Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: benny donnelly on April 21, 2017, 07:22:20 pm
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I'm on the look out for a new or nearly new van so be taking a finance deal either way ,never done the whole finance route before so was just looking to know have many of you went this route, is there better companies than others , anyone know of any good deals about at the minute ?
I'm looking for a small van an haven't a clue which to go for either , I'm open to any suggestions an experiences of fellow cleaners :)
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I have always found Motonovo finance to be very good.
Also close brothers do special finance for complex applications
I would rate the transit connects as good vans. Mine has 140k miles on it now and hasn't skipped a beat
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I have always found Motonovo finance to be very good.
Also close brothers do special finance for complex applications
I would rate the transit connects as good vans. Mine has 140k miles on it now and hasn't skipped a beat
Cheers I'll check them out
What spec is your connect ? What kind of system have you in it?
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dont be afraid to try the main dealers you could be surprised with what they offer on a new or part new vans
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Don't bother with finance. There's some super low interest rate loans from banks and other lenders, as little as 3%.
That way you have the cash in your pocket before you buy, so have more buying options, more negotiating power as well as the van will be yours from day 1.
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i got my vivaro on finance 8.7%apr but next time ill probly get a low intrest lone i think 3% sounds very good
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
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I have always found Motonovo finance to be very good.
Also close brothers do special finance for complex applications
I would rate the transit connects as good vans. Mine has 140k miles on it now and hasn't skipped a beat
Cheers I'll check them out
What spec is your connect ? What kind of system have you in it?
Mines a home made system. Dont waste your money on flashy systems. It's not worth it at all.
Spend the money on decent hose reels and hoses and poles.
Basic spec. Van does the job no air con no no nothing. The basic models hold their value the longest. Especially if your keeping it for several years.
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Cheapest way is a personal loan and pay it off in as short a term possible, you will be pleasantly surprised how little interest you pay doing it this way.
Don't get caught out with the ' cheap monthly repayments ' rubbish.
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lease one if you want to keep hold of your cash you have saved up.cost you around £200 a month,3 months rental upfront and a brand new van within 2-3 weeks!
i went for a connect L2 limited 1.5 TDCI(120ps).936kg payload.
its got everything!air con,heated drivers seat,bluetooth,heated windscreen/wing mirrors,parking sensors and loads more.
i got mine with vanarama.great people to deal with.it was all done and dusted within 3 weeks and a brand new van delivered to my door!love it.
i want a bit of luxury while im at work these days.its also my mobile office,advertising board,snack wagon as well as a window cleaning vehicle! :)
ive not turned the heated seat off yet! ;) ;D
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you ll need a good credit history though to lease a van.thankfully mines really good these days! :)
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
HP and PL are different. HP is connected to the van. The loan company owns the van as security and is recorded on the HPI register. The PL is a personal loan and not vehicle related.
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they couldn't take the van which meant my business was still able to trade.
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they couldn't take the van which meant my business was still able to trade.
So you think it is better to just hand a van back that you have paid over half the payments for ??? If you take a personal loan and pay over half of the payments you will have an asset.
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Also PL needs a better credit score than an HP agreement. Also HP loans tend to have higher interest rates.
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they cou
So you think it is better to just hand a van back that you have paid over half the payments for ??? If you take a personal loan and pay over half of the payments you will have an asset.
Goodness me...It's very simple.
If you take a personal loan out on a van and just pay half of that loan, ALL your assets are at risk. As you are personally liable for the remainder of the money and anything you own including your van can be seized by the high court to pay off the balance.
If you take out finance on the vehicle just the vehicle is at risk if you default and nothing else is at risk.
It's not difficult to understand.
Plus many don't really understand what an asset it. A van is not an asset, it's a Liability as it costs money to run, depreciates, and can break down. Your van only becomes an asset when it's time to liquidate it for sale or if you hire it out.
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they cou
So you think it is better to just hand a van back that you have paid over half the payments for ??? If you take a personal loan and pay over half of the payments you will have an asset.
Goodness me...It's very simple.
If you take a personal loan out on a van and just pay half of that loan, ALL your assets are at risk. As you are personally liable for the remainder of the money and anything you own including your van can be seized by the high court to pay off the balance.
If you take out finance on the vehicle just the vehicle is at risk if you default and nothing else is at risk.
It's not difficult to understand.
Plus many don't really understand what an asset it. A van is not an asset, it's a Liability as it costs money to run, depreciates, and can break down. Your van only becomes an asset when it's time to liquidate it for sale or if you hire it out.
A van is an asset not a liability, the depreciation and motoring costs are expenses
-
Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they cou
So you think it is better to just hand a van back that you have paid over half the payments for ??? If you take a personal loan and pay over half of the payments you will have an asset.
Goodness me...It's very simple.
If you take a personal loan out on a van and just pay half of that loan, ALL your assets are at risk. As you are personally liable for the remainder of the money and anything you own including your van can be seized by the high court to pay off the balance.
If you take out finance on the vehicle just the vehicle is at risk if you default and nothing else is at risk.
It's not difficult to understand.
Plus many don't really understand what an asset it. A van is not an asset, it's a Liability as it costs money to run, depreciates, and can break down. Your van only becomes an asset when it's time to liquidate it for sale or if you hire it out.
A van is an asset not a liability, the depreciation and motoring costs are expenses
Sorry....with respect....no... your completely wrong. This is why so many people fail to understand what an Asset is.
A van is shown on the balance sheet as an "asset", as that's the value of the item on liquidation. You can only represent the value of the item on liquidation at any one time which is why you write down the deprecation over the years. That's the point, the fact that the deprecation is written down is what quantifies its value on liquidation.
The van is a liability because, it causes you to have costs (fuel, repairs etc) The van only becomes an asset if you sell the vehicle, because it no longer causes expenses and you have converted the tangible value to monetary value. If you have a business that hires out vans, these are assets to you because they make you money, if you have a business that sells vans, they are assets because they make you money.
In the sense business use, your van is a liability and will always remain a liability because it causes you to have expenses.
Asset= An item/business that earns you money.
Liability= An Item/business that costs you money.
Expense= Money paid to a liability/Asset
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Remember with a personal loan the vehicle is not connected to the funds and you are personally responsible for the money.
Less risky to finance the vehicle directly. Remember you don't have to fully finance the vehicle to get a good deal. Often 30% cash upfront and finance the rest will give you good buying power to negotiate on.
Don't get that. Surely if you finance the van directly and fail to keep up the payments they send someone round to take the van away. If you are not personally responsible, who is?
If you default on the Van and it's on HP it's less risky for you and the lender because they can simply take the van back and you won't incur any personal debt. And it won't go any further, especially if more than half the term has elapsed, as you can hand it back if you can't afford it anymore.
If you take out a loan not connected to the van and defualt on the payments you might have the van for a while but it's more risky for you. Since the debt isn't secured on anything they will simply apply for high court enforcement and eventually collect the payment from you by either personal seizure of goods and vehicle or both plus collection fees and statutory interest.
The really interesting thing is on this basis your van is protected on HP therefore less risky. If you for whatever reason get into other debts whilst your van is on HP as long as you prioritize the HP payments over your unsecured debts even if you have collection from the high court they cant seize your vehicle as it's the property of the HP company enabling you to keep working.
I know this because I took legal advice when I was faced with my tax bill making me bankrupt. And they advised me to get a van on HP before going bankrupt as they would not be able to seize it. So I did over 4 years and shortly after buying the van made myself bankrupt and they cou
So you think it is better to just hand a van back that you have paid over half the payments for ??? If you take a personal loan and pay over half of the payments you will have an asset.
Goodness me...It's very simple.
If you take a personal loan out on a van and just pay half of that loan, ALL your assets are at risk. As you are personally liable for the remainder of the money and anything you own including your van can be seized by the high court to pay off the balance.
If you take out finance on the vehicle just the vehicle is at risk if you default and nothing else is at risk.
It's not difficult to understand.
Plus many don't really understand what an asset it. A van is not an asset, it's a Liability as it costs money to run, depreciates, and can break down. Your van only becomes an asset when it's time to liquidate it for sale or if you hire it out.
A van is an asset not a liability, the depreciation and motoring costs are expenses
Sorry....with respect....no... your completely wrong. This is why so many people fail to understand what an Asset is.
A van is shown on the balance sheet as an "asset", as that's the value of the item on liquidation. You can only represent the value of the item on liquidation at any one time which is why you write down the deprecation over the years. That's the point, the fact that the deprecation is written down is what quantifies its value on liquidation.
The van is a liability because, it causes you to have costs (fuel, repairs etc) The van only becomes an asset if you sell the vehicle, because it no longer causes expenses and you have converted the tangible value to monetary value. If you have a business that hires out vans, these are assets to you because they make you money, if you have a business that sells vans, they are assets because they make you money.
In the sense business use, your van is a liability and will always remain a liability because it causes you to have expenses.
Asset= An item/business that earns you money.
Liability= An Item/business that costs you money.
Expense= Money paid to a liability/Asset
We will agree to disagree then
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If an a"Asset" earns you money then surely a van is an asset.
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If an a"Asset" earns you money then surely a van is an asset.
The van cannot be an asset as the van is unable to drive itself and clean the windows for you.
The van itself is a Liability. In our case with window cleaning the business goodwill is the asset. The van only becomes an asset if it directly makes a profit in its own right. (You sell it, hire it out)
It's interesting isn't it.
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If an a"Asset" earns you money then surely a van is an asset.
The van cannot be an asset as the van is unable to drive itself and clean the windows for you.
The van itself is a Liability. In our case with window cleaning the business goodwill is the asset. The van only becomes an asset if it directly makes a profit in its own right. (You sell it, hire it out)
It's interesting isn't it.
By that definition then none of our equipment used for work is an "Asset".
For someone like me who is a sole trader (not a Ltd Company) I am guessing this sort of information is not really important when filling in tax return.
To make life simple (my main goal) I just claim vehicle expenses as a mileage allowance at 45p/mile on first 10,000 - which I do not exceed.
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The van is an asset if you own it. Any outstanding finance is the liability. ........
The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. An indicator of a successful business is one that has a high proportion of assets to liabilities.
There are several other issues relating to the difference between assets and liabilities, which are:
One must also examine the ability of a business to convert an asset into cash within a short period of time. Even if there are far more assets than liabilities, a business cannot pay its liabilities in a timely manner if the assets cannot be converted into cash.
The aggregate difference between assets and liabilities is equity, which is the net residual ownership of owners in a business.
For an individual, the primary asset may be his or her house. Offsetting this is a mortgage, which is a liability. The difference between the house asset and the mortgage is the equity of the owner in the house