Access new funds using your existing assets.
Asset finance enables companies to use the assets on their balance sheets to borrow money or get a loan to fund new equipment.
It's a flexible and highly cost-effective option for any business that wants to invest in new machinery, without putting unnecessary pressure on its cash flow.
If you have valuable assets within your business, and you don't want to apply for a traditional business loan in order to raise money to fund your growth, you will benefit from securing asset finance. It's a fast, convenient way to access more capital without having to prepare the business plans and financial projections that lenders will typically want to see as part of a standard loan application.
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Our brokers can help you source asset finance under the following types of agreements:
A hire purchase enables you to acquire new assets without making a large payment upfront. Borrow money using a hire purchase agreement, and you will have access to your goods throughout the course of the contract but will not own them in full until you have paid the total balance (plus the Option to Purchase fee). There are not many restrictions on who can take out a hire purchase agreement; you'll usually just need to prove that your business has a healthy credit score and will be capable of making the rental payments.
Under a finance leasing contract, you will have the right to use your items in return for regular payments. At the end of your finance lease, you can either hand the goods back and decide to upgrade to newer equipment or extend the lease period.
A finance lease is a type of full pay-out agreement, which means that the total paid will include the capital cost of the equipment, plus any interest accrued. Expenses will be higher at the start of a finance lease, then decrease over time.
As the lessee, you will be responsible for maintaining the assets throughout the contract period. On the upside, you have the option to take or leave them at the end of your contract, depending on your company's needs at the time.
Under this typically shorter-term agreement, your goods will be returned to the lender at the end of the contract term (unless you choose to extend the terms of the lease). They will remain in the ownership of the lessor, and you won't have the opportunity to purchase them.
Operating lease contracts are a brilliant option for companies that want to make good use of equipment for a certain amount of time to fulfil an operational requirement, then offload it without worrying about replacement or disposal costs.
