Loans - Whats the best available?

[Mudgey]

Hi,

I am looking for around a 15k loan to help get my business growing quicker. I am now at a point where I can buy direct from manufacturer instead of buying from distributors, unfortunately the MOQ's are around 5x the usual amounts I am used to buying. I have got some prices and the item's seem to be around 66% of what I am used to paying so that should bring my total unit cost to what it used to be a year ago before all the price inflation!

The money is only going to be used to buy stock, but with the advantage of being able to produce the final product cheaper and with being VAT registered I can sell to distributors and hopefully continue the growth I have experienced this year.

Whats the best loan interest rate going?

Is there such a thing as non fixed rate repayments? Some months I may be able to only pay off £500, and others I could pay £3-4k out of the profits as it all depends on what needs purchasing that month.

Regards

 

Depending on your product / market, you might find that factoring/ID offers the flexibility you need.

First & foremost (as with anything you buy), don't fixate on costor APR first - look at what your returns will be and whether the facility works for you.

You can negotiate rate once you have established what your options are.

 

[Billmccallum]

If your business is going well there should be no problem getting your bank to lend the cash, even if its only an overdraft facility.