Arkle Finance is an accredited lender for the purposes of the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS). This means it may offer loans to businesses, with annual turnover of up to £45 million, affected by the coronavirus pandemic.
Arkle Finance business loans overview
Named after a racehorse, which was itself named after a mountain in Scotland, Arkle Finance is a direct lender (not a broker) founded in 1997. It operates from the premises of its parent company Weatherbys Bank, in Wellingborough, Northamptonshire, and is authorised and regulated by the Financial Conduct Authority (FCA).
If you need to spread the cost of essential machinery or equipment to take your business to the next level, Arkle Finance could help. It’s quick and straightforward to apply for asset finance through the Arkle Finance website.
What is asset finance?
With asset finance, you pay a regular amount to use an essential asset for your business over an agreed period. This frees up cash as you won’t have to fund the full cost of buying it outright.
In contrast to traditional loans, asset finance could make it easier to raise funds for additional finance needs. However, make sure that you consider your overall borrowing needs carefully when considering the best finance options for your business.
Arkle Finance offers nine types of asset finance to suit the needs of your business:
Fixed-term rental. With this type of agreement, you make payments in return for using goods up until a specific date. This option could be ideal for short and medium-life equipment as well as some vehicles. Typically, two to five year hire periods are available.
Finance lease. This is similar to a fixed term rental agreement but is aimed at longer-life assets. A finance lease enables you to hire goods for an agreed period of time, with payments made in return for the use of equipment or vehicles. However, at the end of the term, the equipment or vehicle is sold and your business can then receive a rebate depending upon the sale price. Typical rental periods are between two and five years.
Operating lease. This is an agreement for a fixed period of time where payments are made in return for the use of equipment. Operating leases from Arkle Finance can be used by education providers, as well as businesses. Some of the risk in the asset remains with the lender, and the education provider or business therefore incurs finance charges for a proportion of the asset cost.
Hire purchase. A more traditional form of asset finance, hire purchase provides you with the immediate use of the equipment or vehicle. It then gives you the option to purchase the product at the end of the period of hire for a pre-agreed sum. All other benefits and risks of economic ownership rest with the client.
Loan. Arkle Finance offers a straightforward loan for purchasing equipment, services or computer software. This could be ideal if you are looking to buy equipment that is not suitable for a hire purchase, rental or lease agreement. It involves paying a fixed number of loan repayments over a fixed period of time, including fixed interest.
Stage payment funding. Designed for bespoke builds and extended installation projects, this is a short term loan agreement. It allows you to periodically pay for the costs of a build to the supplier, without incurring the costs of financing the entire build before the equipment is in use. It is most effective when deployed ahead of a more traditional form of asset finance such as a finance lease or hire purchase facility.
Marine mortgage. This is a loan agreement where the money is used to buy a boat. Arkle Finance takes security in the form of a mortgage on a boat. Typical loans and mortgages range from two to seven years in length.
Light aircraft mortgage. Arkle Finance offers a loan agreement where the advance is used to fund the purchase of a light aircraft. The lender takes security in the form of a mortgage on the aircraft. With this product, you can spread the cost over five years, and your loan repayments can vary in line with your seasonal income. The light aircraft or helicopter must be based in the UK at the time of purchase.
Loan and chattel mortgage. This is a fixed rate period loan agreement secured by a legal charge on a specific item of equipment or vehicle. This is typically used where a company is buying equipment which is not suitable for a hire purchase or lease agreement.
Key features of an Arkle Finance business loan
Get funding of £5,000 to £500,000. The amount you can borrow will depend on the individual needs of your business and the type of assets you need to be financed.
Tailored quotes. Your loan offer will be tailored to your specific situation, taking into account factors like the nature of the asset being financed, and Arkle Finance’s assessment of your circumstances.
Specialist expertise. Specialising solely in asset management, Arkle Finance has expertise and knowledge spanning a range of industries and can help you choose the right finance option for you.
The interest rate you are offered will depend on factors like the assets you want to finance, the term of the loan, the performance of your business and its credit rating. You will be given a personalised interest rate which may differ from the advertised “Representative APR”.
Am I eligible for an Arkle Finance business loan?
You should only apply for an Arkle Finance business loan if you’re certain you can meet the repayment terms. You must also:
Be aged 18 or over
Require the asset for business use
How can I apply?
From the Arkle Finance homepage, click on “Get a quote” and fill out the form with some basic details about yourself and the type of business asset you need to fund. You will then get a callback from an adviser on the phone number you provide to talk through your options.
Frequently asked questions
Arkle Finance will finance almost any business asset, from aeroplanes and helicopters through to healthcare equipment and renewable energy infrastructure.
This depends on the expected working life of the equipment and the numbers contained in your financial accounts. If the equipment was likely to last for three years, Arkle Finance would not advise spreading the finance costs over four or five years. However, it may agree to repayment terms in excess of five years for suitable equipment types and vehicles.
Arkle Finance will work with you and your purchaser to ensure an agreement is reached that all parties are happy with.
You should inform Arkle Finance as soon as the situation becomes apparent. It will try to help you come to a new arrangement that you can afford.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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