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Asset finance case studies - our customers

Forklight increases productivity Retailer reopening Ambitious call-centre agrees funding injection
Forklight increases productivity

An online distributer found themselves struggling with manoeuvring pallets around with a single pump truck. To save time, they believed that a forklift truck would make their day more efficient and productive.

Whilst the solution was an obvious one, cashflow did not allow the option for them to purchase one outright. Asset finance allowed them the option to finance lease a suitable fork lift truck, with affordable monthly payments over three years.

Retailer reopening

A client who had recently purchased an existing retail franchise, was informed that the premise would require refurbishment before it could re-open. All their cash had gone into the purchase of the franchise and this additional cost came as a surprise.

The most suitable solution to get their new franchise up and running on time was asset finance. This option gave them the cash they needed up front to pay for the shop refit and open as planned. With the added reassurance of spreading repayments over five years.

Ambitious call-centre agrees funding injection

An already well-established SME with ambitious plans to take their business to the next level secured funding through asset finance. In order to progress their business, they desperately needed to invest in their technology and operational equipment, including new software and telephone systems.

By integrating these new systems, their business plans demonstrated that they could take on more business with the staff they already had and grow by 40% in the first year.

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Asset finance explained

Whether you're starting up or growing your business, there will be times when you need to invest in new or replacement equipment to get the job done.

Asset finance is a lending agreement that is used to obtain the tools of your trade, such as furniture or machinery - without having to pay the total cost up front. It can also be used to refinance assets to release equity.

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What is asset finance?

It is a financial solution for companies that need to purchase equipment without paying for it up front. With asset finance packages, hire purchase and leasing, you can breakdown the payment of your assets into monthly, bite-sized chunks. This makes the investment much more affordable and has less of an impact on your cash flow. It also allows you to develop and grow your business without experiencing hold-ups while you wait for the cash available to make the purchase you need.

Whatever your business, in order to achieve growth, it is likely that you will need to invest in assets along the way. This may include the purchase of equipment, new computer systems and software, new machinery or a commercial vehicle, all of which can involve a significant outlay - something not all businesses have the ability to accommodate through cash flow.

With asset finance, you have the ability to spread the cost of investment, breaking this down into more manageable payments. This helps to make the investment more affordable and has a lesser impact on business cash flow, allowing you to concentrate on making your enterprise thrive.

It can also yield tax benefits, although it is always advisable to consult with your accountant. The exact terms of your agreement for asset financing depend on whether you choose to use hire purchasing, leasing or refinancing.

Where as banks are unlikely to lend money on assets without security. Asset finance is a popular option for you to acquire vital items quickly and easily for your company, without overstretching your finances in the short term. Using asset finance for business makes it possible for you to keep your accounts on track while still being able to move forward with your business ideas, because it allows you to invest in the equipment you need.

Asset finance gives you the opportunity to purchase a higher standard of equipment for your business than you might have been able to otherwise and, as long as you keep up the regular payments, the agreement can't be cancelled - so you won't be left high and dry without the asset you need for the smooth running of your business.

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What are the different types of asset financing?

Finance lease

Also known as 'leasing', a finance lease is very similar to renting the equipment, in return for payments which are usually offset against taxable profit. The range for a finance lease is normally between one and five years and is designed to last until the equipment expires - although you can renew and continue to 'lease' it. Finance leasing provides flexibility and freedom - you don't have responsibility for something that you do not own.

Hire purchase (HP)

Also known as a 'Lease Purchase', a Hire Purchase is very similar to finance leasing, except once you get to the end of the 1-5 years, instead of handing back the equipment, you own it. It allows you to spread the cost of purchasing equipment, which is ideal as long as the well-being of the assets is maintained and looked after.

Contract hire

Contract hire is very useful for vehicles, whether you're looking to purchase a van or more specific equipment - such as a tractor or a digger. The payment methods are made on the value of the asset (vehicle) and are spread over a specific term. Repayments are based on the asset value and the costs are worked out over the length of the agreement.

Operating lease

This type of asset finance is a good match for businesses that rely heavily on the use of technology. If you use an operating lease, your payments only last until the expiry date has been reached. Once the asset stops being useful, you pay the difference of the original price and the residual value, once the agreement has expired.

Refinancing

Refinancing allows you to revise your payment schedule when repaying your debt. It also enables you to renew your loan, therefore replacing an old loan with a new one. Refinancing is useful if your credit ratings are poor. For example, instead of using several credit cards with different interest rates, it will allow a loan with the same amount, which will then drop the interest down, as it is only one loan you are paying back.

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What are the benefits to asset finance?

  • You are not required to pay the total amount of the asset up front
  • Risk is reduced - if you can't keep up with payments, you'll lose the assets but not your home
  • Fixed payments can make it easier to control finances
  • It allows you to purchase higher specification equipment
  • The substitute finance option leaves bank facilities unaffected
  • There are potential tax benefits (for clarification, please consult your accountant)
  • Fixed payments can make it easier to control finances
  • No responsibility - if the asset breaks, the leasing company carries the risks
  • Easy to upgrade
  • Ensures you can plan around your payments and budget
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