Van Finance for a Sole Trader Plumber Starting His Own Business
£28,000 · 3 years · 8.25% fixed. A plumber with ten years of trade experience was leaving employment to set up his own business.
The Client
Plumber with ten years of trade experience
The Challenge
A plumber with ten years of trade experience was leaving employment to set up his own business. His first requirement was a reliable Transporter-style van. As a sole trader with no business trading history, standard van finance required a personal credit assessment. His personal credit file was clean but thin - limited credit history.
Our Solution
Doulton placed the hire purchase with a specialist sole trader vehicle lender assessing the application primarily on personal income (evidenced by twelve months of payslips from his employed role) and personal credit quality. The van was the primary security. A small deposit was required to reduce the lender's LTV.
The Outcome
Van purchased and business launched. The plumber won his first three contracts within a fortnight of starting. By month six he was booked four weeks ahead. The HP is being serviced comfortably from business income. Key highlights: Sole trader start-up - employed income history used; Clean personal credit file - thin history accepted; Business booked 4 weeks ahead by month six - HP serviced comfortably.