This 3D printing company required a new director’s vehicle and required our help with funding in line with their specific requirements.
The Challenge
The 3D printing company were looking for a new electric director’s vehicle and required our help to fit their specific needs. They wanted an approval with a maximum 20% deposit, despite the asset requiring a 30% deposit due to it being an electric car. This made securing the funding for the vehicle slightly more challenging and we would need to find a solution that met both the customer and lenders requirements. Electric cars usually require a higher deposit amount due to them not holding their value and depreciating relatively quickly.
The Highlights
Moorgate Finance were able to finance £100,000 for the Lotus as a lease with a VAT only deposit. This meant we were able to achieve the customer’s requirement of a maximum 20% deposit. In order to cover the remaining 10% of the deposit required by the lender, the first six months of the lend were inflated. This allowed the business to avoid a larger upfront payment but still keep the lenders deposit requirement.
Additionally, we were able to obtain the approval for the Lotus quickly, and documents were signed in person, allowing the deal to be taken over the line as smoothly as possible. This deal allowed the customer to purchase a vehicle that aligned with their green initiative, whilst easing the impact on their cash flow by reducing the usual required deposit amount.
The Highlights
✅£100,000 hire purchase for a Lotus Emeya for a 3D printing company
✅ We were able to secure a 20% deposit, with the first 6 months of the lend inflated to cover the remaining 10% of the initial required deposit
✅ The deal allowed the customer to purchase a Lotus Emeya, which was a car that aligned with their green initiative and reduce the impact on their cash flow
Give us a call on 01908 92 62 62 or head to www.moorgatefinance.com/apply-now to start the conversation.