Lease UK | FAQs
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FAQs

What is Asset Finance?

Asset finance is a flexible alternative to a traditional bank loan, providing significant cash flow benefits for businesses looking to purchase a new piece of equipment, a vehicle or other fixed assets. This type of finance is used to obtain equipment through hire-purchase or equipment leasing agreements. (http://www.fla.org.uk/)

Can I finance used equipment?

Yes. We can help fund a variety of quality ex-demo or refurbished assets.

What happens to the equipment at the end of an agreement?

This varies depending on the type of the agreement you take out. Please Contact Us for more information.

Can services or maintenance be included?

Yes. Up front services such as delivery, installation and consultancy can be included as long as they only make up a small percentage of the overall facility. Future services cannot be bundled in (it’s not appropriate for suppliers to be paid in advance, or for customers to pay interest on this element), however we can cater for this through our rental collect option. Contact Us for more information and to discuss whether this might be suitable for you.

Do you offer finance for schools?

Yes. Under rules set out by the Department of Education, Local Authority Schools and Academies must use Operating Leases. Contact Us to find out about versions of this product created specifically for education, or read more about the different types of contract on our Finance Products We Offer page.

Do you charge any up front fees?

No, you won’t be charged anything to apply for finance. If you decide to go ahead with facility we’ve arranged for you, the finance company is likely to charge documentation fees.

Are there any tax benefits associated with using finance?

Yes, asset finance can be a very tax efficient way of investing in your business. See our Finance Products We Offer for more information or Contact Us to discuss.

Do you supply equipment?

No. Our speciality is making it efficient & affordable to invest in the equipment you want. If you haven’t decided on the equipment yet but know how much it’s likely to cost we can give you an indicative quote. Otherwise, we may be able to use our network to introduce you to a local supplier.

Can I choose to settle my agreement early?

Yes, you can settle the agreement at any point by re-paying the balance of the rentals due (typically less a small discount for early settlement). To do so either contact the finance company directly or speak to us about giving notice to terminate.

I've just started a new business, can you help?

Yes, some of our funders are set up to cater for businesses trading less than 3 years.

As a medical practitioner can I fund the VAT element, as we cannot reclaim this?

Yes, for doctors, dentists and medical practitoners, we can arrange Hire Purchase agreements with no requirement for VAT to be paid up front.

How do I make payments?

Repayments are typically made by Direct Debit. Invoice payments may be available upon request.

What equipment can I finance?

If it’s for business use, is identifiable and has value as a stand alone asset, we can probably arrange finance for it. Find out more on our What We Can Finance page.

Do I need to insure equipment I have on finance?

Yes. If you enter a contract where a finance company has paid for specific equipment on your behalf, you must ensure it is fully insured. If you don’t have a policy that covers it already, some of our funders may be able to arrange this for you.

I no longer require the equipment. Can I return it or have it collected?

This will depend on the type of agreement you have and what stage you are in the contract. Please Contact Us and we can advise about your specific situation.

What is the difference between Hire Purchase (HP) and a Lease?

The main differences relate to title of the equipment at the end of the contract, the timing of tax relief available. Learn more about the types of Finance Products We Offer and the differences between them.

How long does it take to get a credit decision?

The majority of decisions are turned around within 24 hours. With a direct link to some of our finance partners, some applications can be approved within a matter of minutes.

Can’t find the answer to your question?
Speak to a member of our dedicated team today
on 01372 466955.

Contact Us