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Asset finance
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Asset Finance allows businesses to acquire essential machinery, equipment, or vehicles without significant upfront costs.
It offers the following options:
Leasing Finance: Businesses lease the asset for a fixed term and makes regular payments, without owning the asset.
Hire Purchase (HP): This option enables a company to purchase an asset with agreed regular payments, with full ownership transferred upon completion of payments.
Refinance: If a company owns unencumbered or partially financed assets, lenders may provide financing based on their current value, less any outstanding finance – Refinance terms largely depend on age and residual value of the asset.
When it comes to Asset Finance, including vehicle solutions, a trading business should shop around for opportunity and cost benefits beyond your regular supplier to potentially make significant cost savings and risk reduction.
Here's what you should keep in mind:
Types of Assets - We have access to numerous lenders that specialise in different types of assets.
- Hard Assets – Machinery, Plant, Commercial Vehicles, and Construction Vehicles
- Soft Assets – Office Equipment and Furniture, IT Hardware and Software, Security Systems, and Property Fit Out
- Vehicle Solutions – Company Vans, Trucks / HGVs, and Passenger Cars
- New and Used Assets - Asset Finance can be used to finance both new and used assets. You have the flexibility to choose assets based on your budget and specific requirements
Flexible Terms
- Asset Finance offers flexible terms ranging from 2 to 7 years in Hire Purchase, Leasing and Re-finance products (Criteria apply to the age of used assets at the end of the finance term).
- Businesses can choose a repayment period that aligns with their budget, the expected lifespan and usage of the asset.
Case-by-Case Credit History - We have access to lenders who can consider applications for clients without a perfect credit history
The credit history of a business is considered when assessing Asset Finance applications. The credit history of the controlling persons within the business is also a factor.
Each case is evaluated individually, and businesses with less favourable credit histories may still be eligible for financing, albeit potentially on different terms.
Benefits of Investing in Assets
- Improving production efficiency and client service levels
- Expanding the range and quality of products or services offered
- Increasing turnover and profits
- Creating a competitive advantage, and enhancing customer experience
- Enabling business expansion
- Tax relief incentive on investment spend (‘Full Expensing’ capital allowance relief)
- Reduced cost of funding compared to unsecured business lending
- Assets leave other business security and guarantees intact
- Reducing long-term business costs
