Ross Hyde
Spec
| Industry area | Loan amount | Turnaround |
| Luxury travel | £38,500 | 2 weeks |
Situation
My client has a growing business in private hire executive travel, and was interested in purchasing a Mercedes executive V class people-carrier. He’d found one at an acceptable price, via a private sale from a similar business in London, and needed to arrange vehicle funding. Executive travel is traditionally a niche sector to obtain funding in, due to the heavy usage that the vehicles are put to. A vehicle typically does 100k+ miles per year, and it’s important for lenders to consider their useful working life in a fleet. My client was recommended to me by a connection, and also approached other brokers. He wanted an option to own the vehicle, with reasonable payments, a sensible term, and low deposit.
Strategy
When he came to me, we discussed finding a solution that suited his cashflow, meeting all his criteria and with a speedy turnaround so he didn’t lose out on the sale. Through my experience in vehicle funding I was able to find a suitable lender with the solution he needed.
Another factor to consider with a private supplier is lenders often have additional requirements. I was able to keep the supplier updated, and obtain any requirements the lender had of them.
Solution
I was able to arrange a loan of £38,500, with a low deposit, VAT-deferral, sensible payments and reasonable term length. With our tailored solution he was not asked to directors guarantee as with alternative options he had been presented. The VAT-deferral loan effectively lends the customer the VAT element of the vehicles, for a suitable period of time, to reclaim it from HMRC.
As I am located close to the business, I was able to visit his premises, and take the paperwork to be signed in person. I am happy to provide the support that makes life easy for my clients in this way.
The client was so pleased with the deal that I arranged for him that he came back to me two months later to seek out a deal for two further vehicles he wished to purchase. I was able to arrange funding quickly, with the same features as before.
