Would you pay your rent several years in advance? Probably not — so why do the same for your business's equipment? That's where equipment finance comes in.
Many businesses depend on equipment to get the job done. And for some firms, new equipment might make the difference between stagnation and growth.
Whatever your sector, there's probably an asset that you'd like to have in your business — and depending on what you do, it could be anything from machine tools and yellow plant to catering equipment or commercial vehicles.
Spread the cost over time
But what if your business can't afford such big-ticket purchases? Many of these items run into the thousands of pounds, and for smaller businesses trying to grow, big up-front costs just aren't possible.
On the other hand, more established companies often don't want to buy an expensive piece of equipment outright, even if they can afford to do so — because the money could be spent on other things to benefit the business.
There are lots of different ways you can fund large equipment purchases. Here are some of them: