Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: jim bean on July 22, 2012, 08:21:07 am
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Looking at loaning a van off me mate next year and starting to purchase bits I need for Wfp. Van is 58 plate vivaro says he wants 20-30£ a wk and I insure it. That a good offer?
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A £5000 bank loan @ 6% flat over 5 years would be £25 a week to payback. I would prefer to do that.
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Yes, that thoughts crossed my mind once or two, thing is if the van starts playin up he's a mechanic and got his own garage so will fix for free. He will also lend me money if needs be, at less interest than the bank.
Then again if I keep it a year it's gonna cost over a grand and I won't have nothing to show at the end - could just get a little combo or old astra van and not having to worry about smashing a 8k van up!
What would you do? Get big van straight away and start going after commercials?? Or get smaller van and have to wait and save or get loan off the bank.
P.s looked at insurance, on his van fully comp 1050 quid, 2.7l or whatever!! Only got a year no claims and age 21 , paid 250 a month this year for a 1L!!!
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Heres my area of expertee's
July 2010 my van broke down - was going to cost over £1k to fix and it was only worth 400-500 running so i got rid of it and borrowed a van off my brother in law (2004 Peugeot Boxer 2.2 hdi). Deal was that i insure it with his name on and let him use it when he needed it (evenings & weekends). Whats the worst that can happen
Well insurance cost about 400 more with my brother in law on, mot cost £300 in Feb, two lots of road tax £250.
Then something happened ... the gearbox went - £1253 to fix it and as per the original agreement i had to fix it. Then i found out my brother in law wanted to sell the van.
Now i had the dilema of loosing the money... luckily he didnt want want the full amount of what the van was worth so i managed to get the money together and buy the van.
My advice would be to sort a van yourself even if its just a cheap one for now if your going to save up.
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You dont need a big van to chase big commercial ... just an outside tap and spare di vessel if you were to run out on a big job.
Piece of advice learned from this forum is to only buy summit when u need it .... unless of course ur minted then buy it now ;D
I have a transit with 650 2 man system in it and I could manage all of my rounds with summit much smaller - it came as part of a packaged deal - a connect would be good van or 2000gvw combo which will carry about 700 / 750 kilos - i tend to recall.
£4000 to £5000 will get u either of these.
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I am struggling ATM working from my car, thank god I've only got 2 months left of that!! Getting conny roof enquiries etc and cars already full let alone getting a pole in, virosol and mini pump etc!! Last time did one was about on top of the ladder up side of conny scrubbing with a scrim lmao!!
IMO the bigger newer van looks more professional, just riskier as it's borrowed lol
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A £5000 bank loan @ 6% flat over 5 years would be £25 a week to payback. I would prefer to do that.
I don't think there's a bank in the land that will offer 6% flat to self enmployed window cleaners.
Halifax charged me 11% 2 years ago on 12K(over 3 years)
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A £5000 bank loan @ 6% flat over 5 years would be £25 a week to payback. I would prefer to do that.
I don't think there's a bank in the land that will offer 6% flat to self enmployed window cleaners.
Halifax charged me 11% 2 years ago on 12K(over 3 years)
6% flat is approx 11% to 12% apr but u cant work payments out from just apr
£5000 over 5 years @ 6% is 30% of £5000 = £1500
£5000 + £1500 = £6500
£6500 over 60 payments is £108.33 or £25 weekly equivalent (£108.33 / 4.3333333)
apr on this be approx 11% to 12% as mentioned but cannot work payments out from that.
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A £5000 bank loan @ 6% flat over 5 years would be £25 a week to payback. I would prefer to do that.
I don't think there's a bank in the land that will offer 6% flat to self enmployed window cleaners.
Halifax charged me 11% 2 years ago on 12K(over 3 years)
paying about £393 a month ?? excluding any PPI
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Ive taken out a loan
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If he's going to do all repairs for free, then that's a good thing. Maybe, get it through it's MOT? And if he could sort you out with alternative transport if the vans ever off the road, then it sounds like a goer ;D.
Whether it's worth it or not, is up to you. Some people would pay that, for peace of mind with a van. They get a well maintained van with little of the hassle of owning one.
Others would see it as dead money and would want something back for their outlay.
I think you need more details, as well, Jim.
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The van has mot and tax. I have a choice of vans as he has a variety and another vehicle will defo be avaliable should that one break.
I am gonna try get a loan of £1500 from somewhere for all my Wfp kit and I'm all set.
I'm feeling lending the van ATM and that prob wot I'll do - no surprises as usual when buying a 2nd hand motor and peace of mind that my transports sorted! I drove by a place today renting vans £20 a day, however that includes insurance but would still work out a lot dearer!
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But it'll need MOT'ing again. Is your mate going to prep if for it's MOT? Do it himself? It could need a few jobs doing, without the van playing up, who pays for that?
Also, agree a price, first. £20 or £30?
And if it's a week to week contract, then you've not much to lose. Try it and if it's not for you, then just tell him you won't be needing it anymore.
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Yeah he will sort all that and I'll prob get him to install the tank in the van too. There will be no contract as he's a mate , just be a cash payment every week. Probably riskier purchasing my own van as if clutch or sumat goes then I'm gonna be in the poop lol.
And yeah as you say when I've saved up enough or just don't wanna use it no more just hand it back !!
Thanks for the advice (y)
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A £5000 bank loan @ 6% flat over 5 years would be £25 a week to payback. I would prefer to do that.
I don't think there's a bank in the land that will offer 6% flat to self enmployed window cleaners.
Halifax charged me 11% 2 years ago on 12K(over 3 years)
paying about £393 a month ?? excluding any PPI
Nah mate, it's £418 p/m with no cover, might be something to do with Halifax not taking a payment for the first 3 months thus increasing their intrest yeild...