Asset Finance

Acquiring and refinancing assets is essential for many business' daily operations. Whether it's machinery, vehicles, equipment, manufacturing plant or IT equipment, the upfront cost can put considerable pressure on cashflow.
1. Confirm the asset you're looking to finance, and apply to eligible lenders.
2. On approval, pay any required deposits and either you or the lender can then secure the asset purchase.
3. Pay the loan back over the agreed period, and then choose whether to become the ultimate owner of the asset.

For businesses that need to purchase new assets, or have existing assets to refinance, why not explore your options with the UKs leading Asset Finance specialists, via NorthFunding. Lenders can finance assets from £500 - £50,000,000, so knowing who to approach for asset finance is very important. Understand your options by speaking to NorthFunding.

Hire Purchase

Hire Purchase sees the lender purchase an asset (usually vehicles, machinery or equipment) then monthly repayments are made for a set period. When the loan for the asset is repaid, you become the owner of the asset.

The borrower is responsible for maintaining the asset during the loan period, and the asset can't be owned or resold until the loan period has ended.

Finance & Operating Leasing

Leasing sees the lender purchase an asset (usually equipment, machinery or vehicles) and lease it to the borrower for a specific period. The lender is responsible for the maintenance of the asset during the initial rental period so it’s much less hassle for the borrower.

With Finance Leasing, at the end of the agreement, the borrower has the option of either purchasing the asset, returning it to the lender, or to extend the lease period.

With Operating Leasing, you also have the option of upgrading the equipment for the next lease period.

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Contract Hire

Often used for commercial fleet leasing, the lender takes care of sourcing, maintaining and reselling the asset, as they retain ownership of the asset throughout and after the initial hire period. This is commonly known as the most simplistic and hassle free form of Asset Finance.

Asset Refinance

Asset Refinance is a smart way for businesses to access cash tied up in their assets. A Lender purchases your vehicle, equipment, or machinery then leases the asset back to you. You retain the asset for use in your business without interruption, and use the funds to boost cashflow or drive growth.

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