Loan for a van to start a business

owensofi

Emmzi wrote: »

What's the specific technical term for the van type, is there an example of a manufacturer and model? Bet we can find a lease company that do it in half an hour.. not saying it'll be cheap or good, like, but my googlefu is strong...

OK, the van can be anything but it has to have a hydraulic platfrom on the back to raise him up to the level of work, such as fixing a lamp post or traffic lights, know what I mean?

owensofi

All that say i'm crazy for thinking he'll get a another 10k on top of his 8k loan are probably right, I've been a bit naiive I think. Oh well, i'll still keep trying, plan B and onwards...

Emmzi

self drive cherry picker?

http://www.facelift.co.uk/hire/self-drive-platforms/

owensofi

owensofi wrote: »

OK, the van can be anything but it has to have a hydraulic platfrom on the back to raise him up to the level of work, such as fixing a lamp post or traffic lights, know what I mean?

Right, its a Ford Transit or Iveco with a van mounted access platfrom on it.

Emmzi

plus, half a dozen on ebay for under 5 grand

pjcox2005

Others will comment as I'm not sure on this area (as well as thinking the leasing route could be sensible) but as other options, would any of the following work:

Zopa.com (either a loan from them or see if individuals will lend - is likely to be a slightly higher interest rate but doesn't seem extortionate)

0% credit card (maybe easier to get, and whilst they may not provide the full amount of credit, if they were to provide half that may reduce the burden for family to whip round or the individual to save like crazy/sell items to make the rest).

Loan secured against a family members home (obviously this comes with issue of family relations, risking security for them etc).

I'd also echo that they should try and get support from someone like Business Link so they are really aware of all responsibilities of trying to run a business and some of the 'unexpected' things to prepare for.

Also, I'd probably suggest that they try everything they can whilst still earning to save/pay down the £8k loan.

inmypocketnottheirs

Emmzi wrote: »

plus, half a dozen on ebay for under 5 grand

Couple of good suggetions from Emmzi.

owensofi

Emmzi wrote: »

plus, half a dozen on ebay for under 5 grand

Thing is, I'm coming at this with no specific and relevent business experience on this field so when they tell me they need 10 grand for a van I just beleive them I suppose. But I have passed on your thoughts about looking for somethign cheaper and highlighted that one of the biggests point of failure for start-up businesses is taking on too great a capital base with theie associated finance commitments.

So thank-you very much for your help!:T

jamesd

pjcox2005 wrote: »

Zopa.com

No real chance of Zopa accepting unsecured borrowings amounting to £18,000 with just £11,400 of income. Half of income is more like it. Even if the checks missed the existing loan, the new one would be too much.

pjcox2005 wrote: »

0% credit card (maybe easier to get, and whilst they may not provide the full amount of credit, if they were to provide half that may reduce the burden for family to whip round or the individual to save like crazy/sell items to make the rest).

Already has unsecured borrowing of more than half of income, the limit of what's normally obtainable.

Lease looks like the most doable way. Approaching local government business helplines to see whether grants or loans or loan guarantees are available would also be worth doing.

owensofi

Thanks all, even when you think you've got a few good options, can always rely on you chaps to force some realism on the subject and find a few more options, thanks!:)