Reply to: Car PCP through Ltd company - bad credit rating?

[Fred Bloggs]

how can you commit to a business lease with the new IR35 rules likely to come in the next budget?

LOL! Coz I iz a proppa bizniz..... init...........

[tarbera]

serious questions

how can you commit to a business lease with the new IR35 rules likely to come in the next budget?

[northernladyuk]

I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?

Thanks for all the great replies. It has reminded me why I never bother with message boards.

You clearly do sometimes bother.

[Scruff]

I have some zloty I can contribute.

My Zil has spare seats.

[SueEllen]

Kaiser has some spare money to give away. Maybe he can help.

I have some zloty I can contribute.

[Scruff]

Kaiser has some spare money to give away. Maybe he can help.

Keyser Söze?

[northernladuk]

He was hoping a good internet citizen would take pity and lend him the money.

Kaiser has some spare money to give away. Maybe he can help.

[Zylon]

Why, because you heard stuff you didnt want to hear?

He was hoping a good internet citizen would take pity and lend him the money.

[BrilloPad]

Why, because you heard stuff you didnt want to hear? If your co has a bad credit rating, that is down to one of three things; you have run it irresponsibly, you or another director have a poor credit rating or the company hasnt been trading long enough.

None of that is down to people responding to your post on a message board. Toodle pip!

Does that mean don't let the door slam your arse on the way out?

[washed up contractor]

Thanks for all the great replies. It has reminded me why I never bother with message boards.

Why, because you heard stuff you didnt want to hear? If your co has a bad credit rating, that is down to one of three things; you have run it irresponsibly, you or another director have a poor credit rating or the company hasnt been trading long enough.

None of that is down to people responding to your post on a message board. Toodle pip!

[eek]

Thanks for all the great replies. It has reminded me why I never bother with message boards.

And yours remind why I rarely reply to new posters as they usually don’t like the replies they receive

[Padge]

Thanks

Thanks for all the great replies. It has reminded me why I never bother with message boards.

[FrontEnder]

I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?

PCP stands for Personal Contract Purchase.

[WTFH]

How long as your company been running?
Who were you applying for the PCP through?

[washed up contractor]

I recently applied for a PCP deal on a new car through my Ltd company rather than personally (zero emission car, low BiK, seemed a good deal). The PCP was declined because the Ltd company has a bad Experian credit score. This is simply because of the way I (and most other contractors) operate. No assets or property, low balance at the end of every year, all profit taken as dividends etc.

Does anyone know of a way around this, or do you know of any finance companies offering car PCP for contractors?

Utter rubbish, the limited co application wasnt declined because of the way 'you' operate. It was declined because the limited co doesnt have a sufficient credit record history. This is most likely because the limited co is under 3 years old or you \ any other directors have a poor credit history (oh yes it can if directors have been naughty).