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The Problem with Adverse Credit
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| Written by Ted Crofts |
| Unfortunately, adverse credit is difficult to shake off, and will affect your credit file for a period of 6 years. Very often people don’t realise that something they may consider as trivial, has far reaching implications on their ability to fund a car through a car lease (from something as simple as missed regular payments on a credit card, right through to Defaults, CCJ’s, IVA’s and Bankruptcy). The best deals in the market are usually funded by the Finance companies with the strictest criteria. If you don’t measure up to their requirements, you will be declined – it is as simple as that, and this will affect one in 3 proposals for car finance - so you will be in good company.
Here at Ultracar, we have a number of options designed to help people get back into a car. I would welcome the opportunity to discuss your options with you, to see which is the best route for you, but the end result is that we do have a guaranteed acceptance route, and there are many drivers with adverse credit who have benefited from it.
Unfortunately, what poor credit does is limit your choices – you are usually forced into a compromise - either on the vehicle, your budget or both. We have a wide range of cars available through a number of different funders, depending on your personal circumstances. Once we have talked these through, I will be able to tell you what you will be able to get, and how much it is going to cost. If you are happy with this, provided you do your bit, and respond promptly and honestly, we will do our bit and get you into a car. The one thing we want to do is help you start to restore your credit history, and get back on track for prime rate funding.
Typically, non-status funders require a prove-able 3 year address history – (it really helps if you are on the electoral roll, and also have recent utility bills), they will require proof of your ID – a copy of your driving licence (both parts if the new type), or a copy of your passport, and finally proof of affordability – Pay-slips and Bank Statements, and then we can get you into a car. You may need to pay a larger initial payment - for example a prime deal may be based on 3 payments upfront, whereas on a non-status deal this may be 6 up front, but this varies depending on the company, and the perceived risk.
The bottom line is - yes we can help - so if you want to discuss your options, call me -Ted Crofts on 0845 643 1360 Ext 203, or alternatively send me an e-mail ted.c@ultracar.co.uk with your phone number and a time I can call you, and I will give you a call. I am normally in the office from 09.00 -6.00pm Monday to Friday.
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Car Leasing Made Simple!
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| Written by Nick Walwyn |
| Car Leasing Made Simple! I can help with all your vehicle requirements, if you are looking for a large fleet, small fleet or a one off car, for business use, personal use, you name it I can supply It! If leasing confuses you then please take you time to read through this email and it should become self explanatory. Car Leasing Made Simple! There are many ways of acquiring your next new vehicle - I will provide you with the simple advice you need to make the right choice for you or company. Should you buy or lease your next car or van? There are advantages to both methods, both for business and private individuals. If you decide to lease a car, there are a number of different options available to you; I will discuss your situation and help you to make the right decision. Our personal service sets us apart from other leasing companies, and you will find our special deals on a wide range of makes and models. I specialise in leasing cars and vans to business and personal individuals - and all our vehicles are delivered free to any address in mainland UK . If budget is a priority - we can help. If you are looking for prestige cars - look no further. Looking for a particular make or model? We work with most vehicle manufacturers and funders to provide very competitive rates. The information in the email will only help you learn more about car leasing in the UK - and the finance packages that are available for you or your company. I can help you make an informed decision on car leasing that will save you money while providing you with the car that is right for you. Car & Van Finance Methods Once you have decided to use leasing to acquire your car or van, there are a number of different packages available to you. Leasing Vs Purchasing The mysteries of hire purchase, contract hire, personal contract purchase. It's not that difficult! 1. Hire Purchase Hire Purchase is a simple and popular way of purchasing a vehicle, with worthwhile tax advantages for businesses. If ownership is a priority, this is an extremely cost effective method of borrowing. CASHFLOW BENEFITS Paying an initial deposit, calculated as a percentage of the total cost this is followed by fixed monthly repayments; which allows you to budget monthly expenditure precisely in advance. TAX IMPLICATIONS Business users may claim tax relief on the interest charged. The vehicle is also classified as an asset, which allows it to be written down against taxable profits by 25% or 3000 (maximum per annum). WHO OWNS THE VEHICLE AT THE END OF THE AGREEMENT? At the end of the agreement, which may be from 1 to 5 years, you become the outright owner of the vehicle. 2. Contract Hire Business Contract Hire without maintenance or servicing. It is a simple and straightforward facility that can offer some businesses an efficient package that lets you retain control of your own vehicle servicing and maintenance. CASHFLOW BENEFITS Business Contract Hire can be classified as "off balance sheet" for accounting purposes, therefore offering advantages to your business by improving its financial ratios (gearing). TAX IMPLICATIONS As it is an Operating Lease your finance rentals can be offset against taxable profits. If you are VAT registered, you can reclaim 50% of the VAT on the finance element of the rentals if the vehicle is used privately, or 100% if it is used exclusively for business or is a commercial vehicle. WHO OWNS THE VEHICLE AT THE END OF THE AGREEMENT? After you have paid your regular fixed monthly rentals for the fixed period, at the end of the agreement you simply hand the vehicle back. 3. Personal Contract Hire Personal Contract Hire ( PCH ) is a new product for private individuals leaving a company car scheme or joining a new company that provides a car allowance, instead of a company car. It allows you the opportunity to finance a car using the most popular funding method used by companies. PCH is available with or without a maintenance package (the maintenance package offering fixed cost motoring with no hidden extras) and is available for new cars or used vehicles up to 15 months old. WHO OWNS THE VEHICLE AT THE END OF THE AGREEMENT? You use the car for the designated period and at the end of the term the vehicle must be returned to the finance company and you start a new agreement with the vehicle of your choice. PCH rates are exactly the same as quoted contract hire rates simply add 17.5% to the monthly rate (as VAT is not reclaimable for PCH ) and PCH is available on all UK supplied cars. 4. Personal Contract Purchase Personal Contract Purchase ( PCP ) is a new product developed to enable individuals to finance their vehicle whilst still retaining some or all of the benefits associated with a company car. As the agreement is written in your name the normal "benefit in kind tax liability" doesn't apply. This facility can also be offered to those employees not normally entitled to a company car. Low deposit followed by a fixed monthly charge means that is easy to budget for and it is possible to provide all-inclusive maintenance and breakdown packages. WHO OWNS THE VEHICLE AT THE END OF THE AGREEMENT? The vehicle is supplied for a set period of time at a fixed rental. At the end of the agreement the driver may purchase the vehicle by paying the balloon payment (guaranteed future value) or simply return it to the finance company. Thank you for taking the time to read through this email, if you require further help then please do not hesitate to contact myself. |
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End Of The Year.
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| Written by Craig Gardner |
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We are now coming to the close of the year.
Traditionally manufacturers will start to pull deals and ease back on the discount. How ever this year seems a little different. Whether it be because of the economic downturn or manufactures trying to obtain their end of year bonuses either way we are finding some "cracking" deals are out there at the moment.
Keen deals at the moment are - Honda Civics' starting from £165 plus VAT and Volvo S80's from £259.00 plus VAT. These cars for instance are notoriously expensive in the industry but have become very strong over recent weeks and to be fair are very nicely spec'd as standard.
The Honda Civic is a car for young and old with its futuristic look, Sporty but comfortable drive good MPG and reliable engine, and now they are more than affordable.
The S80 is a car that looks like it is a £500 a month car, The car is now more than affordable! It has a very high standard specification and the Volvo badge no longer carries the "I don't care about what I drive" or "I am over the 70 and no it " Badge.
If you want any other cars advice or opinion give me a call.
Kindest regards
Craig |