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Vehicle Finance

Friday, September 25th, 2009

There has been a recent increase of customers wishing to replace commercial vehicles.  There are many different ways of providing vehicle finance and which option is best  depends on the circumstances of each business. In additionthe dramatic change in fortunes of many businesses and indeed finance companies has dramatically changed how vehicles can be financed.

 Weare seeing many businesses coming off contract hire deals and needing to replace vehicles passed their best. The problem is that the funders are very difficult when it comes to agreeing contract hire deals. If there have been any trading issues or  changes in circumstances contract is not the easiest form of finance to get approved.

XL Business Finance however has sourced a number of commercial vehicles recently at much bigger discounts than if the customer had just walked in off the street. This is because we deal a multi franchise car and commercial vehicles supplier which deals with all the contract hire companies. The savings are potentially massive. We tend to put these vehicles straight onto a hire purchase or finance lease agreement and the monthly payment is often not much higher than they would have been paying on a normal contract hire deal. In addition the vehicle which becomes the property of the business at the end of the agreement can be used for a further payment without any additional cost or can be used in a deposit in your next deal.

Prestige Vehicle Finance

Friday, July 10th, 2009

XL Business Finance was recently approached by a prestige vehicle dealer who had been struggling to obtain finance for one of his clients. His usual sourses of finance were struggling to obtain the necessary funding. As an independent finance broker we were able to approach the finance market and find business finance via a specilaist prestige vehicle funder. As a result the owner and director is now driving around in his spanking brand new Ferrari. The same business has just ordered a pimped up Porsche cayenne to be financed via the same funder.

The finance comapny we used was a small not so well known privately owned finance company. Although the customer was very profitable, had a grade one credit rating and a muti million pound net worth, suprisingingly the high street finance companies and banks did not want to finance these vehicles. In addition a very substantial deposit was avialable from the customer.

The stance from the balance sheet lenders on prestige vehcle funding at the moment is that they just dont want to do it. It appears that they will not finance fund luxury items which are not core to the main business activity. This is most unfair as it is just another example of the banks and high street finance companies restricting cash and compouding the credit crunch. The bankers are having their wings and bonusses clipped so why should anyone be driving around in a nice car if they can’t. Kill Joys!

It also adversely affecting the residual value of prestige vehicles as little finance is available rsulting in the plummiting values! Vehicle finance options.

 
 
 

XL Business Finance Ltd is a privately owned and independent business financing company with established links to many of the UK's leading finance houses. XL Business Finance provides a viable alternative to high street banks that lack the flexibility and imagination to provide a solution to most business users requirements. XL Business Finance can provide a full range of business financing solutions and we ensure a high level of customer service and pride ourselves on quick decisions. Our independent status will ensure any offer of funding and asset finance leasing is best suited to our customer’s needs.

XL Business Finance, Eaton Place Business Centre, 114 Washway Road, Sale, Cheshire M33 7RF UK.

 

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