It’ll mostly go in care home fees and whatever’s left after lawyers and tax the kids will ■■■■■ on a foreign holiday.
Own Account Driver:
It’ll mostly go in care home fees and whatever’s left after lawyers and tax the kids will ■■■■■ on a foreign holiday.
Go buy a truck cash then 
Where do the Lawyers come into it 
BTW,
I’ll have my ISA kitty well spent before I need the services of a care home 
Big Truck, you are one of the more financial savvy on here. Your post has probably gone over the heads of most of them. Reminds of that question; what would you rather have,£1000 a day for 30 days or a penny a day, but the penny is doubled every day for the same period.
Cash…be careful spending it - how can any legitimate person (I’m not doubting you for one minute…) have that amount of cash available??
Big Truck:
Own Account Driver:
It’ll mostly go in care home fees and whatever’s left after lawyers and tax the kids will ■■■■■ on a foreign holiday.Go buy a truck cash then
Where do the Lawyers come into it
BTW,
I’ll have my ISA kitty well spent before I need the services of a care home
I’ve always bought trucks outright.
Lawyers to deal with the estate.
Even if you do spend it chances are you’ll just be another grey haired couple with a shiny motorhome. Don’t have a lot of time for the shiny Scania v8 mob but more than the retirement shiny motorhome lot.
Own Account Driver:
Big Truck:
Own Account Driver:
It’ll mostly go in care home fees and whatever’s left after lawyers and tax the kids will ■■■■■ on a foreign holiday.Go buy a truck cash then
Where do the Lawyers come into it
BTW,
I’ll have my ISA kitty well spent before I need the services of a care homeI’ve always bought trucks outright.
Lawyers to deal with the estate.
Even if you do spend it chances are you’ll just be another grey haired couple with a shiny motorhome. Don’t have a lot of time for the shiny Scania v8 mob but more than the retirement shiny motorhome lot.
I won’t need any Lawyers,
the boys/wife will be left the house in my will and the rest I’m gonna spend
No shiny Motorhome but PLENTY of looooooong Winter holidays in the sunshine of Florida/OZ/NZ and Canary Islands will be in order 
Use as much cash as viable to reduce your requirement for finance. It may sound odd coming from a person who arranges finance, but it is the best solution.
Finance rates vary from lender to lender, and usually the rate takes into account various factors such as the level of security offered, credit profile etc. Its basically called rate for risk. If you decide to obtain finance, the larger deposit you put down the better in reality.
There are advantages to using finance, such as freeing up potential working capital etc, and if managed correctly it is a useful tool.
If you buy it out right and then approach a sale & lease back i.e Lombards they will offer approx. 4% STS, upto about 50% value then the rate starts going up.
Personally I would look at taking the money out of the business paying your dividend on it then loaning to the business. That’s what we have nearly always done accountants advice years ago.
Do not use cash,pay deposit on credit card and then repay the card as soon as possible after deal is done,you can then get a full refund from credit card for cost of repairs or replacement and they don,t want the vehicle back either.use finance for rest as you can claim interest back against your tax bill .
shirtbox2003:
Do not use cash,pay deposit on credit card and then repay the card as soon as possible after deal is done,you can then get a full refund from credit card for cost of repairs or replacement and they don,t want the vehicle back either.use finance for rest as you can claim interest back against your tax bill .
This is by far the best option.
You may pay interest on the lease but the tax you can offset against the lease payments far out weighs the interest.
No brainer.
A fully maintained lease is the way forward. That way you know exactly what you are paying each month with no unexpected bills and can keep the cash in the bank as reserve as you never know what might be around the corner.
^ ^ ^ Although more expensive makes budgeting very easy and no nasty surprises.
Harry Monk:
Well, it’s worth pointing out that a £20,000 truck will end up costing over £30,000 if you finance it over four years, personally I’d say to use the cash if you have it as it won’t earn more than a couple of hundred quid a year in interest sat in the bank.
Different ways of looking at it Harry. I appreciate many would feel comfortable with no monthly payments.
£20k should not be sitting in a bank but in some form of investment portfolio where it should make at least 5%
£20k would be a 25% dippy on a BTL mortgage on an 80k house in the North. After payments, letting agent, etc. should net £250-300 a month. Yours! In 10 yrs that’s 25 - 30,000 + history says house will have increased in value somewhat. What will a truck be worth after 10 years?
Finance the truck & the payments are a legitimate business expenditure settable against income tax.
As to where to buy, personally I’d say to try to buy one from an owner rather than a dealer. Firstly he’ll know far more about his truck than a dealer will, secondly you’ll cut out the dealer’s margin and thirdly if the truck is a lemon the seller would be far less likely to want to sell it privately.
Sadly that didn’t apply to a chap named Alan Tresize back in 1999 who sold me a Scania 112 with “work”, a knackered radiator, leaking tag axle valve, sticky range change relay, and 6 very worn brakes.
The “work” turned out to be not the job the truck had actually been on (HPH bog rolls) but some other crap paying take the pi55 rated work where they expected you to work 23 hrs a day.
If only I had had the collective knowledge & often very helpful input of members of Trucknet back then as you did when you started.