Vertice Services offers an easy way to gain access to the Asset Finance that you need to improve your business and achieve your profit goals. For all businesses, getting needed funding can be one of the most difficult parts of the process. We provide the right advice and the right funding options to meet your needs
Our professionals can support you in making your future plans and we even offer funding options that are based on where your business is heading.
What is Asset Finance?
Asset Finance is a type of funding that is specifically used for renting or leasing business assets and can also relate to ways in which you can release cash value from those assets you already own. These might include buildings, machinery, office equipment or vehicles.
Types of asset finance
Generally there are two types of asset finance: lending that is secured against existing assets designed to allow you to get new additional assets. Or unsecured funding arrangements that can be used to pay for the hire or lease of large assets that you may not otherwise afford to buy.
How does Asset Finance Work?
If you want to avoid the huge capital expenditure associated with getting important business assets, you have a few choices of finance available to you.
- Hire purchase
You can simply buy an asset and then spread the cost over a period of time by paying in installments. You will fully own the assets at the end of the payment terms.
Your lender buys the asset on your behalf and then rents it to you under a leasing agreements. At the end of the leasing period you usually have the option of paying a balloon payment to buy the asset or setting up a new leasing arrangement. You can also return the asset and get a new one on a new agreement. Leasing works well for vehicles.
- Finance or capital leases
This is a longer term lease arrangement designed for the entire life of the piece of equipment. You don’t technically own the asset so the rental costs can be offset as an expense.
- Operating leases/Contract hire
The lease company usually looks after the maintenance on this and you are not expected to pay the full cost of the asset.
In these scenarios, the business can repay the cash advance as the turnover increases, allowing for the ups and downs of business life.
Contact us to find out how we can help
We know that Asset Finance can sometimes be complicated, so give us a call and our professionals can talk through your options.
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