{"id":149248,"date":"2019-01-14T12:02:07","date_gmt":"2019-01-14T12:02:07","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=149248"},"modified":"2026-02-17T14:50:29","modified_gmt":"2026-02-17T14:50:29","slug":"asset-based-loans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/business-loans\/asset-based-loans","title":{"rendered":"Compare asset finance"},"content":{"rendered":"<div itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 id=\"learn\" itemprop=\"name\">What is asset finance?<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>Asset financing is a form of business loan that is used to cover the cost of a business asset, and which is secured against the asset itself. <\/p><p>Typically, it enables your small to medium-sized enterprise to access the latest necessary equipment\u2014such as vehicles, office gear, or technology\u2014requiring minimal upfront costs. Instead, you&#8217;ll manage smaller, periodic payments over an extended duration. However, the total cost you&#8217;ll end up paying will be greater than the outright purchase price. Nevertheless, this proves to be a valuable choice for businesses lacking instant capital for substantial single purchases.<\/p><p>Opting for asset financing over conventional bank loans comes with several benefits, although it may not be the best choice for every business. Here&#8217;s a detailed guide to this type of financing, with useful pointers on how to find the best deal available to you.<\/p><\/div><\/div><\/div><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"\/>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"\/>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">Business loans jargon explained<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <ul class=\"list-10\" id=\"glossary\"><li><strong>Fixed rate.<\/strong> A fixed interest rate does not change for either a set period of time, or for the entire loan term, which means the size of your interest repayments will remain the same.<\/li><li><strong>Secured loan. <\/strong>This is a type of business loan that requires you to use an asset as security against the cost of the loan. In the case of asset finance, this will be the specific asset itself.<\/li><li><strong>Variable rate.<\/strong> A variable interest rate can change over time in line with wider market rates, which means the cost of your interest payments can go up and down over the life of the loan.<\/li><\/ul>\n        <\/div>\n    <\/div>\n<\/div>\n<div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">What types of asset finance are there?<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>The following are the three main types of asset finance:<\/p><ul class=\"list-10\"><li><h4 id=\"finance-lease\">Finance lease<\/h4><p>The lender retains ownership of the asset throughout the course of the agreement. Essentially, you&#8217;re renting the equipment instead of buying it. These deals may be more suitable for highly expensive machinery, vehicles or property. If you only need assets for a short time period, this could be the way to go.<\/li><li><h4 id=\"hire-purchase\">Hire purchase<\/h4><p>The lender retains ownership of the asset until the final payment is made. Here, your regular payments cover the cost of purchasing the item, plus interest. These deals are more suitable for basic office equipment or technology. If you&#8217;d ultimately like to own the assets you&#8217;re paying for, this is the option to choose.<\/li><li><h4 id=\"refinance\">Refinancing<\/h4><p>Where you already own assets outright, this option lets you unlock their value to spend elsewhere. You&#8217;ll make regular payments to effectively buy back the assets.<\/li><\/ul><h3>Pros and cons of asset finance<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li><strong>You could get access to the latest equipment without a massive initial outlay.<\/strong> This allows you to serve staff and customers to your maximum ability, and you don't have to break the bank to do it.<\/li>\n                                    <li><strong>Upgrade your equipment regularly.<\/strong> If you wish, you can upgrade to the latest equipment every time your current deal expires. In fact, with many hire purchase agreements, you can end the deal whenever you like, although you'll lose the option to buy the equipment outright by doing so.<\/li>\n                                    <li><strong>Make savings elsewhere in your business.<\/strong> In many cases, using new equipment can reduce maintenance and running costs and increase efficiency.<\/li>\n                                    <li><strong>It's easier to be approved for these type of financing agreements.<\/strong> As your loan is secured against the assets borrowed, it's often possible to be approved without a great business credit score.<\/li>\n                                    <li><strong>Most agreements come with fixed interest rates.<\/strong> Fixed payments make it easy to manage your budget over a long time period.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>It's more expensive than buying an asset outright.<\/li>\n                                    <li>Your assets will be repossessed if you fall behind on repayments.<\/li>\n                                    <li>It's not always possible to cancel a long-term agreement.<\/li>\n                                    <li>Often, you'll have to pay a deposit.<\/li>\n                                    <li>You can't deduct the value of the equipment from your profits for tax purposes, nor claim capital allowances if the lease period is less than seven years.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Asset finance cost comparison<\/h4><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Loan amount: \u00a350,000<\/h5><ul class=\"list-10\"><li>Loan term: 1 year<\/li><li>Interest rate: 22%<\/li><li>Monthly repayment: \u00a34,633<\/li><li>Total interest: \u00a35,595<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Loan amount: \u00a350,000<\/h5><ul class=\"list-10\"><li>Loan term: 1 year<\/li><li>Interest rate: 36%<\/li><li>Monthly repayment: \u00a34,903<\/li><li>Total interest: \u00a38,831<\/li><\/ul><\/div><\/div><\/div><\/article><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 itemprop=\"name\">How to compare asset finance loans<\/h3><div itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>Here are the main factors to bear in mind when comparing asset finance deals:<\/p><ul class=\"list-10\"><li><strong>What do you want to borrow?<\/strong> Some lenders will only offer asset finance for specific items. Some specialise in finance deals on laptops and other tech products. Others only offer commercial fleet finance deals.<\/li><li><strong>Finance lease or hire purchase?<\/strong> If you&#8217;re ultimately after permanent ownership of your asset, choose a lender that offers hire purchase deals.<\/li><li><strong>Weekly or monthly payments?<\/strong> Some lenders offer the choice between weekly and monthly payments. Consider which option fits best with your cash flow, but also the overall cost of each.<\/li><li><strong>Flexibility.<\/strong> Some lenders give you the flexibility to cancel your contract early. Others keep you tied in, no matter how your situation changes. Contract flexibility is useful in situations where you need to quickly reduce your outgoings or upgrade to newer assets.<\/li><li><strong>The length of the deal.<\/strong> Broadly speaking, the longer your hire purchase deal, the lower your repayments will be, although you&#8217;ll pay more in interest overall. Ideally, you&#8217;ll want to pay off your debt as fast as you can afford to do so.<\/li><li><strong>The cost of the loan.<\/strong> Some lenders will only advertise the cost of the weekly\/monthly repayments, including the Representative APR. However, it&#8217;s best to compare the overall cost of the deal, as individual lenders might price their assets differently.<\/li><\/ul><\/div><\/div><\/div><\/div><h3>How to apply for asset finance<\/h3><p>Usually, you can apply for asset financing deals via the lender&#8217;s website. The process only takes a few minutes, provided you have the necessary details to hand.<\/p><p>You&#8217;ll need to provide some basic information to identify your business, including your company type, business address and limited company number.<\/p><p>It may also be necessary to submit financial details, including VAT returns and bank statements. The lender will then complete a credit check on your business. Your business credit score is based on your previous borrowing history and helps the lender to evaluate whether you&#8217;re a risky prospect to lend money to. Your eligibility for the best deals will be based on this score.<\/p><p>You&#8217;ll typically be given an instant decision on your application. However, with some lenders, this may take up to three business days.<\/p><h3>The bottom line<\/h3><p>If your business needs quick access to the best equipment, but you don&#8217;t have the capital to buy it outright, asset finance can be a useful tool. For companies with highly irregular cash flows or bad credit, it can offer access to finance when traditional bank loans may not be an option.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">How is this better than a traditional bank loan?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\">Due to the security involved, asset finance deals are typically easier to get approved than traditional bank loans. The application process is straightforward and the interest rates are sometimes more favourable. Plus, you may not have to worry about paying for maintenance. It&#8217;s worth comparing all forms of <a href=\"https:\/\/www.finder.com\/uk\/business-loans\">business finance<\/a> though.<\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">How quickly will my assets be delivered?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\">Each lender will have their own protocol for delivery of your assets. Check that this is suitable for you before applying.<\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">What happens if my assets are stolen or damaged?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\">With asset finance deals, some lenders will maintain responsibility for insurance and maintenance of your assets. With hire purchase deals, you&#8217;ll almost always be responsible for this and will want to ensure that your insurance protects your interests.<\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">How do I boost my business credit score?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\">You can boost your credit score by making timely repayments on your existing loans. This includes asset finance deals. It will also be beneficial to ensure you don&#8217;t open too many lines of credit. You can check your business credit score through credit reference agencies such as Equifax, TransUnion or Experian.<\/div>\n  <\/div>\n<\/li><\/ul> <article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>We explain the various types of asset financing available to help you choose a competitive deal for your SME.<\/p>\n","protected":false},"author":748,"featured_media":149249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[2866],"tags":[],"asset_tag":[],"class_list":["post-149248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Compare Asset Finance UK | Loans for SMEs<\/title>\n<meta name=\"description\" content=\"Explore asset financing options and how to choose the right deal for your business. 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