Are you looking for the best asset finance in the UK? Whether you’re a small business owner needing help with funding, or an individual investing in major items like cars and equipment, finding specialist financial assistance can be daunting.
But don’t worry – right here we’ll explore the leading providers available to UK customers today.
Featured pro tools
Explore business banking
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Wallester Business ✓ Virtual & Physical Cards ✓ No Setup Fees ✓ No Monthly Fees Pricing Trial period Contact |
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Revolut Business ✓ Business Current Account ✓ Award-Winning Mobile App ✓ Quick & Easy Application Process Pricing Trial period Contact |
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Tide Business Bank Accounts ✓ Free, Plus, or Pro Account ✓ iOS & Android Mobile App ✓ Upload & Auto-Match Receipts Pricing Trial period Contact |
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Card One Money ✓ No Credit Checks ✓ Simple Fees ✓ Up to 3.5% Cashback Pricing Trial period Contact |
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ANNA Money ✓ Apply in 10 minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact |
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Co-Op Business Banking ✓ Business Current Account ✓ Online, App & High Street Banking ✓ Quick & Easy Application Process Pricing Trial period Contact |
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HSBC Business Banking ✓ Business Current Account ✓ In-Branch, Online & App Banking ✓ FSCS Protected Pricing Trial period Contact |
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Metro Business Banking ✓ Business Current Account ✓ High Street Presence ✓ FSCS Protected Pricing Trial period Contact |
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Mettle Business Banking ✓ Business Bank Account ✓ Online & App ✓ Quick & Easy Application Process Pricing Trial period Contact |
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Monzo Business Banking ✓ Business Current Account ✓ Dedicated mobile app experience ✓ FSCS Protected Pricing Trial period Contact |
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Virgin Money ✓ Business M Account ✓ In-Store, Online & App Banking ✓ Insights & Forecasting Platform Pricing Trial period Contact |
Best asset finance companies
| Asset finance lender | Minimum finance | Maximum finance | Finance terms |
|---|---|---|---|
365 Business Finance | £10,000 | £300,000 | 4 months – 18 months |
Allica Bank | £25,000 | £1,000,000 | Up to 7 years |
Barclays | £1,000 | N/A | 1 year – 12 years |
Bluestar Leasing | £1,000 | N/A | Up to 7 years |
Capify | £5,000 | £500,000 | 3 months – 18 months |
Cube Funder | £5,000 | £100,000 | 3 months – 1 year |
Fleximize Asset Finance | N/A | N/A | N/A |
Funding Circle Asset Finance | £10,000 | £250,000 | 6 months – 5 years |
Funding Xchange | £5,000 | £250,000 | 1 year – 5 years |
Lombard Business Finance | £5,000 | £250,000 | 12 months – 84 months |
Love Finance | £5,000 | £500,000 | 18 months – 5 years |
Nationwide Finance | £8,000 | £500,000 | 1 year – 5 years |
Nest Asset Finance | £10,000 | £5,000,000 | N/A |
Novuna | £10,000 | £500,000 | Up to 5 years |
Previse | £25,000 | £2,000,000 | 3 months – 9 months |
Swoop | £5,000 | £2,000,000 | 1 month – 7 years |
Tide | £500 | £5,000,000 | 1 month – 6 years |
YouLend | £3,000 | £1,000,000 | 3 months – 18 months |
What is asset finance?
Asset finance is a method of financing the purchase of assets. It’s basically an agreement between a lender and borrower in which the borrower pays off their loan with regular payments over an agreed period of time.
This type of finance can help businesses acquire equipment such as computers, software, vehicles, or machinery without having to make a large upfront payment.
This type of financing can also be used for business expansion, renovations, or other investments. Generally speaking, the lender is typically a financial institution such as a bank or leasing company that agrees to provide the loan and takes ownership of the asset being purchased in order to secure the loan. The borrower is then obligated to make regular payments until it fully pays off the loan.
How does asset finance work?
Asset finance works by allowing businesses to borrow money for the purchase of assets. The lender takes ownership of the asset and then lends it back to the borrower, who makes regular payments on the loan until it is paid off.
What are the benefits of asset finance?
Some of the main benefits of this form of loan include:
- Increased flexibility – This finance allows businesses to acquire assets without having to make large upfront payments. This makes it easier for companies to manage cash flow and invest in other areas of their operations
- Improved liquidity – It can help businesses free up working capital that would otherwise be tied up in purchasing assets
- Lower costs – This kind of loan is usually cheaper than traditional financing due to the lower interest rates and lowered risk associated with secured loans
- Tax benefits – Businesses may also be eligible for tax deductions on the interest paid on their loan
FAQ
There are several reasons a company might choose to go to an asset finance firm instead of a bank. Some firms specialise in this type of financing, and therefore can provide tailored solutions for businesses.
These companies may also be able to offer more competitive rates than those offered by banks or other financial institutions. Furthermore, these firms can often provide more flexible terms, such as the ability to pay off a loan early without penalty.
The cost of asset finance depends on several factors, such as the type of asset being financed and the terms of the loan. Generally speaking, however, it’s usually cheaper than traditional financing due to the lower interest rates associated with secured loans.
The lender may also charge additional fees for processing or other services. It’s important to research and compare different providers to ensure you get the best deal.
This type of loan is typically available to businesses of all sizes, ranging from sole traders and small businesses, to larger companies. However, eligibility can vary depending on the lender.
Generally speaking, businesses must meet certain criteria such as having a good credit rating and a positive cash flow. Some lenders may also require collateral such as property or other assets in order to secure the loan.
When choosing a lender of this type, it’s important to do your research. Compare different lenders and their offerings to find the best deal for your business. Consider factors such as interest rates, repayment terms, fees, customer service and any additional benefits that may be available.
You should also check whether the lender is regulated by a governing body or authorised by the Financial Conduct Authority (FCA). This will give you peace of mind that your funds are secure with a trusted provider.
Finally, always make sure to read through the loan agreement carefully and be aware of any hidden costs or fees before signing. Doing your due diligence can help ensure that you get the best possible deal for your business.