Multiple Hire Purchase Agreements

hchaudhary

Hi all

I'm looking for a little advice on whether I am able to have multiple hire purchase agreements on my own name, 3 to be precise.

I am looking to buy 3 cars for business purposes but as the business is new I am finding it difficult to get any form of business finance so am looking to start things of through personal financing.

The cars will cost £32,000 each and I will be putting £6200 (20%) deposit for each.

Any advice on how I could go about doing this or even if it would be possible on my name only.

Thanks

Helvetica_Van_Buren

There's no law against it so in theory it's possible.

In practice, however, you may find it difficult to actually acquire without committing some degree of fraud or being selective with the truth when potential lenders ask about your financial status and any other credit obligations you may have.

somethingcorporate

Do you really want to lumber a brand new business with £100k of debt just for a few cars - unless that is the nature of your business...

nomoneytoday

Assuming the cars are "necessary", wouldn't it make more sense to lease them, rather than tie up £100k of capital up front?