Best of the best: Asset Finance22nd February 2017
No matter how big or small your business is, or even its sector, you need to be equipped with the best machinery and equipment around. Ensuring you’ve got the best means being able to offer the highest quality services, being ready for any formality and boosting your competitiveness to new heights, and asset finance is ready to help you reach this!
Of course, purchasing all the equipment you need to operate at peak efficiency can be expensive. Although the initial costs can appear daunting and extremely off-putting, don’t let your business accept anything less than the best. Whether you need specialist equipment or the highest grade machinery on offer, Rangewell can help source the perfect asset finance solution for your business.
What is Asset Finance?
A finance method specifically tailored towards helping businesses acquire and utilise all the equipment, tools and machinery they need. Asset finance is a specialist package that grants businesses everything they need without damaging their growth or eating into their capital.
The key components of asset finance, which make this all possible, are a combination of loans, leases and hire purchase solutions.
Helping your business to make a full payment for an asset, this solution can allow you to borrow a lump sum in the region of £5,000 up to as much as £1,000,000, and comes as either secured or unsecured. Secured loans boost the lender’s confidence to offer you larger sums by using personal assets, such as the borrower’s home and equipment, as security. If a business fails to repay the loan, the lender can seize assets to recover their costs.
Meanwhile, Unsecured loans require you to express a commitment to repay the loan in due course. You’ll also need to demonstrate, in detail, your business’s ability to afford the monthly repayments via your financial history and credit score. This also applies to any associated directors as well.
Ideal if you’re only looking to make use of an asset on a temporary basis and don’t want to be encumbered with the burden of ownership, or are yet to decide. This product gives you the option of borrowing an asset for a fixed period lasting between 1 and 3 years. During this time you will be required to make monthly payments until the term agreement expires. If you wish to retain the use of the asset you have two options. You, or another interested party, could offer to purchase the asset or you can simply apply to extend the leasing period once the initial term has concluded.
A great solution for those seeking to eventually gain ownership of equipment or a piece of machinery. In order to make use of the equipment concerned, you’ll first need to pay a lump sum in the region of 10% of the asset’s total value. After this has been paid, you’ll then be required to complete monthly repayments, plus interest. Once the final payment has been completed ownership of the asset passes on to you.
Rangewell are specialists in a wide variety of industries and can source the ideal pieces of equipment and machinery for your business, and at the best rates.
Our values are simple – we’re on your side. 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.
Share this article
Discover your range of finance. Every type of finance for every type of business.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding