FinCred CF is a broker of equipment finance solutions. Find out what equipment finance is, and how we can help you use it to purchase a new asset without impacting your cash flow.
What is Equipment Finance?
With equipment finance, business owners can purchase or otherwise use expensive business equipment without a large upfront purchase price by spreading the purchase cost over a long period of time, for example, 5 years.
What items could this include? With equipment finance, your business could acquire:
- Office furniture
- Plant machinery/manufacturing equipment
- Medical/hospital equipment
- Company cars or fleet vehicles
This is not an exhaustive list, as equipment finance can be used for many different types of equipment.
With equipment finance, you could spread the purchase cost over a long period of time and actually own the equipment. Alternatively, you could lease the equipment over a period of time and choose to either purchase or upgrade the equipment, extend the lease or end the lease without taking ownership.
What Types of Equipment Finance are Available?
Equipment finance can come in the form of a loan, hire purchase or a lease.
Equipment Finance Loan
With an equipment finance loan, you receive the money you need to purchase the equipment, and then pay back that money with interest in monthly repayments.
Equipment Hire Purchase
In hire purchase, the equipment is bought by a financing company, who gives use of the equipment to your business immediately. Your business then pays for the equipment over time and at the end of the hire purchase agreement, the ownership of the equipment is transferred to your company.
Equipment Lease Agreement
With an equipment lease agreement, your business pays an agreed monthly fee for the use of the equipment. At the end of the lease, you may be given the choice to purchase or upgrade the equipment to a newer model, extend the lease or end the lease agreement.
How Your Business Would Benefit From Equipment Finance
With equipment finance, you can take advantage of equipment that you may not have the available cash to immediately purchase outright due to high outlay and impact on your cash flow.
If you are a start-up, equipment finance might simply be essential in order to get your business up and running.
For a large business, equipment finance can present an opportunity to progress your company to the next level by allowing you access to the things you need to continue to grow. This means you can keep up with (or surpass) your competitors.
With ever-changing technology, businesses must also consider the cost of regularly upgrading their equipment. This is why it is a very good idea to have a known, reliable finance broker you can call when the time comes.
Is Equipment Finance Right For You?
As equipment finance is typically used for items with a large price tag, you have to consider your finances carefully. It is important for business owners to act responsibly with any type of finance, and also to secure finance terms that are best for their business.
That is why business owners should team up with firms that have experience with equipment finance.
Working with FinCred CF, Your Broker for Equipment Finance
There are a wide variety of equipment lending options available, and it can be hard to know what solution is best for your business.
FinCred CF are experienced brokers in equipment finance, and because we have your best interests at heart we will guide you through the process and provide all the advice you need.
We make funding easy for clients small and large. When you are ready to find an equipment finance agreement, or if you just want to learn more, contact us.
UK Wide Industry Statistics
Total value off all sales financed in the UK - £bn
Domestic invoice discounting - £bn
Total number of asset based lending clients
Domestic invoice discounting clients
Please Get In Touch
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