This versatile funding solution presents a bespoke and competitive approach to fostering business growth. According to the Finance and Leasing Association (FLA), there was a notable 18% growth in total new business for asset finance in June 2023 compared to the previous year, with significant surges in sectors like car finance (89%) and commercial vehicle finance (23%) against June 2022 figures.
Here, we delve deeper into the multifaceted advantages of choosing asset finance over outright purchases, demonstrating how it can unlock growth and efficiency for businesses:
1. Cash Flow Preservation
Asset finance alleviates the burden of hefty upfront payments, allowing businesses to distribute costs over time. This ensures that working capital is preserved for essential operational needs such as payroll, marketing endeavours, or unexpected expenses, thereby safeguarding financial stability and flexibility.
2. Technological Relevance
In the ever-evolving business environment, maintaining technological advancement is paramount. Asset finance empowers companies, from construction firms requiring cutting-edge machinery to print studios seeking the latest equipment, to stay competitive without the drawbacks of owning soon-to-be obsolete assets.
3. Elimination of Depreciation Concerns
Rapidly depreciating assets, like vehicles or tech equipment, can significantly impact a company’s financial health. Through asset finance, businesses can bypass the depreciation dilemma, seamlessly transitioning to newer, more efficient models at the end of the finance term without the hassle of disposing of depreciated assets.
4. Quick Equipment Acquisition
In business, speed can be a critical differentiator. Asset finance facilitates immediate access to necessary equipment, thereby enabling businesses to swiftly embark on new projects, meet order demands, or capitalise on new market opportunities without hindrance.
5. Applicability Across Industries
Asset finance’s adaptable nature makes it an invaluable resource across various sectors, including manufacturing, healthcare, hospitality, and agriculture. Its versatility ensures that enterprises, regardless of size or industry, can leverage asset finance to their advantage.
6. Streamlined Budgeting
The predictability of fixed monthly payments under asset finance arrangements simplifies budgeting processes, enabling more precise financial management and resource allocation.
As a leading provider of asset finance solutions to UK businesses, our expertise and extensive network, including challenger banks and specialised funders, allow us to offer innovative and competitive financing solutions, illustrating our commitment to supporting business growth and efficiency.
Whether you are a burgeoning start-up eager to carve out your market niche or an established entity looking to enhance your operational capacity, we invite you to discover how our asset finance solutions can propel your business forward
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