Parkins Finance are trusted brokers for Asset Finance in the UK

What is asset finance?

Asset finance is the act of borrowing funding to purchase a new asset for a business. Asset finance can also include using a company’s assets as security to borrow money or take out a loan against what you already own. It is a secure and easy way of getting working capital for your business. Asset finance can also allow you to access business assets that you need such as equipment, machinery and vehicles without buying them upfront. Asset finance is broad so the expert financial brokers at Parkins Finance can help advise which option would be best for you and your business. Assets are commonly grouped by hard and soft assets. Hard assets are generally wheeled or tracked assets such as coaches, cars, excavators and LCVs. IT equipment, LED lighting or assets that don’t have a resale value are normally categorised as soft assets. Asset finance options include hire purchase, operation lease, finance lease, refinancing and invoice financing. Each type of asset finance comes with different terms and agreements so let our expert financial brokers work with you to decide on the best option for you.

How does asset finance work?

Asset Finance uses your company’s current assets and securities to help underwire the funding for a new asset. The new asset then becomes the security for the purchase. There are a variety of asset finance options which offer different payment plans and terms. Some examples of asset finance options are hire purchase, finance lease, operating lease, refinancing and invoice financing. Some of these options lead up to full ownership of the loan which is suitable for businesses that are looking to stagger the financial investment of an asset. Some allow the lessee temporary responsibility of the asset if it is a shorter-term agreement you require. Parkins Finance has a team of expert financial brokers to help you choose which option is best for you.

What can I use asset finance for?

Asset finance can help your business purchase equipment, vehicles, new technology and machinery. Asset finance is ideal for purchases that are too expensive for the business to purchase in one go. Asset finance is a sustainable and manageable way for your business to fund and budget investments that will help you progress. Existing assets will help the strength of your business and therefore open more funding opportunities to purchase new assets. Financing options open up access and therefore opportunities to business which aids growth and development. There are long and short term asset finance solutions depending on the individual needs of your business and the nature of the required asset.

Why should I use asset finance?

Asset finance is a great way of allowing businesses to grow and evolve without having the cash ready or having to make big up front payments. Your business is able to keep up with competitors by accessing the latest technology and equipment and depending on the type of asset finance, you can have the option of eventually taking full ownership of the asset. You can also return it to the lender or possibly lease a newer version if that is required. At Parkins Finance, our financial experts can guide and advise you towards the best financial decision for you and your business. We can assist you in understanding and assessing a range of asset finance options. We pride ourselves on providing an honest, simple and reliable service so you can be reassured that you are getting the best advice on how to acquire what your business needs whilst managing your payments.