Asset financing typically involves fixed monthly repayments for the term of a loan in return for use and potential ownership (finance option dependent) of an asset. Asset finance may help you:
The most popular asset finance options are an equipment loan, hire purchase and finance lease. Make sure you understand the features and conditions of each to work out which could best suit you and your business.
Also known as a chattel mortgage, an equipment loan may suit businesses that want to own a car or equipment as soon as possible.
How does it work?
Hire purchase may be a good option if you want immediate use of a car or equipment while paying it off over a fixed term.
How does it work?
A finance lease can suit business owners who want to use a car or equipment without owning it. It can particularly suit business owners who need to keep their assets up to date, for example medical practices that need cutting-edge technology.
How does it work?
For both an equipment loan and hire purchase, you may also want to consider:
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This page is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and should not be relied on. This information has been prepared without considering your objectives, financial situation or needs. We recommend you seek independent professional advice and contact Inland Revenue before acting on this information.
