You are looking for the best asset finance deal out there right? You may have looked at the usual asset brokers with the inflated commissions that in all honesty is paid by you, the business owner over the period of your payback term. So where else should you be looking and what advice should you go armed with?
Here are 4 tips that will help you out.
1. Seek alternative finance
Don’t just go for a specialist asset broker. Alternative Asset Finance options are trending in the UK and are being heavily backed by the UK government. Take a look at our Merchant Cash Advance product for instance and add it to the mix of funding options.
2.Get your figures in
Before asking for a quote on an asset purchase please make sure that you have already spoke to a dealer or supplier and get accurate figures on the asset you wish to buy. Clients sometimes want to know if they are likely to get a finance approval beforehand and it’s best to fully understand your purchasing options at this stage. This will help the underwriting team and give you clarity moving forward.
Dig out your most recently filed company accounts (or sole trader/partnership accounts) with usually last 3 months business bank statements forming the two key finance documents needed. If you apply through us however we can usually give an answer in the first instance based on your initial web form details. However, there is always a chance that if you are looking at £15k + you may be asked to provide copies.
4. Good and Bad points…don’t worry
For larger deals it’s always good to know the good and bad points. If there are any “black marks” or cashflow issues or bad debts hanging around, that you think we shouldn’t know about, disclose them as it works in your favor with our funding panel. We have assisted businesses with CCJs or bankruptcies in the past, and knowing any issues can certainly help in securing the required finance facilities.
Most of all, by contacting our team today we not only search our panel of 40+ asset finance lenders for their best quote, we can also give you an option of a merchant loan advance as an alternative funding source. You’d be surprised how much you can raise on an unsecured business loan.
Look closer Asset finance has evolved
We can raise funding for a whole host of various solutions:
Corporation Tax and Income Tax
Funding to help spread the cost of tax payments
Short term funding solutions to ease the pressure on VAT returns
Spread the cost of equipment investment over longer periods
Helping professionals cover any expense
Expanding your business through tailored support
Lease Purchase and Business Contract Hire for a single vehicle through to fleet purchases