Asset Finance Brokers
Annual Turnover –
*6 Months + Trading
*All credit profiles considered
What are Asset Finance brokers?
Asset finance lets your business get the vehicles, machinery and equipment it needs without paying the full cost upfront. You spread the cost over an agreed term, keeping cash in the business for wages, stock and growth. It can also release cash tied up in assets you already own.
As an independent asset finance broker, AIM works with a panel of over 150 lenders, from high street banks to specialist funders, to find the right facility for your business and the asset you need. Find out more about our wider range of finance solutions.
Types of Asset Finance
- Hire Purchase: Acquire ownership of the asset at the end of the finance term after making all payments.
- Finance Lease: Use the asset for most of its economic life, with the option to purchase it at the end of the lease period.
- Operating Lease: Lease the asset for a shorter term, often less than its economic life, with the option to return it at the end of the lease.
- Asset Refinance: Release cash from vehicles, machinery or equipment your business already owns, then repay it over an agreed term.
Would you like more Information?
Benefits of using Asset Finance Brokers
Asset Finance Brokers such as AIM Financial Solutions can introduce you to a range of asset finance providers tailored to your individual circumstances. The benefits of Asset Finance are
- Preserve Working Capital: Spread the cost of essential assets over time, maintaining your cash flow for other business needs.
- Flexible Funding* Choose from various finance options tailored to your business requirements.
- Access to Latest Equipment: Keep your business competitive with up-to-date equipment without large upfront costs.
- Tax Efficiency: Potential tax benefits, as lease payments may be deductible as business expenses – we recommend speaking with your accountant beforehand.
Asset Finance Brokers: Helping you access the right solutions
With a wide and varied range of funding solutions and lenders, it can be difficult to understand which is the best option for your business. At Aim Financial Solutions, we will help you to understand which funding options are the best solution for your business and we will help you to secure the most competitive terms with the best lender for your circumstances. Based in Devon? Find out more about our business finance in Devon.
Ready to unlock your working capital? Contact us today to learn more about how asset finance can benefit your business.
What can you finance?
Almost any business asset that holds its value can be financed, new or used:
- Commercial vehicles: vans, HGVs, trailers and fleet vehicles
- Cars: company cars for directors and staff
- Plant and construction equipment: diggers, telehandlers, cranes and access equipment
- Manufacturing machinery: CNC machines, presses and production lines
- Agricultural machinery: tractors, harvesters and farm equipment (see farm machinery finance)
- Materials handling: forklifts, racking and warehouse equipment
- Technology: IT hardware, telephony and EPOS systems
- Specialist equipment: catering, gym and medical equipment, solar panels and EV chargers
Assets can usually be bought from a dealer or manufacturer. Some lenders will also fund private sales and auction purchases.
What does asset finance cost?
There is no single rate for asset finance. The cost of your facility depends on:
- The asset: new or used, and how well it holds its value
- The term: usually between one and five years, matched to the working life of the asset
- Your business: trading history, accounts and credit profile
- Any deposit: a larger deposit usually means lower monthly payments
- A balloon payment: a larger final payment can reduce monthly costs
Most facilities are on a fixed rate, so you know exactly what you will pay each month. Some lenders charge documentation or option-to-purchase fees. We set out every cost before you sign, so you can compare offers like for like.
Who can apply?
We work with limited companies, partnerships and sole traders across the UK. Lenders on our panel support established businesses, newer businesses and those with less than perfect credit, so a decline from your bank is not the end of the road.
What you will need
- A quote or invoice for the asset
- Your latest filed accounts, and management accounts if your year end was a while ago
- Recent business bank statements
- Details of the directors or owners
For larger amounts, lenders may ask for more information, such as cash flow forecasts. We will tell you exactly what is needed at the start.
How it works
- Tell us about the asset. What you want to buy, the cost and the supplier.
- We review your business. We look at your accounts and needs, then match you to the lenders most likely to say yes on the best terms.
- Compare your offers. We set out each offer side by side, with the monthly payment, term and total cost explained.
- Approval and paperwork. Once you choose an offer, we manage the paperwork. The lender usually pays the supplier directly.
- Take delivery. You start using the asset straight away and spread the cost over the agreed term.
Straightforward applications can often be approved within a few days.
Asset finance FAQs
Do I need a deposit?
Not always. Some lenders will fund the full cost of the asset, particularly for established businesses. A deposit can reduce your monthly payments and help with harder-to-place cases. With hire purchase, the VAT is often paid upfront.
Can I finance used equipment?
Yes. Many lenders fund used vehicles and machinery, and some will fund private sales and auction purchases, subject to a valuation.
What is the difference between hire purchase and leasing?
With hire purchase you own the asset once the final payment is made. With leasing you rent the asset and can usually return it, extend the lease or arrange a sale at the end. The tax treatment differs, so we recommend speaking to your accountant about which suits your business.
My bank has said no. Can you still help?
Often, yes. Banks have strict lending criteria, but our panel includes specialist and alternative lenders that look at the asset and the wider picture of your business.
Will an enquiry affect my credit score?
No. Our initial review does not involve a credit search. Lenders will usually carry out a search only once you decide to go ahead with an application.
Can I raise money against assets I already own?
Yes. Asset refinance lets you release cash from vehicles, machinery or equipment your business owns outright, or has significant equity in, and repay it over an agreed term.
Need finance for an asset? Let’s get started
Tell us what you are looking to buy and we will come back with your options within one working day.
