Frequently Asked Questions

We can afford to pay cash, why should we lease?

Leasing can be a cheaper option than paying cash for your equipment, is easier on cashflow and allows you to budget for your purchase.

Shouldn't I go to my Bank?

You could ask your bank but since the downturn it has been harder to access bank borrowing. By leasing, any credit facilities available to you from your bank can be used for other purposes.

Who can apply for Finance and Leasing?

Any business that requires equipment can apply.

What happens at the end of the lease?

The lease period will be set for the useful life of the asset and at the end of the term you will be given three options:

  • Purchase the goods via a third party (price to be negotiated).
  • Enter a secondary rental period and continue to use the asset.
  • Return the asset to the lessor.

Who can apply?

SME Finance and Leasing offer finance to any business, irrespective of sector or length of time trading.

Do I need to pay anything up front?

We require one payment upfront.

How quickly can we get a decision?

SME Finance and Leasing will provide a decision within 24 hours of receiving the finance proposal and any other information requested.

My business just consists of me, can I still apply?

Yes, as long as you are a trading entity we can assist.

How do I pay?

You will pay for the use of the equipment monthly via Direct Debit

What happens if I sell the business?

The agreement must be settled unless the proprietors acquiring the business are taking over the lease (dependent on status and credit approval in advance).

Who is responsible for insuring and maintaining the assets?

The lessee.

Can the lease agreement be cancelled?

You will have 14 days from the date of activation to cancel the lease but after this you are bound by the terms of the lease agreement.

Can I settle the lease early?

Yes and there is no penalty for early repayment. Contact us for a settlement figure.

Is this a Fixed Rate product?

Yes

Is this on a fixed term agreement?

Yes

How is VAT reclaimable?

Vat is recoverable on each individual payment.

Does this product ease cashflow

Yes

Can payments be structured seasonally/staged

If appropriate