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Wasn't expecting that outcome. Honda finance.
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You see this is why i came on here for solid advice0
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Well, £15k over 3 years at 9.9% is just under £500/month, which was the OP's budget.
The OP needs to take a cautious steps now. Having been declined for one application, the last thing the OP wants is another declined application as that would then start to risk making the OP look desperate for credit and, in turn, either make credit harder to get or more expensive or both.
I don't know what the time scale is for a failed credit application to fade away in lender's considerations. There may be others that can advise on that. Possibly ask in the Credit File & Ratings forum or the Loans forum.0 -
Grumpy_chap said:Well, £15k over 3 years at 9.9% is just under £500/month
Personal PCP is the wrong way to do this.WillCheshire20 said:AdrianC said:
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?
The business needs to buy the car, you run it as a company car. Not lease, not PCP, because you're mod'ing it.
If it's ad and promo (wrapped?), you can bet there'll be photos on the web - if not, fire your marketing... You can bet financiers are checking plates for things like this.0 -
Not if he goes for something other than brand newAdrianC said:
But if he's buying, he needs to finance £33k - £9k = £24k, not £15k...Grumpy_chap said:Well, £15k over 3 years at 9.9% is just under £500/monthGrumpy_chap said:Type R's of the generation the OP wants seem to start at around mid-£20k's. £15k finance might be easier to achieve.
I agree that PCP most certainly does not seem ideal in this scenario.AdrianC said:
Personal PCP is the wrong way to do this.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.
The business needs to buy the car, you run it as a company car. Not lease, not PCP, because you're mod'ing it.
If it's ad and promo (wrapped?), you can bet there'll be photos on the web - if not, fire your marketing... You can bet financiers are checking plates for things like this.
However, I can imagine the BIK on a car of this type will be significant if the car is taken as a company car.
Not sure what the tax issues would be if a personal car and then wrapped? If simply claiming mileage it would be straightforward.
Of course, if the Ltd Company has retained funds, then that gives a route to finance that avoids lenders alltogether.
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AdrianC said:Grumpy_chap said:Well, £15k over 3 years at 9.9% is just under £500/month
Personal PCP is the wrong way to do this.WillCheshire20 said:AdrianC said:
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?
The business needs to buy the car, you run it as a company car. Not lease, not PCP, because you're mod'ing it.
If it's ad and promo (wrapped?), you can bet there'll be photos on the web - if not, fire your marketing... You can bet financiers are checking plates for things like this.Grumpy_chap said:
Not if he goes for something other than brand newAdrianC said:
But if he's buying, he needs to finance £33k - £9k = £24k, not £15k...Grumpy_chap said:Well, £15k over 3 years at 9.9% is just under £500/monthGrumpy_chap said:Type R's of the generation the OP wants seem to start at around mid-£20k's. £15k finance might be easier to achieve.
I agree that PCP most certainly does not seem ideal in this scenario.AdrianC said:
Personal PCP is the wrong way to do this.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.
The business needs to buy the car, you run it as a company car. Not lease, not PCP, because you're mod'ing it.
If it's ad and promo (wrapped?), you can bet there'll be photos on the web - if not, fire your marketing... You can bet financiers are checking plates for things like this.
However, I can imagine the BIK on a car of this type will be significant if the car is taken as a company car.
Not sure what the tax issues would be if a personal car and then wrapped? If simply claiming mileage it would be straightforward.
Of course, if the Ltd Company has retained funds, then that gives a route to finance that avoids lenders alltogether.0 -
OP - have you checked all your credit files for accuracy and ensure no errors that caused the original PCP rejection?
Does your Accountant have any advice about sources of funding or help with setting out affordability in a way that suits lenders?0 -
Checked my credit file on both Experian and Equifax, both are clear although score is low, everything is accurate and up to date.
The accountant has obviously just said that i show my PAYE slips and expenditure etc.0 -
Are you on the electoral roll? That can impact credit if you aren't registered.1
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WillCheshire20 said:Checked my credit file on both Experian and Equifax, both are clear although score is low, everything is accurate and up to date.
The accountant has obviously just said that i show my PAYE slips and expenditure etc.
Simple things like getting a credit card and using it regularly (repay in full every month - set up a DD) will start to build your history. Getting mobile phone contract will do similar."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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