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
Can I repay asset finance early?
The ability to repay early depends on the lender, but in most cases, there may be little to no financial benefit in settling an asset finance agreement ahead of schedule as you will not save on interest. Always check the terms with your lender to understand any potential charges or savings.
How much can I borrow with Asset Finance?
Asset finance is available from £10,000 to £2.5m. You can typically borrow up to 100% of the value of the new asset you wish to purchase, depending on your business’s financial profile, the type of asset and it’s value.
Will I need to provide a Personal Guarantee?
In some instances, a personal guarantee may be required, typically if there are concerns with your application, such as issues with personal or business credit, affordability, asset type, or the length of time your business has been trading.
How long are the repayment terms?
Repayment terms usually range from 1 to 8 years, depending on the type and age of the asset, and your business’s requirements.
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?
Asset Finance is flexible and can be used to finance a wide range of 'hard' assets (vehicles, plant and machinery, heavy equipment etc) and 'soft' assets (phone systems, software, furniture etc). Even assets such as solar panels, lodges, storage containers and cattle can be funded using asset finance..
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.
Do I own the asset?
If you choose a hire purchase agreement, you’ll own the asset once all payments are made. In a leasing agreement, the asset is typically returned at the end of the term, although you may have the option to buy it.
Can I finance multiple new assets?
Yes, you can finance multiple new assets in one agreement, allowing you to acquire everything your business needs in a single, manageable contract.
If my business is a start-up, can i still get asset finance?
Yes, start-ups may also qualify for Asset Finance if they have strong personal credit and net worth. Some lenders may also require a larger deposit and a personal guarantee.
How quickly can I access the funding?
Can I apply if I have bad credit?
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.
Contact Us Today
To discuss your finance options with one of our team
Enquire Online
Fill out our simple form to have a member of the team contact you
01494 410 125
Call today to discuss your finance options with a member of the team