Why is asset finance so popular?9th February 2017
As any business owner will tell you, having the right equipment for the job is essential. Only by securing the latest and the best equipment available can you ensure the quality of your services and goods. This, in turn, secures the loyalty of your customers and expands your reach. Because of this link between quality assets and growth, asset-based lending, or asset finance, is proving to be an incredibly popular choice among business owners alike.
Why are assets so important?
Assets aren’t just important, they’re an intrinsic part of a business’s existence. Without them, we wouldn’t be able to operate or produce goods and services. No doubt you’ll already have a variety of assets specific to your sector but, as you grow, so too do your requirements. This is where asset finance comes into play.
What makes this such an attractive package?
Over time you might need more equipment to cope with higher demands. Or, you might need higher-quality state-of-the-art equipment, essential for attracting and living up to customer expectations. This is the beauty of asset-based lending and what it can offer.
So, no matter what kind of asset you require, how big it may be or the quantity necessary, we at Rangewell can source the perfect asset finance solution, allowing you to secure everything you need and make your business growth inexorable. Furthermore, it is tailored and designed with your needs in mind and features a variety of finance products. These often include Business Loans, Leases and Hire Purchase solutions.
- Business Loans: Starting from £5,000 to as much as £1,000,000, you could secure the sums you need to start and complete any given expansion project. Typically, loans are offered as either secured or unsecured. Secured products will require you to set down assets for security, whilst with unsecured products you do not. To increase the sum you may get unsecured, you could apply for a personal guarantee. This states your commitment to repaying the product in due course.
- Leases: If you’re hoping to acquire equipment for a period of time and not be encumbered with the burden of ownership, leasing is an exceedingly useful tool. You could make use of an asset for a period lasting between 1 – 3 years in exchange for monthly payments. Once the term is finished you can either give the asset back, extend the leasing term or present a buyer.
- Hire Purchase: Great for securing equipment when you’re short of the necessary funds, hire purchase agreements are an excellent way of eventually owning a piece of equipment. A lender will, on your behalf, purchase the concerned asset. Upon paying an initial lump sum in the region of 10% the asset’s total value, from here on you’ll be required to make monthly repayments. Once the repayment scheme is concluded ownership passes on to you.
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At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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