Asset Finance & Asset Based Lending
Buy or lease equipment and/or vehicles for your business
If you want a Asset Finance & Asset Based Lending please fill in this form
Asset finance provides you with options for acquiring vehicles, equipment, phones, software etc for your business without having to pay for them in entirety up front, rather you can spread the payments out of period of up to 5 years. You can either buy the equipment outright or lease it as you prefer and there are many options available that we can assist you with. Asset finance can be arranged across a range of 'hard' (vehicles, machines, tools etc) and 'soft' (phone systems, software etc) assets and is flexible with both credit histories of the borrower and the financials of the business.
Why choose Asset Finance?
- Protect your business cash flow by spreading payments out over time
- Finance is secured on the asset to no extra collateral is required
- Interest rates are fixed and, unlike bank overdrafts, not repayable on demand
- This is an opportunity to diversify your finance base
Frequently Asked Questions
How much is available?
Almost any amount is available. From £1,000 up to £1,000,000.
Over how long can the finance be arranged?
Typically over 3 years but in some cases it can go to 5 years.
How quickly can it be arranged?
A decision in principle can be achieved in 24-48 hours with payout 3-5 days after that.
What rates are available?
This will depend on many circumstances such as the business credit score, business trading history, nature of asset and how much you want to borrow.
Are the repayments fixed?
Usually yes, so you know exactly what you need to pay for the term of the contract.
Do I have to be a LTD to apply?
No Asset Finance is available to sole traders and partnerships as well.
What kind of assets can be financed?
The majority of Asset Finance is new equipment, but it is also possible to refinance existing assets as long as they are still working and of merchantable quality.
Can I choose my own supplier of the asset or am I tied to one recommended by the finance company?
There are no restrictions here; you can choose to buy from whomever you like and we will arrange the finance.
Can I refinance equipment I already own?
Yes, subject to the age, condition and value of the equipment.
Can I keep the asset on my balance sheet?
Yes, there are asset finance options available where the asset is kept on your balance sheet while being financed.
Can I repay early?
Yes, depending on the lender, this can be possible.
Will you need to visit my business before approving the finance?
Not usually, unless you are borrowing a large amount of money.
If my business is a start-up, can i still get asset finance?
Yes, but you will need a strong business case behind you and the Directors/owners of the business will need to have good credit records and likely be home owners.
What is needed to apply
Applying for Asset Finance & Asset Based Lending is very easy. Below are listed the things you need in order to apply.
- Eligibility Criteria UK registered business with a good credit record. Start-ups will likely need a Personal Guarantee from a home-owning Director.
- Documents Required Financial accounts, management accounts and sometimes 3 months’ bank statements.
- Additional Comments Finance can be approved in principle within 24-48 hours and paid out within days after that.
One important consideration is whether you wish to buy the asset outright or lease it. If you choose to buy then you have the choice of either Hire Purchase or Contract Purchase. Lease finance options include Contract Hire, Finance Leases or Operating Leases. Each option has different tax and balance sheet treatments, so while we are happy to walk you through the finance options available, we recommend seeking advice from your accountant/finance function on which is most suitable for you.
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01494 410 125
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