What is the best company to use and finance a van for new business start up?

Paulon1

Hello everyone.

I am looking for advice on the best company to use and or the best finance arrangement to be able to get my self a small to medium size van for my business start up.

Window cleaning Company. Have run one since 2008. Had to give up due to ill health. I am now well again and due to start self-employment.

I will be putting a water fed pole / system and tank in the back of the van and getting it signed up.

I may be getting a start up grant of £2500 through the Job Centers new employment initiative. However due to adverse credit history i could most likely get rejected.

I only have my JSA benefits payments and possibly cash from the sale of my PS4 and my tv. I fear however this will not raise enough cash to get a van on the road if i do not get the funding.

If i do get the funding i would prefer to Lease or HP or something for a van around £7000/£8000 and put a deposit down of around £1000 and pay rest off around 3 years. I don't think i would get a suitable good quality van at a low enough cost to pay cash, especially when i have other start up expenses.

If i don't get the funding, i fear i may very well not be able to start up. I appreciate i may need to just get a job elsewhere until i save enough, however i have customers already lined up and additional basis waiting to be done would be a shame to lose them.

So i am just trying to exhaust this initial Plan B.

Are there any decent company's around that guarantee leasing to new start up with adverse credit history - there seem so many when you Google that its hard to choose one that could be decent.

Look forward to any help and advice .

Would be very much appreciated.

Thanks

Paul

paddyrg

My advice, for what it's worth, would be to sell what you can sell and buy a banger that's seen its last cost-effective MOT. It only has to last you a year, and by that time you'll either have a positive trading position or have given up! This isn't the time to get into £7-8k of debt, if you can even find a finance deal for poor credit history. In fact you'll probably spend per month enough to buy the banger with 6 months left (less the scrap value of the vehicle!), so you're not really in a worse cash position.

I'd also strongly consider some part-time or better work until you're in a strong enough position to give it up - building a round takes time, and repeat customers might only call you a few times a year, it takes volume at £10-15 a pop!

motorguy

paddyrg wrote: »

My advice, for what it's worth, would be to sell what you can sell and buy a banger that's seen its last cost-effective MOT. It only has to last you a year, and by that time you'll either have a positive trading position or have given up! This isn't the time to get into £7-8k of debt, if you can even find a finance deal for poor credit history. In fact you'll probably spend per month enough to buy the banger with 6 months left (less the scrap value of the vehicle!), so you're not really in a worse cash position.

I'd also strongly consider some part-time or better work until you're in a strong enough position to give it up - building a round takes time, and repeat customers might only call you a few times a year, it takes volume at £10-15 a pop!

I agree with all of this.

Saddling a brand new business with an unnecessary debt is a bad idea, particularly given the O/P has a bad credit history (meaning high interest rates if he can get a loan at all)

DEFINITELY look for another way of achieving the same goal - what about a sign written trailer with a tank on it and use your own car?

londonTiger

Vans are expensive, people carriers are a dime a dozen and cheap.

What is your business and do you need a van? if you dont, just a people carrier and rip out/fold down the rear seats