Asset Finance
Asset finance for vehicles, plant and equipment
Get the kit without emptying the bank
Spread the cost of vehicles, machinery and equipment, or release cash from assets you already own.
At a glance
- Who it is for
- Any business buying vehicles, machinery or equipment
- Typical term
- Usually 1 to 7 years, matched to the life of the asset
- Deposit
- Often around 10%, and sometimes nothing at all
- Also covers
- Refinancing assets you already own to release cash
Asset finance, explained simply
Pay for equipment as it earns
Asset finance spreads the cost of equipment over the time you use it, so a van, a machine or a full fit-out is paid for out of the work it does rather than out of your reserves. The asset itself is usually the security, which often makes approval simpler than a straight loan.
It also works in reverse. If you already own machinery or vehicles outright, refinancing them can release a lump sum back into the business while you carry on using them exactly as before.
What we arrange
The main ways to fund an asset
The right one depends on whether you want to own the asset at the end, and how you want it to sit in your accounts.
Hire purchase
Spread the cost and own the asset outright at the end of the agreement.
Finance lease
Use the asset for an agreed term with lower initial outlay, with options at the end of the term.
Contract hire
Fixed monthly cost for vehicles, with the disposal risk sitting with the funder rather than you.
Asset refinance
Release cash from equipment you already own, while you carry on using it.
Plant and machinery
From a single machine to a full production line, new or used.
Vehicles and fleet
Cars, vans, trucks and specialist vehicles, as one-offs or as a managed fleet.
What we can fund
Assets we are asked about most
If it is used by the business, lasts a few years and can be identified, there is usually a lender for it.
- Vans and commercial vehicles
- Cars and fleets
- Excavators and plant
- Agricultural machinery
- CNC and production machinery
- Catering and kitchen equipment
- Gym and fitness equipment
- IT and office fit-out
- Medical and dental equipment
- Trailers and specialist kit
Before you apply
What lenders look at
Because the asset is the security, these deals are often simpler than a standard business loan.
01
The asset
What it is, its age and condition, and how easily it could be sold on if things went wrong.
02
The supplier
Who you are buying from. Dealer and private sales are both possible, with slightly different checks.
03
Your trading history
How long you have traded and whether the repayments sit comfortably alongside your other commitments.
04
Deposit and credit
What you are putting in, and the credit profile of the business and its directors.
How it works
A clear route from first call to funds released
1
Initial conversation
What you are buying, from whom, and the budget you have in mind.
2
Quotes and structure
We compare funders and set out hire purchase against lease so the choice is clear.
3
Proposal and approval
We put the case to the funder and come back with a decision and the paperwork.
4
Payout
The funder pays your supplier, you take delivery, and the agreement starts.
Asset finance is usually the quickest of the lot. Straightforward deals can be approved within a day or two, and paid out as soon as the invoice and paperwork are in.
Helpful to have ready
- The supplier invoice or proforma for the asset
- Your last set of accounts
- Three to six months of business bank statements
- Details of any existing asset finance agreements
- Photo ID and proof of address for the directors
- For used equipment, details of the seller and the asset history
Do not worry if you do not have everything yet. We will tell you exactly what your lender needs.
Why Vantage
Personal advice, not a call centre
Vantage is run by husband and wife team Charles and Melanie. Charles has spent nearly 20 years helping people with their mortgages, and together they bring that experience to business owners, landlords and investors.
You deal with us directly from the first conversation to completion, and we can draw on specialist support and a wide range of lenders when your case needs it.
FAQs
Common questions
Can’t see your question? Send us a message and we will be happy to help.
We arrange asset finance for businesses across Hampshire, including Fareham, Portsmouth and Southampton.
Hire purchase or lease, which should I choose?
Hire purchase suits you if you want to own the asset at the end. Leasing usually means lower payments and different accounting treatment. Your accountant is the right person to confirm the tax position for your business.
Can I finance used equipment?
Yes. Plenty of funders finance used machinery and vehicles, though the age and condition of the asset affect the term and the rate.
Can a new business get asset finance?
Often, yes, particularly with a deposit or a director guarantee. Because the asset itself is the security, it is frequently easier than an unsecured loan.
How much deposit do I need?
Commonly around 10%, and sometimes nothing, depending on the asset, the funder and your trading history.
Can I raise cash against equipment I already own?
Yes, that is asset refinance. The funder advances against the value of the asset and you keep using it as normal.
What happens at the end of the agreement?
With hire purchase you own the asset once the final payment is made. With leasing there are options to continue, upgrade or return it, which we will explain before you sign.
Get in touch
Let's talk about your plans
Tell us a little about what you would like to fund and Charles or Melanie will come back to you to talk it through.
Helpful to have ready
- A short outline of what you want to fund
- The approximate amount and timescale
- Property, asset or business details if you have them
Send us an enquiry
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