Wasn't expecting that outcome. Honda finance.

motorguy

Grumpy_chap said:

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.

Is the point not that his business is modifying these cars / cars like this and providing performance and tuning upgrades?

I took it that was the point in looking for one?

WillCheshire20

AGrumpy_chap said:

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.

The want is affordable, yes as you say limited company, paid a reasonable salary and also dividend quarterly. In my own personal budget per month for a vehicle i set aside £500 for that eventuality which i feel is sufficient.

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?

Yes it would have upgrades, the upgrades it would have are mainly security based. It will be used as commuting, site visits, demonstration, advertising and promoting. However would be a personal car.

WillCheshire20

Grumpy_chap said:

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.

I don't feel you are being judgmental, its only your opinion, to which you are entitled too, im sure you feel that way about some cars and i feel that way about cars you prefer. 

Car_54

WillCheshire20 said:

Speaking to a suppose you'd call him an insider, the current Civic type R is the second best seller out of them all, 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 however that works. This is one of the reasons this car is ideal as we specialise in the civic and do a lot of work on them plus ive had 3 generations of the type r. I see it as an investment as well.

So you believe it will be worth more than £33k in three years time. On what basis?

WillCheshire20

motorguy said:

Grumpy_chap said:

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.

Is the point not that his business is modifying these cars / cars like this and providing performance and tuning upgrades?

I took it that was the point in looking for one?

We do electrical and security upgrades non performance.

motorguy

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?

A finance company will usualy allow - upon request - a car to be modified provided the car is returned to standard IF it is being returned at the end of its term.

Grumpy_chap

motorguy said:

Grumpy_chap said:

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.

Is the point not that his business is modifying these cars / cars like this and providing performance and tuning upgrades?

I took it that was the point in looking for one?

The OP initially simply said that the new car was for "a vehicle that represents the company", which is perfectly reasonable.  Only later (after my comments were typed about a lower-spec Civic) did the OP share that the business is all about vehicle  modifications.

Vehicle modifications is not an area I know much about, but my understanding is that people rarely start with the brand-new from the factory car and certainly not one on PCP to be given back in a few years.  I suspect the finance company will have kittens if they get back a 3 yo car after it had been blinged up.

The OP has confirmed that they would do "some" upgrades to the vehicle:

WillCheshire20 said:

Yes it would have upgrades, the upgrades it would have are mainly security based. It will be used as commuting, site visits, demonstration, advertising and promoting. However would be a personal car.

motorguy

WillCheshire20 said:

motorguy said:

Grumpy_chap said:

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.

Is the point not that his business is modifying these cars / cars like this and providing performance and tuning upgrades?

I took it that was the point in looking for one?

We do electrical and security upgrades non performance.

Definitely a good market for that these days, especially in hot hatches etc.  I can see why you have started a business in that area. 

WillCheshire20

motorguy said:

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?

A finance company will usualy allow - upon request - a car to be modified provided the car is returned to standard IF it is being returned at the end of its term.

If its security you do not need to request they allow you to do it. Most T's&C's allow for this, ive never had a vehicle where we have sent it back and they said youve made it better so pay up.

Grumpy_chap

The OP has set out the desire for this type of car.

Can we now find a way to assist the OP in financing that desire given the initial PCP route is off the table?
£33k car
£9k deposit
£24k to finance
OP can afford £500/month payments
The OP has a relatively young Ltd Co. and pays salary plus dividends.
In addition, there was a second Ltd Co owned by the OP that closed in the past year, leaving no debts.

A straight-forward loan at 9.9% over 3 years is going to be around £770/month repayment so outside the OP's budget.

Maybe the next step is for the OP to set out a budget with income, outgoings, other liabilities and present to a broker to establish the level of finance that could be available.  The OP could use something like the SoA format used within the DFW forum.

Type R's of the generation the OP wants seem to start at around mid-£20k's.  £15k finance might be easier to achieve.