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Asset Finance · Strategy & Uses

The Asset Finance 100.
Strategy & Uses

Focus: Smart usage, investment approaches, and case studies.

19+Questions
100%Expert Answers
FCARegulated
Can I consolidate multiple assets into one finance agreement?
TL;DR Learn how to consolidate multiple assets, such as properties or land, into a single finance agreement in the UK. We explain the process, benefits, risks, and available secured lending options.
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How is asset finance different from a lease agreement?
TL;DR Asset finance and leasing are both ways businesses acquire assets, but they differ significantly in ownership and tax treatment. Learn the key distinctions, benefits, and drawbacks of each method.
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How does sale and leaseback work for assets?
TL;DR Discover exactly how does sale and leaseback work for assets, a sophisticated financing technique used to unlock capital from owned assets while retaining operational use. Learn the pros, cons, and UK legal implications.
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Can I restructure my asset finance agreement if my circumstances change?
TL;DR If your financial situation changes, you might need to restructure your asset finance agreement. Learn about options like refinancing, payment holidays, or term extension, and understand the potential impact on costs and credit rating.
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What are some common pitfalls in asset finance?
TL;DR Avoid costly mistakes in asset finance by understanding common pitfalls. Learn about contract complexities, residual value risk, maintenance obligations, and hidden fees in leasing and hire purchase agreements.
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What is an amortization schedule in asset finance?
TL;DR Understand what an amortization schedule is in UK asset finance. We explain how this crucial repayment plan works, showing how your payments reduce principal and interest over the loan term.
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Are there government schemes supporting asset finance?
TL;DR Looking for government support for asset finance in the UK? We explore the primary schemes, focusing on the British Business Bank’s role, guarantees, and accessing funding.
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How can I use asset finance to upgrade my fleet?
TL;DR Learn how asset finance, including hire purchase and leasing, can help UK businesses upgrade their vehicle fleet efficiently, managing cash flow and reducing maintenance costs.
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What are the common terms used in asset finance agreements?
TL;DR Understanding asset finance requires knowing key terms like principal, residual value, and interest rates. Learn about Hire Purchase, Lease agreements, and crucial UK contract clauses.
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How does asset finance impact my credit score?
TL;DR Understand how asset finance (hire purchase, leasing) affects your personal and business credit scores in the UK. We explain the difference between soft and hard searches and the crucial role of repayment history.
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How does asset finance help with working capital?
TL;DR Asset finance unlocks cash flow by letting businesses acquire essential equipment without upfront purchase costs. Learn how asset finance helps with working capital and growth.
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Can I upgrade the asset during the finance agreement?
TL;DR Want to upgrade your property or asset while repaying a loan? It's possible but complex. Learn about refinancing, further advances, legal considerations, and how your current finance agreement dictates what changes you can make.
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Can I use asset finance for real estate or property?
TL;DR Asset finance typically funds movable business assets, not property. However, specialized finance like bridging loans and commercial mortgages are designed specifically for UK property investment and development.
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Can I use asset finance to acquire manufacturing equipment?
TL;DR Explore how asset finance, including hire purchase and leasing, can help UK manufacturing businesses acquire essential machinery and equipment efficiently and affordably.
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What is the minimum value of an asset that can be financed?
TL;DR Need to finance an asset but unsure of the minimum value threshold? Learn how UK lenders determine the lowest acceptable asset value for secured loans, bridging finance, and commercial properties.
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What are some alternatives to asset finance?
TL;DR Looking for funding options beyond asset finance? Explore secured loans, bridging loans, commercial mortgages, and standard business loans. We detail the pros, cons, and risks.
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What happens if the asset is no longer needed during the finance term?
TL;DR If you no longer need the asset securing your finance, you typically repay the loan early. Learn about early repayment charges (ERCs), settlement fees, and calculating the final balance in the UK.
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Can I get asset finance without providing financial statements?
TL;DR Accessing asset finance without full financial statements is possible using limited documentation options. Learn the criteria, risks, and how lenders assess your application. (159 chars)
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Is asset finance more expensive than traditional bank loans?
TL;DR Comparing asset finance and traditional bank loans involves looking at interest rates, fees, security, and flexibility. Learn which option might be cheaper for your UK business needs.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

More than 50% of borrowers receive offers better than our representative examples

The %APR rate you will be offered is dependent on your personal circumstances.

Mortgages and Remortgages

Representative example

Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans

Representative example

Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans

Representative example

Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

Authorised and regulated by the Financial Conduct Authority – Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

Website www.promisemoney.co.uk