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Help needed with leasing!

Discussion in 'United Kingdom' started by Bas, Feb 18, 2010.

  1. Bas

    Bas Three Time F1 World Champ

    Mar 24, 2008
    31,489
    South Pacific
    Full Name:
    Bas
    Hi all.
    (first 2 paragraphs aren't exactly important)
    As some of you may know, I'm starting my own business soon. I'll be based out of britain. None of the rest actually matters, but I need a respectable car. I was first looking at E38 7 series, which my dad had about 10 years ago. However, when we lived in the UK we had E66 7 series, which I absolutely loved.

    Now the point is, I need a respectable looking car to meet prospective clients in (because I sort of doubt it'll look good if I role up in a 14 year old bmw). Due to the nature of my business it'll be fairly important that I look respectable as the owner of the company.

    Now the question:

    Is it possible to lease through my company? It'll be 2 full months before an actually income will appear, I don't have an income personally either right now so I can't do it personally I suppose. The monthly budget is round about £600 (so BMW 7 series sort of thing), I know that almost all leasing companies do a 3 + 35 p/m basis, this won't be a problem.

    So for a start up company, which hasn't started trading yet, can I lease a car? (there'll be 25K in the bank).

    I have never dealt with leasing cars before personally.
     
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  3. Stewart 430 Scud

    Stewart 430 Scud Formula Junior

    Apr 27, 2009
    440
    London
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    Stewart
    With no company accounts or personal income you may well struggle. If your company is banking with one of the 'big' banks, try there asset finance company.
     
  4. Bas

    Bas Three Time F1 World Champ

    Mar 24, 2008
    31,489
    South Pacific
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    Bas
    Cheers.

    Bit of a shame, but perhaps I can work something out with a company that specialises in start up company leasing...
     
  5. Bas

    Bas Three Time F1 World Champ

    Mar 24, 2008
    31,489
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    Bas
    What if I can show them money is coming in? Would that help?
     
  6. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    11,170
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    Jimmie
    Do you not have more important things to worry about with your new business than leasing a flash car ?

    Anyway the taxman will clobber you personally so you're almost certainly better off owning it privately

    So if you insist you may find it easier to personally HP
     
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  8. pride & performance

    Feb 16, 2010
    183
    lancashire
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    Nic Payne
    #6 pride & performance, Feb 18, 2010
    Last edited by a moderator: Sep 7, 2017
  9. pride & performance

    Feb 16, 2010
    183
    lancashire
    Full Name:
    Nic Payne
    or an s-type jag,

    i think as long as you get a pretty high spec one with tints and big wheels and it is kept clean it would look good :D
     
  10. Bas

    Bas Three Time F1 World Champ

    Mar 24, 2008
    31,489
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    Cheers I didn't think about this. Company is registered in the bahamas though.
    A bit of detailing does wonders... Every time I looked I thought the cheaper E38s look rubbish. F it, I'll just take a cheapo E38 and detail it a little. :)

    Cheers.
     
  11. pterps

    pterps F1 Veteran

    Aug 18, 2006
    6,949
    Netherlands, Zwolle
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    Peter
    Bas, start with an older car and save up for a new one! Don't foget how this crisis started...... ;)
    How many years will you have to pay for the new car when leasing it? 60 months? A lot of things can change in 60 months! Don't forget the leasing company likes to make some money on this deal (especially when they take a lot of risk with someone starting his business), you can put this money in your own pocket!

    Peter
     
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  13. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    11,170
    South East
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    Jimmie
    I guessed that as you asked this in a UK column you will be working & trading & paying tax in the uk so your company car will be a benefit in kind assessed on you personally

    It does seem unlikely that your appointment will be hanging out of their office windows looking out for what car you arrive in and then telling reception not to allow you in because you turned up in an older car - I suspect they'll have better things to do and all they are interested in is if your product/service is worth their while

    By the way good luck
     
  14. Bas

    Bas Three Time F1 World Champ

    Mar 24, 2008
    31,489
    South Pacific
    Full Name:
    Bas
    ideally I'd get a 12 month lease as after that I'll be off to the states for a year. :)

    Thanks.

    I'll be begin in the UK but after about 2 months I'll be off to do the rest of Europe (its basically another way for ...certain women advertise their selves + other benefits). It allows me to base my business anywhere I like hence I chose the Bahamas (no corporation tax). As a foreigner I pay a maximum of 30K a year on income generated outside the UK so I have an address there as opposed to Holland.

    But it is what you say, it's more to do with how we do business than in what sort of car I roll up in. I'll probably purchase an E38 cash and go from there.

    thanks for the advice.
     

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