carloans4u advice

glenandemm

hi guys im looking to get a new work van and my credit history isnt fantastic as i have a few credit card debts and a few defaults on my history and im self employed so i know i wont get the best deal however im in a situation where i need a bigger van for my work as my little van just isnt big enough anymore plus im making a lot more money and quite certain the bigger van means i can work more making more money.
now looking for car finance companies ive found one called carloans4u and just wondered if anyone had any experience of them and how they work, also if anyone can recommend a company theyve used, if i get the loan i'd like i will be buying the van from a used car trader or private seller as i used to be a mechanic so know what im looking at when dealing with vehicles etc!
any advice would be fantastic

Pixie5740

No personal experience of them but a quick bit of research indicates that this would be an expensive way of financing a new van.

If you're making more a lot more money then how long would it take you to save up to buy a new van outright?

Since the van is for work have you spoken with the bank about a business loan or overdraft?

Another option would be to get finance directly from the dealership. As the loan is secured on the vehicle their finance criteria might be a bit more relaxed.

glenandemm

hi pixie thanks for reply i am saving more the last few months now business is better and my bank account is looking better than it ever has however unfortunately its no where near the 7-9 grand i need to fund a decent van, i could go out and buy a £1500 van but ive done that before and even being an ex mechanic and doing repairs etc myself its still not too cost effective and i just dont have the time with the business up and running well, i'd love to be able to keep saving but its one of those situations where i am really getting to the point where i need a bigger van to earn more money.
i know with my credit history it wouldnt be worth going to the bank as i have a basic bank account and not a business bank account at the moment and im sure a dealer wouldnt be able to help unless they can help with somone with bad history, i dont have any ccjs etc but have about 4-5 defaults due to not paying credit cards in the past and i still have the debt although im paying it down now.
i have however own my own home and have lived in the same house for 10 plus years so thats one good point but then anouther neg is being self employed and first proper year it doesnt look like im making much money!

DCFC79

Why not speak to the bank and ask for an appointment with who ever deals with business loans, take a business plan (google how to do 1) with you. And look at getting 1 on finance as its secured on the vehicle.

You have no idea what the bank or a dealer will say with reghards the finance until you give it a try.

If you want a new van then you need to go down these avenues.

Gaz83

I wouldn't trust any company whose URL looks like it was written to appeal to 12-year-olds.

glenandemm

lol cheers guys ive read comments about theyre url before!

paddyrg

Seriously, if you're managing to save each month and your order book is full and you're seeking expansion, try the bank. Yes, many bank small business account managers are total tools, and really just for decoration, but there are still some sensible ones out there and they'll take more into account.

Also look at zopa, ratesetter, fundingcircle etc. Some amateur lenders take bigger punts than banks.