Wasn't expecting that outcome. Honda finance.

AdrianC

WillCheshire20 said:
Speaking to a suppose you'd call him an insider ... the decision to close the swinton factory and move production to Canada and Japan is all to do with import logistics to the US and the rest of Europe

But <faints> that would mean the official "No, definitely not the B-word, honest" line was an untruth!

Given the bounceback loan situation that Grumpy has linked to, I presume this is personal finance? What happens if the business does not bounce back?

WillCheshire20

Grumpy_chap said:

WillCheshire20 said:

Its a civic type r.
 would i get accepted for credit/finance thats what im worried about.

It is your assessment whether a Civic Type R meets the objective of positively representing the company - in many fields that would not be the type of car of preference.  It may be suitable if you are running the business in the field of "bling-mobiles".

As for whether you'll get the credit anywhere is an assessment of your income (Ltd Co.) and liabilities elsewhere.  You have not provided any information on this type of factor so no-one can assess whether the £33k car is stretching you more than reasonable.  What about your mortgage / rent etc?

Are you applying for finance in your own name or the Ltd Co.?

Judging from your other thread, it is quite likely that a lender would not see your business as sufficiently robust right now to support a £33k car:
https://forums.moneysavingexpert.com/discussion/6222610/bounce-back-loan-help/p1

WillCheshire20 said:

we were able to weather the first lock down barely, but unfortunately looks like we are now going to have to lay off staff, sell assets and possibly close the business all for the sake of £10k sad but inevitable.

A big turn-around from a business on it's knees in December to same business borrowing for a substantial sum in May.

For not a massive amount more than the deposit you proposed on the new car, you can achieve a car that will do just the same in terms of positively presenting the business.  Maybe less fun and definitely slower, but possibly affordable and achievable:
https://www.autotrader.co.uk/car-details/202101288426274
The "boy racer" may be better waiting until the business is more established.

That business unfortunately had to close, i actually currently run 2 businesses 1 owner/ director the other partner director. That company you mentioned was a completely separate business which luckily closed with no debts and offered the staff positions at the other companies. Obviously its not good practice to subsidies one business from another.

I understand what your saying about the lesser vehicle and purchasing out right but when you specialise in something you dont advertise wagu and sell cheap cuts, we have an EP3 and an FN2 but our customers are slowly becoming FK8.

WillCheshire20

AdrianC said:

WillCheshire20 said:
Speaking to a suppose you'd call him an insider ... the decision to close the swinton factory and move production to Canada and Japan is all to do with import logistics to the US and the rest of Europe

But <faints> that would mean the official "No, definitely not the B-word, honest" line was an untruth!

Given the bounceback loan situation that Grumpy has linked to, I presume this is personal finance? What happens if the business does not bounce back?

The business grumpy mentioned did close unfortunately and was closed properly no outstanding debts, it was in another market and nothing to do with the current business. Also yes was personal finance.

AdrianC

WillCheshire20 said:
...when you specialise in something you dont advertise wagu and sell cheap cuts, we have an EP3 and an FN2 but our customers are slowly becoming FK8.

Umm, I may be making a leap of logic here... but will the car be remaining absolutely standard?

Not being used for business use at all, other than commuting and customer site visits?

Grumpy_chap

AdrianC said:

WillCheshire20 said:
...when you specialise in something you dont advertise wagu and sell cheap cuts, we have an EP3 and an FN2 but our customers are slowly becoming FK8.

Umm, I may be making a leap of logic here... but will the car be remaining absolutely standard?

Not being used for business use at all, other than commuting and customer site visits?

Needs to on PCP!

I understand the OP's wants on this, but it does seem as though a different approach is required and the finance refusal likely saved a lot of pain at some point later down the line.

motorguy

Grumpy_chap said:

WillCheshire20 said:

Its a civic type r.
 would i get accepted for credit/finance thats what im worried about.

It is your assessment whether a Civic Type R meets the objective of positively representing the company - in many fields that would not be the type of car of preference.  It may be suitable if you are running the business in the field of "bling-mobiles".

As for whether you'll get the credit anywhere is an assessment of your income (Ltd Co.) and liabilities elsewhere.  You have not provided any information on this type of factor so no-one can assess whether the £33k car is stretching you more than reasonable.  What about your mortgage / rent etc?

Are you applying for finance in your own name or the Ltd Co.?

Judging from your other thread, it is quite likely that a lender would not see your business as sufficiently robust right now to support a £33k car:
https://forums.moneysavingexpert.com/discussion/6222610/bounce-back-loan-help/p1

WillCheshire20 said:

we were able to weather the first lock down barely, but unfortunately looks like we are now going to have to lay off staff, sell assets and possibly close the business all for the sake of £10k sad but inevitable.

A big turn-around from a business on it's knees in December to same business borrowing for a substantial sum in May.

For not a massive amount more than the deposit you proposed on the new car, you can achieve a car that will do just the same in terms of positively presenting the business.  Maybe less fun and definitely slower, but possibly affordable and achievable:
https://www.autotrader.co.uk/car-details/202101288426274
The "boy racer" may be better waiting until the business is more established.

You know the way you keep being judging people...?

motorguy

WillCheshire20 said:

Grumpy_chap said:

WillCheshire20 said:

Its a civic type r.
 would i get accepted for credit/finance thats what im worried about.

It is your assessment whether a Civic Type R meets the objective of positively representing the company - in many fields that would not be the type of car of preference.  It may be suitable if you are running the business in the field of "bling-mobiles".

As for whether you'll get the credit anywhere is an assessment of your income (Ltd Co.) and liabilities elsewhere.  You have not provided any information on this type of factor so no-one can assess whether the £33k car is stretching you more than reasonable.  What about your mortgage / rent etc?

Are you applying for finance in your own name or the Ltd Co.?

Judging from your other thread, it is quite likely that a lender would not see your business as sufficiently robust right now to support a £33k car:
https://forums.moneysavingexpert.com/discussion/6222610/bounce-back-loan-help/p1

WillCheshire20 said:

we were able to weather the first lock down barely, but unfortunately looks like we are now going to have to lay off staff, sell assets and possibly close the business all for the sake of £10k sad but inevitable.

A big turn-around from a business on it's knees in December to same business borrowing for a substantial sum in May.

For not a massive amount more than the deposit you proposed on the new car, you can achieve a car that will do just the same in terms of positively presenting the business.  Maybe less fun and definitely slower, but possibly affordable and achievable:
https://www.autotrader.co.uk/car-details/202101288426274
The "boy racer" may be better waiting until the business is more established.

That business unfortunately had to close, i actually currently run 2 businesses 1 owner/ director the other partner director. That company you mentioned was a completely separate business which luckily closed with no debts and offered the staff positions at the other companies. Obviously its not good practice to subsidies one business from another.

I understand what your saying about the lesser vehicle and purchasing out right but when you specialise in something you dont advertise wagu and sell cheap cuts, we have an EP3 and an FN2 but our customers are slowly becoming FK8.

I assume you're taking money out of the business in both a smallish wage and dividends?

Finance companies - IIRC - dont factor in dividends.

Or it could be as simple as status as a company director and not trading long enough.

AdrianC

motorguy said:

Grumpy_chap said:
The "boy racer" may be better waiting until the business is more established.

You know the way you keep being judging people...?

Oh, c'mon... Even its best friend would be hard pushed to deny the current Civic Type R being more than a snidge "boy racer"...

Grumpy_chap

motorguy said:

Grumpy_chap said:

WillCheshire20 said:

Its a civic type r.
 would i get accepted for credit/finance thats what im worried about.

It is your assessment whether a Civic Type R meets the objective of positively representing the company - in many fields that would not be the type of car of preference.  It may be suitable if you are running the business in the field of "bling-mobiles".

As for whether you'll get the credit anywhere is an assessment of your income (Ltd Co.) and liabilities elsewhere.  You have not provided any information on this type of factor so no-one can assess whether the £33k car is stretching you more than reasonable.  What about your mortgage / rent etc?

Are you applying for finance in your own name or the Ltd Co.?

Judging from your other thread, it is quite likely that a lender would not see your business as sufficiently robust right now to support a £33k car:
https://forums.moneysavingexpert.com/discussion/6222610/bounce-back-loan-help/p1

WillCheshire20 said:

we were able to weather the first lock down barely, but unfortunately looks like we are now going to have to lay off staff, sell assets and possibly close the business all for the sake of £10k sad but inevitable.

A big turn-around from a business on it's knees in December to same business borrowing for a substantial sum in May.

For not a massive amount more than the deposit you proposed on the new car, you can achieve a car that will do just the same in terms of positively presenting the business.  Maybe less fun and definitely slower, but possibly affordable and achievable:
https://www.autotrader.co.uk/car-details/202101288426274
The "boy racer" may be better waiting until the business is more established.

You know the way you keep being judging people...?

I really don't think my comments are being judgmental - that part that you highlighted in bold is simply stating the outcome of the OP currently unable to finance the car of "want" and the need to get the car of "need" until the "want" is affordable.

motorguy

AdrianC said:

motorguy said:

Grumpy_chap said:
The "boy racer" may be better waiting until the business is more established.

You know the way you keep being judging people...?

Oh, c'mon... Even its best friend would be hard pushed to deny the current Civic Type R being more than a snidge "boy racer"...

Well for kick off we dont know what age he is (EDIT; actually hes 36) and secondly is his business not modifying these things?