# how did you fund the purchase of your horsebox?



## goneshowjumping (29 April 2010)

i am buying a lorry (3.5 ton) really want to go for something virtually new, just wondered how all you peeps have funded yours, did you get finance from the lorry company and how smooth did this go or did you get a loan from elsewhere?
please dont take offence to this post, as i suppose it is quite a personal question, i just dont know which way to go on this, whether to do finance from the lorry company (i have no idea who i am buying off yet) or whether to approach the bank or a loan company.
thanks in advance.


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## JVB (29 April 2010)

When I bought my 4x4 and trailer I used bonus from work and small loan, personally if it were me I would shop around for a loan if you're going to get one, look for best interest rates and also, look at repayment.

With my bank I was able to pay off loan early and avoid some interest, wheras years ago with another loan I had to pay full amount of interest regardless of how early I paid it off in full.

Don't be conned into rubbish interest rates which sound like low monthly payments, need to look at total amount payable in the end.


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## Holly831 (29 April 2010)

Well I tried selling my body (that got me 50p..) sorry only kidding!

I sold my trailer for the deposit and then talked nicely to my bank manager for an unsecured loan over 3 years - I just wanted it paying for and this worked for me. In the end I managed to clear the loan in 18 months


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## goneshowjumping (29 April 2010)

haha, well selling my body has been a thought, but i dont think ide raise enough to even buy a wing mirror or windscreen wiper!! 
i will take the advice of shopping around, but obviously need to keep my payments as low as poss, and would ideally like to pay it off asap.
im rebuilding my credit rating at mo (due to a lovely ex who left me in the ****!!!) so when it comes to APR i seem to have to take the higher rates! :-(
maybe i need to get a large deposit and then go from there?


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## martlin (29 April 2010)

goneshowjumping said:



			i am buying a lorry (3.5 ton) really want to go for something virtually new, just wondered how all you peeps have funded yours, did you get finance from the lorry company and how smooth did this go or did you get a loan from elsewhere?
please dont take offence to this post, as i suppose it is quite a personal question, i just dont know which way to go on this, whether to do finance from the lorry company (i have no idea who i am buying off yet) or whether to approach the bank or a loan company.
thanks in advance.
		
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I would shop around, depends on your circumstances... The finance from lorry companies will be the easiest to arrange, but not necessarily the best deal. Several banks to 'asset finance', but I suppose that is for business purchases... then again, it's a van, so should get a standard car finance from any bank as well. If all else fails, either an unsecured bank loan or credit card with some sort of deal on 0% or similar - that would give you flexibility in paying off.
I'm planning to win the lottery on Saturday as with 2 mortgages and several asset finance deals to my name, nobody in their right mind would lend me any money...


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## goneshowjumping (29 April 2010)

martlin said:



			I would shop around, depends on your circumstances... The finance from lorry companies will be the easiest to arrange, but not necessarily the best deal. Several banks to 'asset finance', but I suppose that is for business purchases... then again, it's a van, so should get a standard car finance from any bank as well. If all else fails, either an unsecured bank loan or credit card with some sort of deal on 0% or similar - that would give you flexibility in paying off.
I'm planning to win the lottery on Saturday as with 2 mortgages and several asset finance deals to my name, nobody in their right mind would lend me any money...

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yes i also plan to win on saturday so you and me will be sharing the prize find ;-)
i am really the same when it comes to finance as you, as my ex left me in a mess (which i am sorting out!) its hard to get a good deal!


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## martlin (29 April 2010)

goneshowjumping said:



			yes i also plan to win on saturday so you and me will be sharing the prize find ;-)
i am really the same when it comes to finance as you, as my ex left me in a mess (which i am sorting out!) its hard to get a good deal!
		
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Another thought, I don't remember which company it was, but at a show last year I had a look at their lorry - it wasn't bad at all and they do hire purchase deals which sounded good value... they're somewhere Linc/Yorks area... Heckington show it was...


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## goneshowjumping (29 April 2010)

martlin said:



			Another thought, I don't remember which company it was, but at a show last year I had a look at their lorry - it wasn't bad at all and they do hire purchase deals which sounded good value... they're somewhere Linc/Yorks area... Heckington show it was...
		
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im going to sound dumb now, but what is hire purchase? do i not have to be a business to qualify for that? (which i am not a business unfortunatley!)


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## ladyt25 (29 April 2010)

Well, we bought a new one last year and my parents extended their mortgage to cover it (it wasn't a vastly expensive wagon though <£15K) and we pay it off between 4 of us (me, sister and parents) monthly.

I would shop around for loans - you can do quick comparisons on line - or go to your bank if you have been with them a long time as they may be able to offer you preferential rates.

I wouldn't really get a finance agreement with the lorry vendor as they can have very high APRs on so you end up paying a fortune and i am thinking, if you are wanting a newish 3.5T you're looing around £15K-£20K? We were quoted a monthly amount when we went shopping firstly for a 3.5T last year - the finance arrangement with the company selling the boxes was extortionate. You want to know the APR and the flat rate if you do go down the lorry seller finance route. Sometimes, like with car garages, they may be able to offer you as competitive a deal as a loan but I think it'll be quite unlikely.


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## goneshowjumping (29 April 2010)

thanks ladyt25, the more and more i look into it, the more daunting this all gets! im not in a position to up a mortgage, so thats out of the window!
i think i will continue to do some loan comparasions and try and get the best rate possible with my circumstances!
this lorry buying business is a nightmare!


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## Mithras (29 April 2010)

I sold a horse to buy my lorry  :-(  Realised I needed one to compete and further my showjumping and that this horse, while good at her level, wasn't going to go any further.  I also sold my trailer and towing car and took on some extra consultancy work.  It took me a year and a half to save up and organise but I'm pleased to say I paid cash and was able to specify exactly what I wanted.  I also bought the chassis myself and arranged for a company to convert it.  I ended up paying 15.5k for something thats probably worth 22k.


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## Dubsie (29 April 2010)

Depending on your intended frequency of use, would it also be worth looking at hiring - is there a local co near you, you could book in advance and hire just for the days/weekends/weeks you needed? How would that compare? (taking into account insurance, maintenance of the bought one too)


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## goneshowjumping (29 April 2010)

Dubsie said:



			Depending on your intended frequency of use, would it also be worth looking at hiring - is there a local co near you, you could book in advance and hire just for the days/weekends/weeks you needed? How would that compare? (taking into account insurance, maintenance of the bought one too)
		
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no hiring would cost me a fortune, we have a local company that hires out 3.5ton, i hired one to pick my boy up, but as its £99 a day for weekday hire and I would want to go out a minimum of twice a week really, so i think it would work out too expensive to hire.

i think im going to have to sort out a loan or save, save, save, save! im just getting frustrated at not getting out!


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## happihorse (29 April 2010)

I paid for my new 3.5 ton lorry with savings and the money I got when I sold my 4x4 and trailer.

However, I would not go with finance from the company you buy the vehicle off because you are likely to get a much better deal on a load from a bank.


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## martlin (29 April 2010)

goneshowjumping said:



			im going to sound dumb now, but what is hire purchase? do i not have to be a business to qualify for that? (which i am not a business unfortunatley!)
		
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I'm really rubbish at explaining this but generally you get a deal for 3 years where you pay a lesser amount a month and at the end of the deal you either make a 'balloon' payment to own a vehicle outright or hand it to finance company to exchange for a new one


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## Jellibean (29 April 2010)

I am in exactly the same position as you are.  I have 4 horses at the minute so I am planning on selling my mare (really don't want to) but think if I sell her, my 4x4 and trailer i'll have enough to buy myself a nice 7.5t and a wee car.  The money I save on insurance/tax/etc on my 4x4 will pay for the upkeep of my lorry.

That's the plan anyway.  Also think my Dad might feel a bit sorry for me and help me out.  That's what parents are for!!!

Good luck!


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## goneshowjumping (29 April 2010)

thanks martlin, that sounds pretty good, but scary in a way! ill google it and see how it works.

and yes parents are there to help you out....maybe i need to butter my parents up, yes i think ive gone around this all wrong!! im dialling my dads phone now as we speak!! lol


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## Tempi (29 April 2010)

I havent read the replies, but we got a loan to pay for ours.  Finance generally has a higher APR, you can get better deals with loans.


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## bigfathen (29 April 2010)

Just thought I'd point out that if you get a loan from the bank and use the money to buy a lorry you'll own it from the day you pay them the loan money. If you end up buying on hire purchase, I think that you don't actually own it until you've made the final payment at the end of the e.g. 3 year period. This means that if you have any problems paying back the loan (and therefore miss some payments, under hire purchase, it's much easier for them to come and take the lorry off you. It would take a long time before a bank would be able to do that I think.

Anyway good luck


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## ladyt25 (29 April 2010)

I got a good consolidation loan from Halifax and also in the past got a very low rate loan via Cahoot when I wanted to buy a car. The thing is to shop about, try Tescos, Sainburys', The Co-op (they do some pretty good loans), post office, everything!!! You do the research you'll get a loan you want.

Also remember you can try consolidate it/pay it off with a better rate loan later on should interest rates change.

I don't supposed you're in a position to get a credit card with that amount on it as, if you ould get one of those that was 0% for 12-13 mths that that'd be great! I don't think there's so many of those deals about now though and not for the sort of amount you'd need for a horsebox. Shame! lol


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## joseyjo88 (29 April 2010)

Im Currently having one built, the key is to be realsitic in what you can afford, i have looked around for about six months, and gone for a part conversion, safe and ready to use, but it will be white, and the tack area an empty shell for me to complete. 
I am paying 7500 for this, on an 02 chassis.
I have got a loan out from Lloyds for the full amount, i was going to borrow 7 k but the APR dropped from 19% to 13% if i had 7500, working out cheaper. i am paying £200 a month over 4 years, buit can pay off sooner if i wish, and only pay interest on the time i borrow the money for.


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## goneshowjumping (30 April 2010)

That sounds a very good deal joseyjo88.
can i ask where you are getting your lorry done? as thats a very good price!


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## royal (30 April 2010)

Hi,
Firstly this isn't meant to be personal, but I'm sort of in the same boat, so thought I'd give you some info just in case you weren't aware.

do you know exactly what is wrong with your credit file which your ex has left you with? If you have just late payments, you probably won't be penalised an awful lot by loan companies etc...if there are ccj's or defaults, you will really struggle to get any kind of loan, HP or credit card, certainly from main stream anyway. Any kind of sub prime HP you may be able to get would probably be anywhere from 19.9 to 40% APR...ccj's and defaults stay on your credit file for 6 years (isn't that lovely!). The credit reference agencies don't care why the problems were caused ie: illness, injury, ex's...which is a pain in the a**e!

Avoid applying for loans/hp/cc's etc one after the other as any searches will show on your file and will penalise you further...(they are recorded for a year on your file).

It really is a nightmare, If I were you, I would get a copy of your credit file and see what your ex has damaged on it, then you can make a better decision about which way to go...

Hope that helps...


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## Doncella (30 April 2010)

Many years ago I had a bonus from work, I bought a horse for £450, two years ago I sold him for £12500.
He funded the brand new Ivor Williams 2.5 ton body for my flatbed.  I think of him every day and hope he is well.
Thank you Spyder.


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## goneshowjumping (30 April 2010)

thanks royal, i do need to sit down and find out what damage he did, your right. i know of most things but as things were in joint names i suppose i need to find out what he screwed me on in the end!
ill get to it and get a credit report from experian and go from there. 
thank you all for your help, and its really opened my eyes into the world of finance and boxes! 
i do think after lots of thinking though ive decided to go for a bigger box (which means ive gotta take my test first!)
thank you all again though x


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## scribble (30 April 2010)

just a quick help for those with bad credit as we had this  while back with my partner and his ex. What you can do if the bad credits etc are not your fault is put a note on your credit file which then banks can see etc which explins things.  sometimes helps.  dont apply for loads of loans etc in a row, if you know you need one then wait until yiou need it and do prelim searches without doing a full application.  Dont have lots of maxed out credit cards.   also if you have cards you dont use cancel them.  they also look at available credit even if you dont owe anything.


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## Sheri (1 May 2010)

I sold my car get to fund my little lorry, I was lucky enough to have old run around also so I sold the nice car to kept the shed! lol

My friend doesn't have a lorry and she is my endurance partner so she goes halfs with me on the tax and then we share the diesel - is there anyone you could go into shares with?

We are currently thinking of selling mine and going completely half each on a newer model 

If this isn't an option I def go with a bank loan rather than Hire purchase/finance the rates are much better and your not tied to the lorry then if you do need to sell it you can and just pay the loan off where as with finance you cant sell it until you've totally paid it off as you simply don't own it until then.


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## Spottyappy (1 May 2010)

goneshowjumoing- as Royal said, get the credit report etc, but unless you still have any joint debts/accounts/assets etc, you need to actually separate your financial files, which you can do by applying to equifax/experian should you find he is still linked to you.
I used savings (£6500) for the bulk of my purchase, but topped it up with a £3000  loan as well, which has a fab 5% rate as I work for the bank
Here's the guy who built mine for  that price, last year 
http://www.cwequinesolutions.co.uk/gallery1.htm
And, infact my box is the one in gallery 1. He is painted yellow and purple though! Think the builder was a bit shocked by my colour choice which is why he hasn't put the finished box on the website!! The build is fantastic quality,and  very safe and stable. It doesn't rock at all when you are travelling.
Remember to negociate any price you are initially quoted- downwards of course!!


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## Sheri (25 May 2010)

Sold my beloved show car and bought a banger to run around in!

Waited 15 years to get it and love it so!!


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## Scheherezade (25 May 2010)

Only buy things that we have the money for (apart from a mortgage, of course!) which means that we have savings, and can sell things to save up for other things we want. I think my OH would murder me if I got us into debt :S my mother had a massive problem with debt and credit when I was growing up, so I promised myself at 10 that I'd go without to keep myself out of her situation.

Can you make a 3 year plan to build up the money- sell/downsize assets, open an ISA?


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## goneshowjumping (25 May 2010)

ive had previous loans and always paid them off in full and on time, im not in debt as such (when marriages/partnerships break down there is normally some bills that get left to one or the other person, and in my case it was me.) something like a car or lorry is a big spend and to be honest i wish i could wait 3 years to get a lorry, but i need it now!
i uderstand what your saying though, and i do not and wont ahve credit cards, or anything like that as i just know ide go mad!


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