machinery finance

[Big Ted]

anybody done any deals recently? Hire purchase, what apr have you managed to get and over what period/frequency of repayments, I've had a figure from my usual man and I think it could be better, any help would be great

 

[Johndeere]

Try @MattShannon

 

[SilliamWhale]

anybody done any deals recently? Hire purchase, what apr have you managed to get and over what period/frequency of repayments, I've had a figure from my usual man and I think it could be better, any help would be great

I used a good broker last year. pm me if you want her number. I'd get the most quote you can.

 

[tillboy]

JCB finance are quite good, but have also used Lloyds bank, but the best was Agco in house, with 0% over 4 years on 50% of the retail price

 

[Walterp]

Another vote for Agco finance - they're flexible and very helpful.

 

[warksfarmer]

An example is below but its getting more expensive to borrow now.

£93k
1 + 23 £4611

 

[engineer]

£70K straight 36 months £2140.00 per month

 

[brynseiri]

What the feck would someone be borrowing 93k on the never never for? Would an arable unit of such scale that needed a large combine for example, need to put things so heavily on the knock?

 

[7610 super q]

What the feck would someone be borrowing 93k on the never never for? Would an arable unit of such scale that needed a large combine for example, need to put things so heavily on the knock?

I agree.I'm afraid I've got to the stage where if I can't afford to buy something outright,I don't fecking want it.(I think I'm getting old)

 

[db9go]

What the feck would someone be borrowing 93k on the never never for? Would an arable unit of such scale that needed a large combine for example, need to put things so heavily on the knock?

That was not the question he asked what deals are out there if you do not want to finance so be it why be so nasty

 

[Exfarmer]

There is of course no such thing as 0% finance
Just means up front price is higher

 

[db9go]

There is of course no such thing as 0% finance
Just means up front price is higher

That is right but some still think like there is

 

[Frodo]

What the feck would someone be borrowing 93k on the never never for? Would an arable unit of such scale that needed a large combine for example, need to put things so heavily on the knock?

0% finance on £45,000 makes a lot more sense than increasing the overdraft. Borrowing is a fact of life and not necessarily bad.

 

[tillboy]

There is of course no such thing as 0% finance
Just means up front price is higher

That depends on the price you agree on in the first place, then compare it to other dealers of the same product with out finance.

Why would a business put so much on finance, maybe the money can be used else where to achieve a greater return than the finance on the machine is costing, I think you will find that's what most businesses do, it's the difference between a business and a farm

 

[Frodo]

There is of course no such thing as 0% finance
Just means up front price is higher

Tend to agree, but the finance Market appears to have lots of anomolies in it and it is likely agco can borrow cheaper than me and the legal cost of hp is less than secured lending.

 

[sleepy]

What the feck would someone be borrowing 93k on the never never for? Would an arable unit of such scale that needed a large combine for example, need to put things so heavily on the knock?

Why the feck would a business want to spend 93k of working capital on a machine when money has never been cheaper?

It would be worth having a chat with @Matt Shannon, he was very helpful

 

[T C]

There is of course no such thing as 0% finance
Just means up front price is higher

Yes there is - companies will not give you cash discount to reflect the cost of finance.
Might as well take it as it makes the NPV lower.
Or put the full capital into solar panels and use the FIT to pay off.

 

[sleepy]

In answer to the original question. About 6% APR for secondhand stuff on hire purchase, Northridge (Bank of Ireland), Hitachi, BNP all about the same.

 

[brynseiri]

That was not the question he asked what deals are out there if you do not want to finance so be it why be so nasty

Not being nasty, just saw the example figure and almost sharted, 93k is one hell of a lot of wedge to stick on a machine!

 

[Clive]

Not being nasty, just saw the example figure and almost sharted, 93k is one hell of a lot of wedge to stick on a machine!

It's peanuts in the context of a new combine price ! I bet not many new large combines are bought cash

Finance is an important business tool, if you know what your doing its a way to make a lot more money than you ever would do saving up for everything

Wouldn't bother me to borrow millions to buy a machine as long as the machine was going to make me money and it's depreciation was less than repayments, after all worst case sell the machine and clear your debt