Asset finance – hire purchase & finance lease.
In the asset finance sector, there are a variety of products and an even wider variety of product names!
Why Acorn finance
21 years and 6 best UK broker awards…
Refinancing an asset or vehicle is a great option when your business needs a cash injection.
Acorn finance have a broad panel of funders offering finance against everything from working assets within the business to classic cars or the owner’s yacht!
With no limits to the level of funding available, we just need to understand the value of the asset and put together a plan which is affordable to your business.
Equipment and Asset Leasing
Leasing equipment and vehicles is extremely common across the business world. There are various forms of lease which suit different equipment and circumstances.
The finance lease is used where you, the customer will take the asset for most or all of it’s useful life, take care of maintenance and then, at the end of the lease period either;
- Continue to lease on a secondary lease period, potentially with lower lease payments
- Sell the vehicle or equipment and keep a percentage of the sale value
- Hand the asset back to the lessor (finance company)
A hire purchase agreement allows payments to be spread on the purchase of an expensive asset without the use of other security (a house or business premises for example). The lender will secure the loan against the asset so, if the loan repayments go into arrears the vehicle or equipment could be repossessed.
In car finance many customers are now looking to contract hire or PCP (Personal Contract Purchase) agreements rather than hire purchase, in the situation where a customer wants to have a new car often, the repayments being lower with a PCP.
PCP – Personal Contract Purchase