What is asset finance?
Asset finance is a type of financing that allows businesses to acquire assets such as machinery, vehicles, equipment, and technology without having to pay the full cost upfront. It works by providing businesses with a loan or lease that covers the cost of the asset, which can then be repaid over a set period of time. The asset being financed is typically used as collateral for the loan or lease, providing security for the finance provider.
Asset finance can be a flexible financing option that can be tailored to meet the specific needs of a business, allowing them to choose the type of finance that suits them best. Did you know that Interest on lending for businesses can be offset against Corporation Tax, often adding an additional benefit beyond managing cash flow and reducing capital outlay
Asset finance can help businesses to preserve their cash flow, improve their balance sheet, and access the equipment and technology they need to grow their business.
What are the benefits of asset finance?
There are many benefits to asset finance – here are the top ones:
- Allows businesses to acquire assets without paying the full cost upfront
- Provides a flexible financing option that can be tailored to meet the specific needs of a business
- Can be used to finance a wide range of assets, including machinery, vehicles, equipment, and technology
- Provides businesses with access to the latest equipment and technology, improving productivity and competitiveness
- Preserves cash flow by spreading the cost of the asset over a set period
- Can provide tax breaks, as the interest paid on asset finance can be offset against taxable profits
- Provides security for the finance provider, as the asset being financed is used as collateral
- Can help businesses improve their balance sheet and financial ratios
- Can be used by businesses of all sizes, from SMEs to large corporations
- Offers a range of finance options, including loans, leases, hire purchase, and refinancing
What is the process to apply for asset finance?
The process comprises of:
- Use our online asset finance calculator for free to determine how much you could borrow against your assets.
- By providing Counting King with some vital information, we will be able to contact the perfect partner within our panel of lenders to submit a pre-qualification and get a decision in principle sent over to yourself.
- Application evidence – Counting King will compile the necessary documentation the lender has requested to approve the submitted application. This includes simple things, such as a set of your recent accounts, and your cash flow projections.
- Finance approval – Subject to you meeting all of the lender’s criteria, they will issue the funds to the relevant company in order for you to purchase your chosen assets.
How much will Counting King charge me?
Clients don’t pay Counting King any fees to access asset finance from our panel of lenders. We receive a small commission directly from the lender from placing your business with them. This means you have nothing to lose by investigating your options and seeing what funds you can access.
Why should I choose Counting King?
Counting King is a national tax and funding practice that helps companies with their cash flow by sourcing grants, and utilising government tax incentives or finance options such as business loans and more to help them scale and grow!
We focus on innovative companies who are seeking to expand and disrupt their respective industries which in turn will help the UK become a global leader and strengthen our economy. By finding products that invest in your business we believe we can help the UK compete and beat our European or global counterparts. If you and your business are looking for a cash injection a short conversation with one of our consultants could help you access thousands in funding.
Our services include: R&D (Research & Development) Tax Credits, Land Remediation Relief, Embedded Capital Allowances, Creative Tax Relief, Business Rates Relief, Energy Tax Exemptions, Tax Investigation support, Patent Box, SEIS/EIS, Grants, Business Finance and Commercial Mortgages.
Where can I find out more information on asset finance?
For more information take a look at our asset finance webpage and brochure here.
I’m interested – what are my next steps?
If you would like advice on asset finance from one of our specialists, please contact us via email at info@countingking.co.uk or call us on 0800 8100 030.
About Counting King
Counting King is a national tax and funding practice that helps companies with their cash flow by sourcing grants, and utilising government tax incentives or finance options such as business loans and more to help them scale and grow!
We focus on innovative companies who are seeking to expand and disrupt their respective industries which in turn will help the UK become a global leader and strengthen our economy. By finding products that invest in your business we believe we can help the UK compete and beat our European or global counterparts. If you and your business are looking for a cash injection a short conversation with one of our consultants could help you access thousands in funding.
Our services include: R&D (Research & Development) Tax Credits, Land Remediation Relief, Embedded Capital Allowances, Creative Tax Relief, Business Rates Relief, Energy Tax Exemptions, Tax Investigation support, Patent Box, SEIS/EIS, Grants, Business Finance and Commercial Mortgages.