Asset Finance focused on you from Richmond Asset Finance
We know how important it is for your business to have access to the right equipment and machinery. But we also know that it can be difficult to purchase these vital resources without making a significant dent in your working capital. Our Asset Finance department at Richmond Asset Finance can help you find the right solution for you and your business. We offer a comprehensive range of finance options, flexible repayment terms and competitive rates.
What is Asset Finance?
Asset Finance is a loan that you can take out to buy or hire assets that your business requires to succeed. This can cover a wide range of equipment, but in agriculture this is primarily machinery.
How will Asset Finance help my business?
Asset finance is an alternative way of purchasing equipment, rather than borrowing from your bank. You can start using the asset straight away without having to find a large lump sum to put down, and you can pay back the cost of the machine over a flexible repayment plan that suits your business cash flow. Put the machine to work straight away and it is starting to payback its cost.
There are a number of types of asset finance contracts some will suit your business more than others. These include:
Hire Purchase
Hire Purchase agreements involve you paying an initial deposit followed by fixed term instalments for the agreed term of the loan after which the asset becomes yours. Instalments are arranged to suit your cash flow, eg, monthly, quarterly or annually.
Finance Lease
This is very similar to hire purchase but the VAT is paid on the instalments rather than in full up front. The customer does not automatically own the asset at the end of the agreement.