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CM'S conclusion on how we were treated
Page 61
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Dealing with general loan companies seems much more straightforward than asset finance firms because they don't care if you're a new business, don't seek to influence what you spend the money on and couldn't care less about your business plan. They also don't care about deposits and don't slap a fee on what they do.
On the downside, of course, it's your home you're risking if things go pearshaped and two of the three we approached offer only longer-term deals so you'll end up paying more in interest Of the three general loan firms we spoke tc, there was very little to choose between them in terms of service but Freedom Finance stands out as being the only one to offer a three-year term and with it a total cost around three grand less than the others. If you want to keep the loan secured against the asset, an asset finance deal is the only option. The only problem is that they're generally reluctant to extend a deal beyond four years for a vehicle.
Of the three asset finance specialists we spoke to, Lombard stood out both in the service it provided and the costs, the total variable rate cost corning to £33,667over three grand less than the next nearest asset finance offering.
Even is fixed-rate offering compared well. It was also the only one of the three wiling to offer us both three and five-year deals and for this, as well as its overall knowledge, competence and competitiveness, Lombard is CM's overall first choice.