Tag: Hire Purchase

Tractor Finance UK

5th July 2021 / / Comments Off on Tractor Finance UK

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.

Plant Hire & Machinery Specialists UK

19th May 2021 / / Comments Off on Plant Hire & Machinery Specialists UK

PLANT HIRE FOR ANY SITUATION FROM RICHMOND ASSET FINANCE.

At Richmond Asset Finance, we specialise in sourcing and funding plant and machinery hire for companies across the UK. Whether your company needs to hire diggers, excavators, dumpers or any other heavy-duty equipment, our expert team can help create a tailored financial package for even the most complex payment structures. 

Plant hire through a broker allows companies to focus on what they do best while still receiving the most competitive pricing on their funding.

As one of the leading independently owned Asset Finance companies in the UK based in Yorkshire, we are experienced in providing plant hire for a range of companies. We take pride in building long-term relationships with our clients and lenders to achieve the very best rates and giving the best advice to all of our clients. Get in contact with us below to find out how we can help you.

PLANT HIRE & MACHINERY FINANCING OPTIONS

Depending on your companies circumstances, we can offer a wide range of tailored financial solutions for your company. Each product has its benefits so it’s important to choose the right one for your asset financing.

Some of the financial options available include:

  • Hire Purchase (HP)
  • Finance Lease
  • Refinancing

If you’d like to receive a quote, or just have a question about asset financing, get in touch with us through the contact form below.

Your agricultural equipment finance options

18th September 2020 / / Comments Off on Your agricultural equipment finance options

Whatever you want to finance from biomass boilers to bailers, our range of equipment finance options are tailored to fit yours and our businesses needs. Read more about the ways in which we can help finance your farming assets or get in touch with our experts from Richmond Asset Finance for a quote.

Hire Purchase

Flexible interest rates – With a choice of fixed or variable rates, you could make the choice that suits you and your business best.

Finance Lease

Enjoy the benefits of ownership without the risk like depreciation or time and costs of disposal.

Operating Lease

Lease high value equipment and enjoy lower monthly repayments and reduced risks.

Sale & Leaseback

Release capital tied up in your assets and increase your cash reserves to invest in your business.

Why finance your agricultural equipment with us?

We know that different types of farming businesses have different needs. Our dedicated agricultural asset finance team specialises in finding the right solutions to help fund new and used farming equipment. And through our in-depth understanding of your business, our relationship managers could help you overcome the challenges of financing business growth.

What are the benefits of using hire purchase?

25th August 2019 / / Comments Off on What are the benefits of using hire purchase?

Need to purchase an asset, but don’t have the money to buy it upfront? Take out a hire purchase agreement to receive the asset now and pay for it in affordable instalments. 

Hire purchase is a popular type of asset finance popularly used by businesses to buy vehicles, machinery and equipment.

Whilst you are still paying for the asset, the creditor is the legal owner, but once you’ve finished your payment plan it’s all yours.

Here are just a few of the benefits of buying an asset using a hire purchase agreement:

No need to pay a large sum of money upfront– Whilst you may be required to put down a small deposit, the cost will be nothing like paying for the asset upfront. This is particularly useful if it’s a large and unexpected cost, like a vehicle or key piece of machinery breaks down.

Flexible and affordable payments– Hire purchase allows you to spread the cost of the asset over a set period, so you’re paying off a small, affordable sum each month.

Protect your cashflow – Spreading the cost helps you to look after your business’ cashflow. Healthy cashflow is essential for developing and growing your business.

Own the item at the end of the payment plan – At the end of the payment plan, the asset is yours to keep!

Immediate use of the item – You can start using the asset immediately, meaning no expensive downtime whilst you save up the funds.

High quality asset– Many businesses find that they are able to afford vehicles and equipment of a much higher quality and specification through hire purchase than they would have if they were paying upfront. 

Fixed interest rates– Hire purchase interest rates are fixed, meaning no uncertainty on costs, helping you to keep your cashflow stable.

 No VAT on monthly repayments– VAT is paid upfront by you along with any deposit required. You will then re-claim the VAT in your regular payments.

For more information about our hire purchase agreements, or to discuss your requirements in more detail, give our team here at Richmond Asset Finance a call on 0113 288 3277.

Hire Purchase

10th December 2013 / / Comments Off on Hire Purchase

Protect your cashflow with Hire Purchase

Unwilling to spend a large amount of capital on an asset in one go? Our hire purchase facility means you can pay for it in manageable installments, spread over a period of time. A convenient way to buy – with Hire Purchase

Hire Purchase is a simple, well-established way to finance the acquisition of equipment and machinery for your business. You pay an initial deposit, and then the balance and interest through regular

installments.

Hire Purchase/Lease Purchase is a straight forward finance arrangement where you pay for an asset in monthly installments, generally over a fixed period of 24 – 60 months with also a fixed interest rate.

The VAT element of Purchase Price in paid upfront by you, along with any deposit you may also be putting in. You will re-claim the VAT element in your quarterly / monthly repayment. Sometimes there may be a nominal fee / option to purchase fee at the end of the agreement, but this amount is generally modest and always known at the point of signing any documentation.

With Hire Purchase, the asset stays on your balance sheet, the monthly repayments do not attract VAT and any interest charges can be offset against profits for taxation.

Assets you can typically acquire with hire purchase:

  • Cars
  • Commercial vehicles
  • HGVs
  • Buses and coaches
  • Plant and machinery
  • Agricultural equipment
  • Construction equipment
  • Materials handling equipment

Key highlights:

  • Total control – you own the asset at the end of the agreement
  • Simple, regular repayments – for easy budgeting
  • Choice – you can decide on fixed or variable interest options
  • Tax advantages – as well as reclaiming VAT, you may be able to claim capital allowances and also offset repayment interest against profits (special rules apply to cars)
  • Flexibility – you choose how the finance is structured: with a flexible deposit, fixed payments and perhaps a balloon final lump sum.
  • IT equipment

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