Asset Finance
Advantages
Obtain expensive assets quickly
Small & manegable repayment installments
Wide range of lenders, increasing options
The asset itself acts as collateral
No need to secure against your own property
Things to Consider
In some cases you may be required to pay a deposit
The money can only be used for the purchase of the specific asset
How do I obtain Asset Finance and how long does it take?
Griffiths Commercial Finance work with both the banks, and the alternative lenders, giving you the best chance of obtaining the right funding for your business. Applying through GCF is quick and easy, the first stage is to click the apply button on our website and follow the option for Asset Finance. You will then be required to send over a few documents, at which stage the lender will underwrite the application, typically within a day or two, and provide the terms of their offer upon approval. From this stage, funding can be obtained within a couple of days.
How does it work and how much will it cost?
With hire purchase finance, once you have completed your repayments you own the asset outright. The disadvantage of hire purchase is that you’ll typically need to pay a deposit. This is normally between 10 and 20 percent of the value of the item.
With a finance lease, the lender essentially finances the asset and earns interest during the term. The business has use of the asset for its entire lifespan, with ownership transferring to them at lease end.
What are my other options?
If you are not sure that Asset Finance is right for your business, there are many other options, such as a Secured or Unsecured Business Loan. You can find the links for those in the footer below, or if you require further advice, feel free to contact us via emai: info@griffithscf.co.uk