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Business Hire Purchase - UK

MikeOxlong

New Member
Feb 7, 2022
4
1
UK
Hi

LTD Company Directors out there, has anyone purchased their Tesla using Business Hire Purchase? Was anyone successful who have <2 years of trading accounts, if so which provider did you use?

Brief background - I've been self employed since 2010 in IT & Business consulting, however during 2020 when the IR35 changes took hold, I took cover from the uncertainty by taking a year of employed consultancy work and closed down by company. Once the market opened back up I began operating again through a new Limited Company in Feb 2021.

I submitted an online application via Tesla for Black Horse finance, expecting to receive a call back to complete the application and provide further evidence (business bank statements or draft accounts) etc. However, instead of any calls I've had an email a few hours later to reject the application. Naturally there could be a dozen reasons why, but I highly suspect it's due to my lack of accounts submitted with companies house. I'll call them in the morning to get some more detail, but in the meantime wondered if there was anyone here who's been in a similar situation?

Regardless, my Model Y LR order won't go to waste! If I can make use of some of the Corp Tax pot I have set aside before the end of the month I'll do so now, if not I'm happy to wait for a Berlin MYs later on in the year.

Thanks in advanced
 
Not a hire purchase here but a lease with a LTD company that was brand new (about 3 months old). My finance is with Santander who are very lenient when it comes to new LTD companies provided you become a guarantor for the amount. Might be worth giving them a shout to see if they'll do it for you.
 
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MikeOxlong

New Member
Feb 7, 2022
4
1
UK
Not a hire purchase here but a lease with a LTD company that was brand new (about 3 months old). My finance is with Santander who are very lenient when it comes to new LTD companies provided you become a guarantor for the amount. Might be worth giving them a shout to see if they'll do it for you.
Thank you, will give them a call tomorrow, incidentally the finance on my RRS is with them at the moment, so fingers crossed it will be simple! Appreciate you taking the time to help me out buddy.
 
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MikeOxlong

New Member
Feb 7, 2022
4
1
UK
Update here for anyone else who may find this thread-

For Business Hire Purchase, Santander will consider an application, however you must have at least 1 years accounts submitted with Companies House.

For Leasing however, Tenatious & Chrirag129 have had success without even 1 years accounts.
 
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I was looking to purchase via my business but as I have only been trading for less than a year I assume that I won't be able to do it if 1 years accounts are required.
Is there any way round this? I did think of putting money into the company as a Directors loan then purchasing it that way so that the car then becomes a company asset and then draw down the money as and when required. Has anyone done something similar or found a way of business purchase without 12 months accounts?
 
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I was looking to purchase via my business but as I have only been trading for less than a year I assume that I won't be able to do it if 1 years accounts are required.
Is there any way round this? I did think of putting money into the company as a Directors loan then purchasing it that way so that the car then becomes a company asset and then draw down the money as and when required. Has anyone done something similar or found a way of business purchase without 12 months accounts?
You can do this and buy the car outright.Or otherwise you lease the car with a provider like Santander.
 
Upvote 0
Update here for anyone else who may find this thread-

For Business Hire Purchase, Santander will consider an application, however you must have at least 1 years accounts submitted with Companies House.

For Leasing however, Tenatious & Chrirag129 have had success without even 1 years accounts.
I did a business contract hire using Santander just had to give a guarantor.
 
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