Asset finance to fuel your business growth

Asset finance is a type of loan that allows you to borrow money to purchase an asset, such as a car, truck, equipment, or machinery. It's a great way to get the assets you need to grow your business without having to pay for them all upfront.

There are a number of different types of asset finance available, including:

• Chattel mortgage: A chattel mortgage is a loan that is secured against the asset being purchased. This means that if you are unable to repay the loan, the lender can repossess the asset.

• Hire purchase agreement: A hire purchase agreement is similar to a chattel mortgage, but you do not own the asset until you have made all of the repayments. At the end of the agreement, you have the option to purchase the asset for a residual amount.

• Finance lease: A finance lease is a long-term rental agreement for an asset. The lender purchases the asset and leases it to you over a fixed period of time. At the end of the lease, you have the option to purchase the asset for a residual amount, return the asset to the lender, or extend the lease.

There are a number of benefits to asset finance, including:

• Preserve cash flow: Asset finance allows you to spread the cost of an asset over time, which can help to preserve your cash flow.

• Tax advantages: Asset finance can offer a number of tax advantages, such as depreciation.

• Improved productivity: Asset finance can help you to improve the productivity of your business by giving you access to the latest equipment and technology.

To apply for asset finance, you will need to provide the lender with some information about your business and your financial situation. This information may include:

• Your business plan

• Your financial statements

• A description of the asset you are wanting to purchase

• The purpose of the purchase

The lender will then assess your application and determine whether you are eligible for asset finance. If you are approved, the lender will offer you a finance agreement.

Asset finance can be used to finance a wide range of assets, including cars, trucks, boats, construction equipment, office equipment, agricultural machinery, and even technology and software. The specific types of assets that can be financed may vary depending on the lender and the terms of the financing arrangement.