Now that Britain has decided to leave the EU and the dust is beginning to settle, we realise that there is life after Brexit. Our economy will continue to grow despite all the talk of recession if we left the EU and British businesses are investing in new equipment to fuel growth.
So what is the best way to finance new equipment? Have our banks regained our trust? What alternatives are out there?
Complete Leasing Solutions Ltd have been proudly providing finance and leasing facilities to the catering industry for over 10 years and continue to serve this market forging new relationships with customers and equipment suppliers.
Let us try to answer some common questions and examine why lease or asset finance is a great way to fund the investment your business needs.
What is Lease Finance?
A lease finance or asset finance deal is an alternative method of finance to traditional bank borrowing or overdraft.
How is Asset Finance different from borrowing from the bank?
Very, typically the facility is arranged through a broker who should be a member of The National Association of Commercial Finance Brokers. The broker will have access to many funders and will be able to arrange the most appropriate facility for your business.
What are the fees?
Unlike banks the arrangement fee for setting agreements up are minimal. A fee of £150 + vat is about the average.
Will I own the equipment at the end?
At the end of the term the broker will contact and arrange to pass title of the equipment. Alternatively, if the equipment is no longer required it can be returned.
What are the benefits?
Preserves Working Capital – Valuable cash remains in the business and can be used for continued growth.
Budget Control – Payments are fixed for the duration of the contract so you know exactly what you are paying and when.
Protects Other Credit Lines – Bank overdraft or other facility remains intact for when trading conditions are more difficult.
Finance is available from as little as £1000 + vat and there is no upper limit.
Correct Equipment Now – Why settle for an inferior product? Spread the cost of investment over an affordable term thus ensuring your business gets the right equipment.
Tax Efficient – All payments are 100% allowable against pre tax profits.
Will I get accepted if I am a new or young business?
Absolutely, as long as your personal credit is in order then an appropriate facility will be available.
How long does it all take?
Credit decisions are usually made within 2 hours and paperwork can then be posted, emailed or signed electronically. Once returned and the equipment delivered the funder will pay the supplier and you will start the monthly repayments.
What type of businesses choose Leasing?
All types!! Sole traders, partnerships, SME’s, limited companies, PLC businesses and Government Departments
Who do I contact ?
Complete Leasing Solutions Ltd
18 Apex Business Village
T: 0191 250 1550