ChatterBank2 mins ago
Comercial finance ?
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As you are selling 'training' it is not an asset, so both HP and Lease will be out. The only sensible way would be by loan.
For a finance company to do this sort of thing, they would want an APR in the region of 20%+ which will make you look expensive.
There is also the issue of cancellation periods if this is to non limited companies - it would be classed as a DCS agreement (Debtor - Creditor - Supplier).
Again, if not fealing exclusively with limited comapnies, the agreements would be regulated by the Consumer Credit Act, and you will also need a Consumer Credit Licence - these you get from the Offfice of Fair Trading - it costs around �250 and lasts for 5 years.
Post back if you have any queries.
yes we are a limited Co, we only offer training to consumers, they often pay for training 8 weeks before they train and cancelations are very rare - we were hoping for 6 months no repayment option and spread over 48 months we want to make it as low repayment as possible even if apr is high. I think the other issue is we might have to take payment on the day we offer training
It is not something that a lot of finance companies will want to do - you can try seaching for Paragon, Black Horse, V12finance
http://www.paragon-retail.co.uk/
I know nothing about hese companies other than the fact that they may do what you want. The fact that you are a new business may well go against you.
If you need any more info, you can also try www.allianceandgeneral.com
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