Simply Asset Finance allows businesses to spread the cost of essential equipment or release cash from existing equipment, with asset finance of up to £10 million.
Simply Asset Finance is a direct lender (not a broker), authorised and regulated by the Financial Conduct Authority (FCA). Founded in 2017, it provides asset finance to businesses that may struggle to get funding from mainstream banks.
Whether you’re looking to fund new vehicles or machinery, enable expansion plans, consolidate debts or provide an injection of working capital, Simply could help.
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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 because you’re not having to fund it outright.
Most commonly, asset finance is about getting newer, better equipment for your team, but it can also provide a boost to working capital by unlocking the equity tied up in existing assets.
Simply’s finance options
Simply offers three types of asset finance to suit the individual needs of your business:
Hire purchase
This enables you to buy essential equipment and pay for it in instalments, with one final balloon payment.
Key features of hire purchase with Simply
- Monthly payments. Agree on a payment plan that suits your budget and cash flow requirements. A flexible repayment structure allows for seasonal fluctuations.
- Balloon payment. When the term ends, you’ll pay a final fee and have full ownership of the item. You must be certain that your business can afford the final payment before you take out a hire purchase agreement.
- Ownership. You’ll be responsible for maintenance and insurance costs associated with the asset. Hire purchase can be particularly suitable for large pieces of equipment with a resale value.
- Tax relief. Take advantage of tax relief on capital purchases and offset repayment interest against profits.
- VAT rebate. Providing your company is VAT registered, VAT can be reclaimed on the cost of the asset.
Financial leasing
A finance lease works as a rental agreement, meaning that you don’t own the equipment. Simply buys the asset you need and rents it to you over the duration of the lease contract. At the end of the contract, you can continue renting, return or replace the equipment, sell the asset or return the asset and terminate the rental agreement. In some instances, maintenance costs are included.
Key features of financial leasing with Simply
- Protect working capital. Access equipment quickly without any significant initial investment.
- Match payments to cash flow. Your monthly lease payments and terms can be designed to match your cash flow.
- Final options. You can decide what to do at the end of the rental period.
- VAT rebate. VAT may be reclaimed on monthly payments and rentals can usually be offset against pre-tax profit.
- No ownership. You are not liable for the risks or ongoing costs linked to ownership.
Asset equity release
This enables you to raise capital for your business by securing a loan against your high value assets. This is usually machinery, equipment or vehicles. You can continue to use the assets while they are acting as security. This can still be an option even if the asset is also being financed by another provider.
Key features of asset equity release
- Suitable for all business sizes. This can work for any business, even startups, as the loan is secured against an asset so is less risk for the lender.
- Improve working capital. Continue to use existing assets while bringing working capital back into your business.
- Flexible. Could be used to raise deposits for new assets or to buy new assets such as software that may not be suitable for finance.
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’ll be given a personalised interest rate which may differ from any advertised “Representative APR”.
How can I apply?
You can either call Simply Finance or use the contact page on its website to request a callback. An asset finance specialist will get to know your business and talk you through the best options available to you.
Frequently asked questions
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