I have an exciting success story to share from my work as Director at the Approved Finance Group. A thriving self-storage business approached us seeking £50,000 in business finance to purchase additional containers. Leveraging our extensive network of over 125 lenders, we successfully secured a £50,000 hire purchase agreement for them.
Asset finance offers businesses a strategic way to expand by acquiring essential equipment without the burden of an outright purchase. This financial solution allows for the acquisition of assets such as vehicle fleets, heavy machinery, and plant equipment through regular payments over a specified period.
There are various types of asset finance, each catering to different business needs:
Hire Purchase: This option allows businesses to eventually own the asset after making all scheduled payments. It’s ideal for businesses that want to spread the cost of an asset over time.
Equipment Finance: This type is tailored for acquiring specific pieces of equipment. Businesses can finance anything from office technology to industrial machinery, paying for the asset over its useful life.
Finance Lease: Under this arrangement, the lender buys and owns the equipment, leasing it to the business. At the end of the lease term, the business can either return the equipment, renew the lease, or purchase the asset at a reduced price.
Business Car Finance: This option is specifically designed for acquiring vehicles for business use. It can include options such as contract hire, lease purchase, or finance lease, providing flexibility based on the business’s needs and financial situation.
Asset refinance is another powerful tool, allowing businesses to unlock funds tied up in existing assets such as commercial vehicles, CNC machinery, and plant equipment. These unlocked funds can then be reinvested into the business as needed, providing liquidity and financial agility.
For more information or to discuss your financing needs, feel free to contact me at 07801 298198 or email me at George@approved-finance.co.uk.