Finance

[foxy1884]

My ‘go to’ person at a well known finance company has left and I don’t get the right feel with them now. Can any of you out there suggest a good company that has provided that supportive feeling to making such a significant purchase?

 

[Minxy]

What is it you're looking to 'finance'?

 

[foxy1884]

New Campervan if it ever arrives?

 

[Minxy]

First is do NOT finance it via the dealer as these loans are 'fixed' to the camper itself so if you want to change it in the future and still owe money you'll end up having to settle that and then take out another loan, meaning paying interest on interest plus settlement fees. One of the cheapest ways to finance it is by taking an advance on your home's mortgage (yes really!) or getting a mortgage if you haven't got one, then look at a secured loan against your home; unsecured loans for large amounts would be expensive and likely to be refused.

You can also look at 0% interest credit cards for smaller amounts, either transfer or purchase, but many dealers won't allow large amounts to be paid that way. There are also money transfer cards which may have 0% interest but a transfer fee which could work out cheaper than a loan so you could use that money to pay 'cash' to the dealer, but again the amount is likely to be smallish, but every little helps!

PS: I'm not a financial adviser, it's just my experience of buying stuff over many, many years.

 

[foxy1884]

Thanks - I’ve got that far and know the pitfalls also, I’ve just a need for a good, reliable company

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[The Wino]

We never borrow to buy a vehicle as I see them all usually as likely to be depreciating assets and don't fancy being in effect in negative equity. But I know that's a personal choice. I think as Minxy has said I'd look at things like upping the mortgage. One thing id definitely steer clear of with a motorhome is leasing as the residual value is likely to be a fair bit higher than a car at the end of the lease. I think any vehicle finance person could appear pretty good and give you the right "feel" but really all they're probably interested in is their comission.

 

[foxy1884]

I’m just asking if anyone can recommend a company !!!

 

[The Wino]

I’m just asking if anyone can recommend a company !!!

If you go down the pension route I can recommend our financial adviser he's sorted out mortgages for both our kids last year at a better rate than either of them were offered elsewhere. Let me know if you want his details don't know if he deals with vehicle finance.

 

[Aireworth]

I financed a few vehicles and plenty of other kit through Braemar Finance. I think they're part of Chase now. Good to deal with but I was in business and they specialised in the medical professions, as I recall.

 

[The Wino]

I financed a few vehicles and plenty of other kit through Braemar Finance. I think they're part of Chase now. Good to deal with but I was in business and they specialised in the medical professions, as I recall.

We financed a lot of business equipment and think some of it might have been through them. We had a good broker who somehow managed to arrange a lease but where you could sell to a third party you knew at a nominal cost.

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[Minxy]

I've always sorted out my own finances, only ever talking to brokers for insurance.

As I've never used a financial advisor/company I'm intrigued as to what a they can offer that you can't find yourself by researching via the web, comparison sites etc? If you end up paying commission doesn't that negate anything that they might offer that's better (assuming they can). Am I missing out on something?

 

[The Wino]

I've always sorted out my own finances, only ever talking to brokers for insurance.

As I've never used a financial advisor/company I'm intrigued as to what a they can offer that you can't find yourself by researching via the web, comparison sites etc? If you end up paying commission doesn't that negate anything that they might offer that's better (assuming they can). Am I missing out on something?

It took me years to find a financial adviser that I didn't feel had his hand in my wallet before we had finished talking. In our kids case neither were straightforward mortgage applications one just changed jobs and the house was bought at auction needing a lot of work the other her other half just changed job. In both cases the financial adviser waived his fee because the mortgage providers commission covered it the rate was better than they were offered by other lenders.

The other things he helped with was planning our retirement finances. He was able to plan income from our investment properties and other investments the state pension from when we reach that age and other investments income given an assumption of interest rates. We then looked at our required drawings put in a figure for inflation and had a prediction for how our pot will change over the years to a suggested age of 100. It is of course all subject to guesswork and change but was pretty smart in showing which money to spend first ( I hadn't realised that private pensions not touched are excempt from IHT) and I had tried to do a similar spreadsheet myself but the " if cash balance gets below x sell a property then reduce rental by y " was too hard for my limited spreadsheet skills. He charged us nothing for doing it as he wanted to try out the software ( and his wife used to work for us).
Each year as we've been semi retired hes taken care of me investing my part time income in a pension.
If your finances are pretty straightforward I think you can do most if not all of it yourself but ours aren't!