asset finance commercial

Asset finance

Commercial finance for purchasing machinery, equipment, cars, vans, etc

For many companies asset finance is the best way to grow without impacting on daily cashflow. Put simple business asset finance can allow your company to purchase vital equipment, machinery, vehicles, software, hardware, etc without having to shell out large sums in one hit. The ability to spread the cost of expensive items over periods of up to 5 years can allow a business to flourish without a very noticeable impact on the day to day finances.

Asset finance is very flexible and can be based on the credit history of the business, or if it is a young business or start-up, the credit history of the owners/directors can be used.

Why opt for asset finance?

  • Predict cashflow easier

You asset finance will be repaid via a monthly payment, this amount should not change, so you can more accurately predict you monthly cash-flow, giving you a clear picture about how your business is doing. And also helping to assess if the asset purchase has been productive.

  • No collateral

The asset finance is secured again the asset itself, so no need to worry about offering personal collateral as part of the finance deal.

  • Fixed interest rate

The internet rate on your asset fiancée will be agreed at the start and will not charge for the period of your repayments, agains helping with cash flow predictions. 

  • Free up your finances

By utilising asset finance you can free up money within your business, allowing you to make investments or alternative high cost purchases without missing out on purchasing much needed new assets.

Asset finance FAQ

What type of assets can I finance?

Most high cost items that are used in business can be purchased using asset finance.

Vehicles, be it for adding cars to company fleets, purchasing vans for commercial purposes, or specialist vehicles such as cherry pickers or logistics vehicles.

Machinery and equipment. This could be specialist machinery that is directly related to your core business, or general equipment such as computers, printers, etc.

 

What cost assets can asset finance be applied to?

There really isn’t a limit, our lenders will assess each application and approve it based on realistic prospects, but you are free to finance items from £1,000 up to £10,000,000.

What are the repayment periods on asset finance?

The usual repayment term is 3 years (36 months), but longer terms can be arrange, with up to 5 years (60 months) possible.

 

How quickly can asset finance be approved?

Once you have provided us with all the information you should have a decision within 24-48 hours. Once approved the finance would the be made available within a working week.

 

What internet rates are the asset finance arranged at?

This it fully dependant on your situation and the lender we pair you up with. Things such as the specific asset, business credit rating, business history, level of borrowing, etc will be taken into account.

 

I am a sole trader, can I get asset finance?

Yes, asset finance via Godwin Austen is available to sole traders, partnerships and limited companies

 

Can I get asset finance on an asset I already own?

It is unusual, but yes, assuming the asset isn’t too old and in good working order we can offer asset finance on an existing asset.

 

Do I have to chose a specific approved supplier for the asset, or can I source it myself?

No, you are totally free to source the asset yourself, we will just help to arrange the finance direct with them.

 

Can I repay the asset finance early?

Yes, however not all of our lenders allow for this, so if it is something you would like to do please let us know during the initial consolation process.

 

Do you need visit my company in person?

Not usually, most asset finance can be arrange via phone and email. However if you are looking to finance something of significant value either Godwin Austen or the lender direct may need to meet you face to face.

 

Is asset finance available for start-ups?

Yes it is, however due to the high risk factors associated with a new business you would either need to have very strong predictions and the owners or directors of the company would need to have good credit ratings as a personal guarantee / directors guarantee would be required. Also if the owners are home owners this would help with getting approval for larger amounts of finance.

 

What would I need to be eligible for asset finance?

Firstly a UK registered company and ideally a good credit rating for the owners / directors. You would need to supply your financial accounts, management accounts and 3 months of recent bank statements.

If all of this sounds good and you think asset finance is the product for you, please give us a call or email us to make contact.

Or if you feel that our asset finance packages are not suited to your needs please check out our other business finance services.
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