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The vast majority of businesses use some form of machinery/assets in order to deliver their products or services. Asset finance can help ensure you can keep your assets up to date and affordable by spreading the cost over time.
Touch Financial can help find you the best asset financing deal for your business with no charge to you for using our services.
Almost any asset can be put through some form of asset finance to help reduce the strain on your cash flow and avoid having to pay out a large up front lump sum.
Some popular examples of assets used within asset finance facilities include machinery, equipment, computer systems, vehicles, printers and many more. The general rule is, as long as your asset is worth at least £5,000 it’s likely we can find you a lender who will be interested in offering your finance.
Hire purchase and leasing are two slightly different forms of asset financing, both with the intention of aiding the purchase, or use, of the assets your business requires to operate and grow.
Hire purchase is fairly simple. Instead of paying thousands of pounds in an upfront lump sum, you spread the cost of the value of the asset usually over a period of 1-5 years. Once the agreed payment period is up, you become the owner of the asset (ready to sell if desired).
Opposed to hire purchase, leasing allows you to use an asset for a monthly fee but at no time during the agreement do you own the asset. Some advantages could include being that any repairs/maintenance is included at no additional cost.
You can learn more about hire purchase and leasing by filling in the short quote form using the quote buttons below.
A business that decides to purchase a machine costing £100 000 over a period of 5 years might be required to pay a deposit of 10%, i.e. £10 000. The outstanding balance of £90,000 then has to be repaid in equal monthly instalments of about £1,700 over 60 months, given an interest rate of 5% per annum.
With a lease agreement the monthly payment could be higher or lower, depending on the estimated residual value of the asset at the end of the contract term.
The consultants at Touch Financial are experts in understanding your business and identifying where you can get your hands on extra cash.
You could improve your cash flow through various different products such as asset finance, invoice finance and more. Give us a call on 0845 388 9725 or fill in the quote form above to speak to an expert today.
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