Frequently Asked Questions
Yes, it is possible to finance commercial vehicles. In fact, we can provide finance solutions for any business-critical asset. Refinancing and releasing equity from any equipment you already own – or is coming to the end of its current agreement – can also be a great alternative to a business loan.
Whilst we have deep roots in the construction finance sector, we can offer finance solutions for any business-critical asset. We have financed telephone systems, photocopiers and even a gym kit out!
This term refers to a cost-effective way of investing in new equipment to develop your business. Asset finance and leasing allow you to secure necessary equipment without the initial heavy cash expenditure.
There are many different processes within this term, but our most popular version is the fixed-rate hire purchase, which allows you to own the asset at the end of the term- an excellent way of spreading your costs over time.
We can cover a minimum of £5000 all the way up to the multi-millions.
Absolutely, you have the freedom to settle a deal at any stage of the process. Specific lender’s terms may apply, so please check with your Account Director.
You will never be charged over and above the cost of the finance agreement if you run it to the full term. Although some, but not all, agreements may incur an early settlement fee, many lenders offer attractive early settlement discounts, particularly if you are looking to place further business with them.
Business loans are more challenging to approve as they are not backed by assets. Personal guarantees are often a prerequisite, and many lenders will charge an upfront fee.
You can call our experienced Account Directors to discuss your options and whether refinance may be an alternative solution for your business.
We can provide financial assistance to companies at any stage of their development, from pre-trading all the way through to PLCs. In addition, we can also assist with switching from sole trader to limited company.
Although we cannot guarantee anything, we will likely be able to assist. We work with a panel of over 70 lenders, so dependent on the reasons for the poor credit score, there are usually at least a couple of lenders with a solution.
Repayment terms will vary depending on the asset type, but the range is from 6 months to 10 years.
You can trade with dealers, auctions, or private sellers. One thing to note with private sellers is that we will carry out additional checks to ensure they legally own the equipment, protecting you from fraud.
This depends on the lender; many that we work with now offer soft credit checks, but it is worth speaking to one of our Account Directors should you have any concerns. Get in touch with us today to find out.
This varies depending on the amount you want to borrow, your time trading, and the deal’s complexity. In general, details of the asset being purchased, proof of ID, proof of address, and 3x months’ business bank statements are required to apply.
Many of our lenders now utilise automated decision systems and Open Banking, which can significantly speed up the application process.
We receive an introductory commission from our panel of lenders, which can vary from lender to lender. We do not charge you an upfront fee for our services. We are only remunerated should the application proceed and finalise.