Question 1

What is asset finance?

Accepted Answer

Asset finance lets your business spread the cost of buying or using a physical asset — vehicles, machinery, equipment — over its useful life. Instead of one lump-sum cash outlay, you make fixed monthly payments. The two main forms are hire purchase (you own it at the end) and leasing (you rent it for a fixed term).

Question 2

How much can I borrow?

Accepted Answer

We arrange deals from £5,000 to £2,000,000. Most SME deals sit between £25k and £250k. There's no minimum trading history we won't consider, but tickets under £10k have fewer specialist lenders.

Question 3

What's the difference between hire purchase and leasing?

Accepted Answer

Hire purchase = you own the asset at the end of the term, pay VAT upfront, claim capital allowances. Finance lease = you rent it, pay VAT on each rental, deduct rentals against profit, optionally extend or hand back at the end. Our guide to HP vs lease covers it in full.

Question 4

Will applying affect my credit score?

Accepted Answer

No — we run a soft search at quote stage which leaves no footprint visible to other lenders. A hard search only happens once you choose to proceed with a specific lender, and only with that one lender.

Question 5

Can I get asset finance as a startup?

Accepted Answer

Yes, often. Pre-revenue and under-2-year businesses typically need a 20–30% deposit, a director's personal guarantee, and a clear use-case for the asset. Approval rates are around 60% on our specialist startup panel.

Question 6

What if I have adverse credit (CCJ, default)?

Accepted Answer

We have specialist lenders that price on asset and director track-record rather than bureau score alone. Expect a higher rate (12–16%) and slightly larger deposit. We've placed deals for businesses with recent CCJs, IVAs and historic defaults.

Question 7

Do I need to provide accounts?

Accepted Answer

For deals under £25k usually no — bank statements suffice. £25k–£100k typically wants the latest filed accounts. Over £100k usually needs filed accounts plus management figures.

Question 8

Will I need a personal guarantee?

Accepted Answer

On most SME deals, yes — at least from one director. The PG is usually limited to the lender's loss net of asset recovery, not the full balance. We'll tell you upfront before you sign anything.

Question 9

What rates do you offer?

Accepted Answer

It depends on credit, asset and term. Indicatively: prime LCV 7.4–8.9% APR, prime plant 8–10%, specialist/adverse 12–16%. We're a broker — we shop the rate, we don't set it.

Question 10

Are there any broker fees?

Accepted Answer

No. We're paid by the lender on completion, not by you. There are no upfront fees, application fees, or success fees charged to you. The rate you see is the rate you pay.

Question 11

What about VAT — do I pay it upfront?

Accepted Answer

On hire purchase, VAT is owed on day one but most lenders will defer it for 90 days so it aligns with your HMRC reclaim. On finance lease, VAT is charged on each rental — no upfront lump.

Question 12

Can I settle early?

Accepted Answer

Yes. Settlement figures are calculated on the rule of 78 or actuarial method depending on lender. Settling in the first half of the term can save meaningful interest; in the second half, less so.

Question 13

How quickly can I get funded?

Accepted Answer

Decision in 24 hours is typical for clean deals. Funds released usually 2–5 working days after sign-off. Our fastest deal in 2025 was £42k of vans funded in 11 working hours from quote to drawdown.

Question 14

What documents will I need?

Accepted Answer

Standard pack: 3 months of business bank statements, latest filed accounts (if over 2 years trading), proforma invoice for the asset, and ID for directors. Sometimes a 6-month cashflow forecast for larger or specialist deals.

Question 15

Do I deal with you or the lender?

Accepted Answer

Us, end to end. We package the deal, present it, negotiate terms and chase paperwork. You sign the lender's agreement directly, but you never have to phone the lender unless you want to.

Question 16

What happens after the term ends?

Accepted Answer

On HP: you pay a small option-to-purchase fee (usually £100–£150) and the asset is yours. On finance lease: you can extend at peppercorn rent, sell to a third party (and keep ~95% of proceeds), or hand back.

Honest answers. No sales pitch.

The basics

Eligibility

Costs & rates

Process