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runiuksp
4th October 2016, 11:04
Hi,

I've started contracting in April (LTD) and I'd like to lease a car on personal contract hire.

I pay myself the minimum tax free wage plus available dividends.

Does anybody know if I have chance for finance approval?

Thanks

eek
4th October 2016, 11:09
I will depend on your credit rating.

It should, However, be easy enough to get finance as the car doesn't belong to you

Antman
4th October 2016, 11:20
I just got this recently and I was told that you have to have pretty poor credit to not get accepted by the car companies.

Which car are you going to pull the trigger on?

runiuksp
4th October 2016, 11:32
I just got this recently and I was told that you have to have pretty poor credit to not get accepted by the car companies.

Which car are you going to pull the trigger on?

I'm thinking about the new VW Tiguan

eek
4th October 2016, 11:39
I'm thinking about the new VW Tiguan

It's a VW so also look and see if another of their brands offer an identical car (i.e. the Seat Ateca) - it may be cheaper..

Personally the rules for a lease car is care less about the actual model you want and see how cheap you can get it for. My top of the range automatic passat is costing me £120.01 a month...

Antman
4th October 2016, 11:41
It's a VW so also look and see if another of their brands offer an identical car (i.e. the Seat Ateca) - it may be cheaper..

Personally the rules for a lease car is care less about the actual model you want and see how cheap you can get it for. My top of the range automatic passat is costing me £120.01 a month...

Is that amortised?

missinggreenfields
4th October 2016, 11:42
I'm thinking about the new VW Tiguan

What are the emissions like?

eek
4th October 2016, 11:50
Is that amortised?

Yep.... It was a stupid misprice that VW honoured for reasons unknown.... £120 a month on a 3+23 deal so £130 amortised....

northernladuk
4th October 2016, 11:56
Yep.... It was a stupid misprice that VW honoured for reasons unknown.... £120 a month on a 3+23 deal so £130 amortised....

So not really much help banding the figure around without qualification? ;)

eek
4th October 2016, 12:01
So not really much help banding the figure around without qualification? ;)

No except my point was to emphasis that the best deals are based on what the manufacturer wants to sell this week / quarter (and sometimes they are very good indeed)..

Antman
4th October 2016, 12:10
Still a very good price.

Scruff
4th October 2016, 12:19
Hi,

I've started contracting in April (LTD) and I'd like to lease a car on personal contract hire.

I pay myself the minimum tax free wage plus available dividends.

Does anybody know if I have chance for finance approval?

Thanks

Sign up at www.noddle.co.uk and you will be able to check your Credit Score - it costs you nix.

d000hg
4th October 2016, 13:37
Sign up at www.noddle.co.uk and you will be able to check your Credit Score - it costs you nix.

Or the new: MoneySavingExpert MSE Credit Club - Check your credit score & boost your chance (http://www.moneysavingexpert.com/creditclub)

I joined when they announced it the other week, seems quite good.

chopper
4th October 2016, 14:30
I've started contracting in April (LTD) and I'd like to lease a car on personal contract hire.
Consider a PCP deal rather than PCH. PCP has a route to ownership, PCH doesn't. This makes it beneficial if you want out of the deal (e.g. can no longer afford it, or want to change your car earlier than the end of the term).

With Ford, I found there was a magic figure around £27k - above £27k and Ford Credit want to see evidence of earnings and they couldn't understand the unique way an IT Contractor earns money. Below £27k and they don't care ;-)

LondonManc
4th October 2016, 14:43
Consider a PCP deal rather than PCH. PCP has a route to ownership, PCH doesn't. This makes it beneficial if you want out of the deal (e.g. can no longer afford it, or want to change your car earlier than the end of the term).

With Ford, I found there was a magic figure around £27k - above £27k and Ford Credit want to see evidence of earnings and they couldn't understand the unique way an IT Contractor earns money. Below £27k and they don't care ;-)

Another thing to be wary of with a lease car is how picky they are when you hand it back. Take photos of everything on the day that you give it back.

runiuksp
4th October 2016, 16:13
Another thing to be wary of with a lease car is how picky they are when you hand it back. Take photos of everything on the day that you give it back.

In terms of being picky is it better to go VW dealership direct rather than using one of the brokers?

eek
4th October 2016, 18:16
In terms of being picky is it better to go VW dealership direct rather than using one of the brokers?

It will be VWFS regardless of whom you use and they will just use BCA.... Most online comments are that they are fair and the rates are low....

DSF70
4th October 2016, 22:12
Has anyone used Carwow to secure their deal?

I'm also interested in the Tiguan SE.....carwow were offering £3400 off of the RRP for the finance deal.

CoolCat
5th October 2016, 06:25
Lingscars dot com are good

eek
5th October 2016, 06:42
Lingscars dot com are good

Not really for vw. I don't believe she does vwfs and she is expensive compared to elsewhere.

Antman
5th October 2016, 11:04
Um no ... Be careful, Ling quotes + VAT / Generally cheaper and yes she does VWFS. I have two from her. Also she will match quotes. Highly recommended and the site is unbelievable.

Also watch out for mileage, initial payment and over mileage on the contract. So if you are comparing a 9 + 45/8K miles a year ex VAT lease, to a 3 + 35/10K + VAT lease will look wildly overpriced.

There is that trick with VW about getting the ppm from 7.2 -> 3 by calling VWFS a year into the lease too. I don't have VW only overheard.

rich_e
5th October 2016, 12:27
No you wouldn't. You would be better off doing a VT before the end of your contract.

eek
5th October 2016, 12:40
No you wouldn't. You would be better off doing a VT before the end of your contract.

:confused: what does your comment relate to?

kaiser78
5th October 2016, 12:43
Leasing is the cheapest way to run a new car. With PCH they will offer other people in your company an option to buy the car, you can't buy it, but your partner can. I would say a cheap lease, followed by an indirect purchase has to be the very cheapest way to buy a new car. Bearing in mind that buying new isn't cheap.

Look at main dealer leasing offers as I have found that these can often be cheaper than the leasing companies, if you shop around enough.

northernladuk
5th October 2016, 13:01
Look at main dealer leasing offers as I have found that these can often be cheaper than the leasing companies, if you shop around enough.

This is our experience and have had a Toyota for over 6 years. There is the added bonus that they keep ringing with offers. Some are just a ploy to get you to move up cars but others have been good deals. We've not had a car over two years yet as they keep offering to take it back and waive the outstanding charge if we take another.

Got a new one last month after only 18 months cause they had 0% offer and wanted to shift some ready built ones. Got a better spec new one for less money!

chopper
5th October 2016, 22:44
No you wouldn't. You would be better off doing a VT before the end of your contract.
Finance companies are entitled to leave a VT flag with the Credit Rating Agencies, and future finance companies are entitled to interpret that VT flag as they wish when determining whether to lend you money in future - some finance companies may have a lending criteria of not lending to people with a history of voluntary termination.