Van

[Triumphman]

Morning
I need a new/used van for my small business. Got an old Vivaro atm.
What’s the next way to buy something newer?
Buy outright, lease, pcp etc
What’s the best way round it.
£300 a month would be about right
Cheers

 

[Greeves246]

Speak to your accountant. When I did it some years ago the VAT on a lease is reclaimable every quarter, the cost is claimable every year. If you buy outright you only write off 25% against Tax annually.

 

[James1979]

I used to be the mindset of buying outright.

I found out, by accident, that buying under a finance agreement gives you a lot more rights. This truck developed a fault and the finance company were brilliant. I actually felt sorry for the seller, they were so aggressive about it.

Just told me to get it fixed and get the invoice sent to them and they’d pass it on. No questions asked.

I’ve told this story to customers and friends and nearly all get finance now wether they can buy outright or not.

 

[mart]

I used to be the mindset of buying outright.

I found out, by accident, that buying under a finance agreement gives you a lot more rights. This truck developed a fault and the finance company were brilliant. I actually felt sorry for the seller, they were so aggressive about it.

Just told me to get it fixed and get the invoice sent to them and they’d pass it on. No questions asked.

I’ve told this story to customers and friends and nearly all get finance now wether they can buy outright or not.

Dose this only apply to business ?

 

[James1979]

Dose this only apply to business ?

Not as far as I know. It’s the consumer credit act or something similar from what the girl on the phone said.

Basically…….
The truck (or whatever) belongs to the finance company until I have paid it off in full. They have a legal obligation to provide me with something fit for purpose while I’m paying for it.

Hence the flapping when i rang up and asked what to do next. I did not know this but you can cancel the agreement if they aren’t upholding their part by providing something fit for the agreed purpose.

I know there’s finance companies and finance companies but they are all regulated. I would recommend mine as with all these things you only find out what they are really like when it goes wrong.

In fact finance protects you more if you are a business because business to business cash transactions generally don’t have the level of protection associated with business to consumer

 

[roofman]

Not as far as I know. It’s the consumer credit act or something similar from what the girl on the phone said.

Basically…….
The truck (or whatever) belongs to the finance company until I have paid it off in full. They have a legal obligation to provide me with something fit for purpose while I’m paying for it.

Hence the flapping when i rang up and asked what to do next. I did not know this but you can cancel the agreement if they aren’t upholding their part by providing something fit for the agreed purpose.

I know there’s finance companies and finance companies but they are all regulated. I would recommend mine as with all these things you only find out what they are really like when it goes wrong.

In fact finance protects you more if you are a business because business to business cash transactions generally don’t have the level of protection associated with business to consumer

yes..the finance company buy off the dealer outright and sell it back to you over the given term in years, if in that time the item becomes un-usable then you are within your rights to a full re-fund or have the vehicle fixed..The only grip is that it must be inspected by an independent inspector and the finance company acts on his or her report.

 

[James1979]

yes..the finance company buy off the dealer outright and sell it back to you over the given term in years, if in that time the item becomes un-usable then you are within your rights to a full re-fund or have the vehicle fixed..The only grip is that it must be inspected by an independent inspector and the finance company acts on his or her report.

That explains why, in general terms, the older the vehicle the shorter term they offer.

 

[roofman]

That explains why, in general terms, the older the vehicle the shorter term they offer.

To be honest i have only ever known this to be the case when buying new so can't comment on used stuff James

 

[James1979]

To be honest i have only ever known this to be the case when buying new so can't comment on used stuff James

One truck was brand new. Think they offered 5 years but I took 4 and settled early.

This thing is a ‘12 plate and 3 years was all they would do. Plan is to pay it off after 2 - all the possible faults should be ironed out by then.

 

[mart]

@James1979
Thank you for sharing the details of how that system works.