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Van Finance Question
Hi
I'm looking for some advice. My OH has his own plastering business. I am employed. Currently my wage pays all the bills and day to day living expenses and any money he brings in is a bonus which we use for home improvements etc. (badly needed as the house we live in was a repossession). His money is gradually increasing but my wage has heavily subsidised his business in the past.
We know his van which he needs for his work will not make it through another MOT (it struggled last year and cost us more than we could afford to get it back on the road) so we need to find the best option for replacing it. I have only recently gone back to work after maternity leave so I have no savings left and I am still paying off an overdraft and (0%) credit card. We are going to have to bite the bullet and borrow to replace the van. What do people think is the best option? Borrow enough to get another second hand van? Or investigate borrowing or finance deals on a new van? What pitfalls should we watch for? What do we need to know before committing ourselves to such a big purchase? Any advice gratefully recieved.
I'm looking for some advice. My OH has his own plastering business. I am employed. Currently my wage pays all the bills and day to day living expenses and any money he brings in is a bonus which we use for home improvements etc. (badly needed as the house we live in was a repossession). His money is gradually increasing but my wage has heavily subsidised his business in the past.
We know his van which he needs for his work will not make it through another MOT (it struggled last year and cost us more than we could afford to get it back on the road) so we need to find the best option for replacing it. I have only recently gone back to work after maternity leave so I have no savings left and I am still paying off an overdraft and (0%) credit card. We are going to have to bite the bullet and borrow to replace the van. What do people think is the best option? Borrow enough to get another second hand van? Or investigate borrowing or finance deals on a new van? What pitfalls should we watch for? What do we need to know before committing ourselves to such a big purchase? Any advice gratefully recieved.
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