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Loan to purchase business vehicle for sole trader?

jabba21 Posts: 26 Forumite

5 July 2023 at 10:41AM in Loans

Hi,

Am 5 months away from the end of a 5 year PCP on my London black cab. I am strongly considering paying the balloon payment (22k) and purchasing a 3 year extended warranty (3k) - therefor am looking for a 25k loan over 3 years. I am 56/married/9 yrs into 23 yr joint mortgage fixed for next 18 months/decent credit history.

My own bank (First Direct) does not offer personal loans to sole traders, which they claim is in common with most other mainstream lenders?

I did investigate a couple of specialist "sole trader" lenders, but typical interest rates seem around 35% APR :-(

Any suggestions re: the finance? The vehicle is low mileage and would fetch 35k+ on a forecourt, so buying it for 22+3 seems a no-brainer.

Many thanks in advance for your comments.

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