You may need finance to grow your business – to purchase vehicles, move to better premises, launch an innovative product or enter a new market.
Use our blog series to understand your funding options and the advantages and disadvantages of each method.
Part 3: Asset Finance
Asset Finance is a well-established, flexible method of financing the purchase or rental of assets such as machinery and vehicles.
It is available to new and existing businesses with any legal structure, and is also known as Machinery Finance, Equipment Finance, Hire Purchase, Operating Lease, Finance Lease, Refinance or Contract Hire.
The amount financed can be from £1,000 – £10M for 1-7 years, depending on the usable life of the asset.
Usually an asset finance provider buys the equipment and the business leases or rents it, making regular payments for an agreed term. The financier insures and maintains the asset over its lifespan.
The amount needed, security type and business track record will influence the term, conditions, interest rate, fees, and which Asset Finance provider can assist.
It is usually important the business demonstrates it can afford the regular payments.
Consult an Adviser to check which Asset Finance option is best for your business situation and the tax implications.
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