Financial solutions for Credit Hire Companies

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Credit Hire Companies face some major challenges when it comes to securing funding. The solution is to turn to Rangewell, and call on our knowledge of every type of business funding.

At Rangewell we recognise your professional status, and we work harder to find you better solutions - which can include 100% finance for many of your needs.

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Credit Hire Companies (CHCs) have become an important factor within the insurance industry, providing a valuable service to motorists when there are no-fault claims. But many CHCs see their plans frustrated by the difficulty of securing funding. At Rangewell, we can provide solutions

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Since CHCs emerged in the 1980s, their role in looking after no-fault accident victims has become indispensable for people who find that insurers fail to fulfil their legal obligations to provide replacement vehicles. 

The supply of a like-for-like replacement hire vehicle on a credit basis to a blameless vehicle owner following a non-fault accident should be straightforward. However, many insurance companies see CHCs as responsible for eating into their profits. With these major institutions taking a negative view of the sector, it can sometimes be difficult for CHCs to raise the finance that they need to grow and develop their business.

This can present a major difficulty for business development. As a CHC, your income stream depends on claims made against third party insurance companies. These can mean long delays in payment, especially if litigation is required. Car hire companies will need payment at the end of the vehicle hire period, and may expect staged payments with a long hire.

You may also have sizable referral fees to settle early with any claim that you are servicing. 

The gap between hire costs and settlement means that cashflow can become a major problem - limiting the amount of work you can take on, and frustrating your plans for growth.

At Rangewell, we recognise the needs of CHC businesses - and we put our expertise to work to help them find the business funding that they need.

The funding solutions your Credit Hire Company needs

Your business may need support in finding the most cost-effective funding solutions to:

  • Support your cashflow 
  • Finance growth
  • Provide equipment 
  • Fund premises
  • Deal with tax
  • Dealing with problems

Working capital and cashflow support for your Credit Hire Company 

As a CHC, you will face substantial major operating costs.

Funding vehicle hire, which may not be reimbursed by insurers for months, will mean a constant drain on your resources and mean that cash flow can be a problem. In extreme cases, you may find yourself being unable to take on lucrative work because you cannot afford referral fees and hire costs from your available funds.

Solutions such as Overdraft Replacement may be able to provide cash in an emergency, but it may be more appropriate to provide a more permanent solution.

There are a number of cashflow support and Working Capital Finance solutions that can provide cash to deal with these costs and overheads. These are designed to provide a cash lump sum to help you deal with the bills and will usually be designed to be repaid in the short- to medium-term, once your business has grown sufficiently enough to provide a steady income stream. 

Another solution can be Invoice Finance, which can provide a cash payment as soon as your business issues an invoice. Many CHC operations have found that this type of funding can be an effective way not just to provide cash, but to provide a complete solution to  all their issues

Finance growth for your Credit Hire Company 

Problems with cash flow can also prevent your business from building relationships with new brokers and taking on profitable additional business. Large-scale finance can be required if you have plans to grow your operation, by taking on staff or acquiring a competitor. 

Growth Finance is structured to help support this growth. It can provide upfront funding which will be repaid once your business has started to benefit from the growth you set out to create. Lenders will, however, often require an established trading history and record of profits for this type of funding, but it may be possible to arrange Growth Finance based on your profit projections, rather than on your trading history. 

Provide equipment for your Credit Hire Company 

As a Credit Hire Company, you may not require specialist equipment, but your business will depend on your IT and telecommunications. Your team will need the latest computers and efficient printers. Specialised software with operating licenses and renewals, training and maintenance.  

However, it is unlikely that the list of equipment you need for your business will stop there. You will also need to furnish your office, and you will need vehicles which support a professional image.

Asset Funding can often provide businesses with the most cost-effective solution for their equipment needs. 

There are several types of Asset Funding. Hire Purchase may be the most appropriate answer for items that you will wish to keep, such as desks, chairs and document storage. Leasing may be more appropriate for your IT, as it will allow you to update to use the latest and most reliable technology whenever you need it. Contract Hire is one of the solutions that might help you reduce the costs of providing vehicles.

Fund premises for your Credit Hire Company 

The cost of renting your office premises will depend on your location, and the square footage you require. 

Of course, renting will mean ongoing costs, and leaves your business at risk of rent increases. We can help source Commercial Mortgage solutions which will let you buy the premises you operate from, or buy a new property for the future.

Commercial Mortgages are a long term commitment - but they can actually mean reducing costs, compared with renting, and may offer the opportunity to build up a valuable asset for your business.

Helping your Credit Hire Company deal with tax

Your Credit Hire Company may face large quarterly VAT or annual tax demands. These types of recurring bills can cause problems with cash flow, but are major expenses that need to be funded without delay.

Tax Loans can help CHC businesses like yours to spread the cost of tax demands into more affordable and regular monthly payments. They can also help you to avoid issues with HMRC, and the potential penalties and reputational damage that may follow.

Helping your Credit Hire Company deal with financial challenges

Any business can run into financial difficulties. Credit Hire Companies can face particular challenges, with large sums often dependent on the outcomes of litigation cashflow problem can be triggered by, and finding that you cannot meet your immediate commitments could mean that problem escalates quickly.

At Rangewell, we know the solutions which can help your Credit Hire company deal with this kind of challenge. 

Even if you have a current financial issue, damaged credit history or even CCjs, we know the lenders which can help.

How we help CHCs capitalise their business

At Rangewell, we understand the challenges your CHC business faces. Our team is made up of finance experts with backgrounds in various sectors. So when you call us, you can talk to someone who knows the insurance sectors, the challenges you face - and the answers to them.

Whether you have a more straightforward funding need or require a more complicated ‘Jigsaw’ Funding plan made up of a combination of products, we can work with you to find the answers that are right for you and your plans for the future of your CHC operation.

We know which lenders can offer the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans.

You can simply contact us and get our expertise working for you.


  • Find the most competitive loan to support cashflow in a recently-launched CHC partnership

  • Help find finance for a London practice to acquire a branch office in Manchester

  • Source the most cost-effective Commercial Mortgage to allow a small business to buy office premises

  • Help arrange ‘Jigsaw’ Funding for a reverse takeover of a large, established business

  • Set up emergency Cashflow Finance to support a business during a prolonged negotiation

Discover our range of finances

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.

Helping you build your profits

  • Lending tailored to your CHC Business
    At Rangewell we can help you find the most appropriate finance for any funding need that your CHC business has.
  • Work with experts who understand the Credit Hire sector
    At Rangewell, our team includes experts in many different sectors. We know your needs and the solutions to them.
  • Providing solutions for equipment
    Whether you find you need equipment, IT equipment or a business vehicle, we can provide the funding you need.
  • Reducing risk
    Some types of funding can present a risk to your business but, at Rangewell, we can find those that minimise risk.
  • The scale of funding you need
    The more business you do, the greater your funding needs may actually become. We can find the funding that can grow with you.
  • Affordable cashflow solutions
    A large cashflow support facility may be costly. We can help reduce the costs to ensure they are manageable.

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