Investing in capital assets allows businesses to grow. But it can be a significant drain on your company's working capital, Asset Finance can help.
What assets can your business acquire?
- Plant & machinery
- Cars, buses and coaches
- Heavy/light commercial vehicles
- Commercial vehicle trailers
- Agricultural equipment
- Construction equipment
- Medical equipment
Hire Purchase should be considered if you want to secure full ownership of the asset at the end of the finance period and avoid making a lump sum payment upfront. You get use of the asset after the payment of an initial deposit, followed by regular rental payments over an agreed fixed term.
How Hire Purchase works
A Finance Lease enables you to rent an asset and use it without having to buy the asset. We will purchase the asset on your behalf and lease it to you for a series of regular rental payments over an agreed term. The rental payments cover the majority of the cost of the asset plus interest. When it is sold at the end of the rental period you receive the majority of the sale proceeds.
|Will I own the asset?||Do I need to pay an upfront deposit?||Is the agreement over a fixed term?||Can the term be extended?||Can I have a fixed or variable rate?|
The benefits of Asset Finance
- You get to acquire a wide range of business critical assets essential to your business.
- You avoid the need to make lump sum payments and instead fund the acquisition over an agreed period of time, protecting your working capital.
- Helps you fund the acquisition of additional equipment and replace assets coming to the end of their useful life, maintaining or improving your competitiveness and productivity.
Is my business eligible for Asset Finance?
- You must turnover more than £100,000 pa
- The asset must be for use in your business
- You must have been trading for a minimum of 12 months
- The business must be UK based.
Why choose Lloyds Bank?
- Responsiveness – a prompt response to your funding requests.
- Flexible – we offer a range of loan terms and initial deposit levels.
- Expertise – a Relationship Manager dedicated to your needs.
- Specialist sector support across construction, engineering, manufacturing, plant hire, printing, transport, business services and professional practices.
We’ve been helping fund assets for over 40 years – driving forward business growth. We’ll help you find the funding package that supports your business ambitions.
Support for you
Why choose us?
Work with specialists who understand your sector and support you with all the financial tools you need.
Finance & Leasing Association
The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK.
Get a quote
Hire Purchase calculator
Tell us how much you want to borrow, or the amount you want to pay each month and we’ll give you an indicative quote.
Video case study
See how Hire Purchase has helped Fruitapeel open up new markets.