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What Is Asset Financing?

If you’re running a business and need to invest – for example, to replace old equipment – what can you do if you don’t have free capital to hand?
What if you’re simply looking to expand your business without overstretching and endangering your financial position? It’s possible that asset financing could provide a solution. Using asset finance essentially means taking out a loan to buy or lease assets needed for your business to thrive. Depending on the nature of your business, the assets concerned could be anything from basic office equipment to a fleet of cars or vans.

Many asset finance arrangements are hire purchase contracts which give you immediate access to assets that you only own outright after completing a series of payments, for example, over one or two years.
Others are straightforward leasing agreements with which you pay to rent the assets concerned but do not own them at the end of the term.
Businesses that already own assets but are struggling financially can also borrow against those items using asset refinancing while continuing to use them.

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How Does It Work?

How an asset finance contract works depends on the type of contract:

Hire purchase asset finance agreements generally last between 12 and 72 months. They involve you paying a deposit plus fixed monthly instalments for the agreed term, after which the assets are yours.

Leasing asset finance agreements involve the lender buying assets, such as agricultural or haulage equipment, and leasing them to you for a fixed monthly sum. You can therefore access the assets you need without visibly borrowing money or using up your capital.

Refinancing asset finance agreements are aimed at businesses that have already invested in equipment and now need to release some of the capital tied up in those assets. They involve the lender buying the equipment from you and leasing it back to you over a set period during which you make regular payments.

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Why Asset Financing?

  • You get access to the latest equipment
  • Most agreements come with fixed interest rates
  • As it is secured against the assets concerned, funding of this kind can prove easier to obtain than a bank loan
  • The fixed payments make it easy to manage your budget

The Benefits Of Asset Finance

  • If you can’t pay, you only lose the equipment – nothing else
  • The agreements can’t be cancelled as long as you keep up the payments
  • Leasing agreements may include equipment servicing and the option to replace or upgrade equipment at the end of the fixed term