mattk
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Registered: 27th Feb 06
Location: St. Helens
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I was thinking the other day of how difficult it would be to offer finance on my services.
A full new heating system these days can be upwards of £3000 from me, British gas are getting away with charging £7000+ because they can offer 5 year finance
Anyone in the know as to how, if at all I could offer such a thing, even if its only a grand or something. I know its easy to do on a car as you can reposess it, but a heating system?  if you can do it with a kitchen then Im sure you could do it with a heating
Ive just not got a clue where to even start looking to be honest. Any help would be great
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James
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Registered: 1st Jun 02
Location: Surrey
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You would have to find a company to back the finance. For example Vauxhall use GMAC, so Vauxhall don't handle any of the financial side, it's all done through GMAC.
You would have to find a company like GMAC.
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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Its gonna be a cunt isnt it. pissed off with people having no money
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AndyKent
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Registered: 3rd Sep 05
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It would be some sort of insurance backed scheme, I'd be surprised if it would be worth all the hassle of setting up when its just you offering services.
If you had a load of employees under you however....
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Bonney
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Registered: 14th Nov 04
Location: St Helens
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Could try your bank, surely they have a partner finance scheme. Basically you get the money when job is done and they pay the bank, if they don't pay its the banks problem and not yours.
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MarkM
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Registered: 11th Apr 01
Location: Liverpool
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Hitachi Finance do this. The finance is between the customer and Hitachi. You will get the dosh though so no problem with repossessing if they don't pay. Hitachi chase the customer.
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ed
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Registered: 10th Sep 03
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There are plenty of companies out there who do this, so surely it's the sort of thing you'd just outsource to someone like Hitachi or Ikano, e.t.c?
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ed
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Registered: 10th Sep 03
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I guess most of these products are unsecured too so repossession on the actual hardware sold isn't appropriate.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
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I don't even think you have to outsource it. Not sure what hoops you'd have to jump through to offer credit yourself though.
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VrsTurbo
Premium Member
Registered: 8th Jun 10
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quote:
Originally posted by Gary
I don't even think you have to outsource it. Not sure what hoops you'd have to jump through to offer credit yourself though.
PITA and you'd need some capital behind you.
Say you only have 20k in your business account that's 5 installs and then you have to wait 3-5years to get the return back and in the mean time your account is looking pretty sorry for its self.
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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A lot of solicitors have free advice sessions one evening a week / month. Find your local one and ask them for the ins and outs, and go from there.
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baza31
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Registered: 19th Apr 03
Location: yorkshire
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I can't see them backing you tbh . They will be a million folk wanting the same. I'd imagine you would have to be a well established company with very good figures . They will defiantly want a guarantee for their money
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