There are a significant number of asset finance providers active in the UK. The term asset finance encompasses a variety of different arrangements, including hire purchase, asset leasing, asset re-finance and sale and leaseback, and some providers might offer all of these, while some will only offer one or two of these types of arrangement.
Asset finance might be a suitable financing solution for you, regardless of what sector you operate in. This is because almost all businesses have, or want to use, assets that would be suitable as security for an asset finance arrangement. For example, the arrangement might be secured against vehicles, real estate, plant, machinery, IT equipment, or office equipment.
Asset finance providers who may be able to help you include:
- ABC Finance – this provider says it can help businesses of all sizes, and can provide funding to sole traders and partnerships, in addition to limited companies. It suggests that businesses in agriculture, transport, construction, engineering, manufacturing, packaging, printing and renewable energy might benefit from its product offering. It offers asset re-finance alongside arrangements to assist with the acquisition of new assets
- Bibby – who offer leasing and hire purchase arrangements across a variety of business sectors
- Braemar Finance – this company offers hire purchase and leasing, and specialises in serving the professional services sector
- Close Brothers – this is the parent company of Braemar but, unlike its subsidiary, Close provides asset finance to all business sectors. You can take out hire purchase, asset leasing, sale and leaseback and re-finance arrangements with this company. Its website suggests that businesses in transport, agriculture, printing, construction, engineering, manufacturing, plastics and packaging could all benefit from its services
- Novuna (formerly Hitachi Capital) – which offers hire purchase and leasing, and is particularly keen to lend to tech-based businesses and sustainable environmentally friendly enterprises
- Lombard – this subsidiary of NatWest provides sale and leaseback, hire purchase and asset leasing to businesses across all sectors, but suggests that green finance, agriculture, marine and healthcare are sectors that might particularly benefit from asset finance
- Nucleus Commercial Finance – which provides asset re-finance services to all business sectors, and says it can help both start-ups and established businesses alike
- Various high street banks – who can generally help businesses from any sector, although they may have more stringent eligibility criteria than some of the specialist asset finance companies
- And many more ….
This article is not intended to be an endorsement of the lenders listed. In most cases, they will also be able to assist businesses who operate in sectors other than the ones listed above. Here at Funding Bay, we have access to more than 90 providers, any one of which might be the best one for your individual circumstances. So, if you would like to find out more about hire purchase, asset leasing, asset re-finance or sale and leaseback, get in touch with us today.
Check out our Asset Finance Calculator.
