- Typical timescale
- 3–10 working days
- Loan size range
- £10k – £2m
- Common structures
- Hire purchase, finance lease, operating lease
- Deposit typically required
- 0-20% depending on asset and credit
Identify the asset and structure
Hire purchase suits businesses that want to own the asset at the end of the term; a finance lease or operating lease suits those who'd rather keep it off balance sheet or avoid residual value risk. Choosing the right structure upfront affects both pricing and tax treatment.
Quotation and proposal
A proposal form covering the business, directors and the asset (new or used, with supplier details) usually generates an indicative quote within a day or two. Soft assets like IT equipment are assessed differently from hard assets like vehicles or plant, which hold resale value.
- Supplier invoice or pro-forma
- Details of the business and directors
- Recent bank statements for larger facilities
- Existing asset finance agreements, if any
Credit approval and documentation
For established businesses with clean credit, approval can be same-day for smaller amounts. Larger facilities or newer businesses may require accounts review and a personal guarantee before documents are issued for signature.
Payout to the supplier
Once agreements are signed, funds are typically paid directly to the equipment or vehicle supplier rather than to the business, and the asset is registered or delivered as usual once payment clears.
Frequently asked
How fast can asset finance complete?
Straightforward deals under roughly £50k for established businesses can complete within a few days; larger or more complex facilities typically take one to two weeks.
Can I get asset finance for used equipment?
Yes, most lenders finance used assets, though age and condition affect the term length and rate, particularly for vehicles and plant.
Do I need a deposit?
It depends on the lender, asset type and credit profile — some deals are arranged with no deposit, while others require 10-20% down.
What's the difference between hire purchase and leasing?
Hire purchase leads to ownership at the end of the term once the final payment (and any option-to-purchase fee) is made; leasing means the asset is returned or the lease renewed, with the finance company retaining ownership throughout.
Can I refinance an asset I already own?
Yes — this releases equity tied up in owned vehicles, plant or equipment as a lump sum, subject to the asset's condition and remaining useful life.
Get an asset finance quote
Send us the asset details and we'll come back with indicative terms, usually within a day or two.
Related reading
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