Frequently Asked Questions
What is asset finance?
Asset finance is a fast-growing and flexible way for business owners to fund their companies, offering a quick and convenient alternative to more traditional lending methods such as bank loans.
It involves making regular payments for the use of an asset, such as a key piece of equipment, over an agreed period of time, saving you from the cost of buying it outright.
This preserves your cashflow and frees you up to invest in other areas of the business such as staff salaries or marketing. At the same time, you are generating income from your new asset while paying for it.
For small-to-medium-sized businesses and start-ups especially, asset finance is becoming one of the most accessible and flexible forms of finance, as well as an effective strategy to generate growth.
Why use asset finance?
You can acquire assets without tying up working capital, allowing you to spread the cost over low monthly payments over periods of up to 10 years. The asset which you buy will be your security, meaning that we are able to move through the application process quickly without waiting for several forms to be processed.
Once everything is in place, you can let the new equipment pay for itself as you use it, rather than paying upfront in one lump sum. If you are upgrading, any old equipment can be replaced now rather than having to save and wait for an outright purchase.
Payments are 100% tax deductible on lease finance agreements, while the fixed interest rate during the length of the agreement makes it easy for you to budget.
Why should I go to Portman Asset Finance?
As a provider of fast and flexible finance solutions to established and start-up businesses, we have helped grow more than 10,000 UK companies by arranging over half a billion pounds to support them since we were established in 2007.
Our senior management team have over 50 years’ experience within the finance industry. This, together with the detailed sector and asset knowledge of our expert account managers, has established Portman as one of the UK’s leading business finance providers.
With access to over 40 lenders and a range of finance products on offer, Portman can provide a bespoke finance package that can differentiate your business from its competitors and help it thrive.
What can be financed?
We can fund any sort of asset, be it a traditional ‘hard’ asset such as machinery, tractors, forklifts and vans, to more ‘soft’ assets such as IT software, office supplies, gym equipment and furniture.
We’re able to finance assets in almost any industry, not just the ones listed on this site, so whatever asset you need to move your business forward just contact us and we’ll be happy to help.
I thought finance was just for people who can’t afford to buy?
On the contrary, asset finance is designed for profitable businesses who are looking to grow and reduce tax liabilities.
Isn’t it cheaper just to go to a lender direct?
You may think so, however because of the amount of business we conduct with our bespoke panel of lenders, we get preferential rates for our customers, so the overall cost may be lower.
By coming to us, you also don’t need to do any legwork – there is no need to take time out of the office to research lenders or make the arrangements. We take care of all that so you can get on with your day-to-day business.
What finance products do you offer?
Portman buys the asset – whether it be hard or soft – and you use it over an agreed contract period in return for monthly rental payments. At the end of the lease agreement, you can choose to purchase the asset, hand it back or continue to lease it. With rates from as little as 2.6%, a lease finance agreement can offer flexible payment terms and costs can be offset against tax.
This is similar to a lease agreement in that it frees up working capital, however you are the purchaser. After all payments have been made, your business becomes the owner of the equipment, either automatically or on payment of a final option to purchase fee. Flexible repayments and low rates from 2.6% are available.
You know your business better than anybody, and a commercial loan gives you the freedom to use the monies as you see fit. Whether it’s consolidating existing finance, growing your business or buying another, a loan from us can help.
Refinance allows you to release locked in equity from your assets. These unlocked funds can then be used as you require, from consolidating existing finance, growing your business or purchasing another.
What is your credit criteria?
We pride ourselves on our flexible approach and treat the circumstances of each customer on a case-by-case basis. We assist both new-start and established businesses, so if you need financial assistance to boost your company, whatever its credit history, get in touch to see if we can help.
Over how many years is finance available?
Any period between 1-10 years. Each case is assessed on its individual merits and requirements.
Will I have to put down a deposit?
No, it is not essential. Portman can arrange finance with no deposit.
Do you offer seasonal payment terms?
Yes, many businesses naturally experience high demand for their services during certain times of the year as well quieter periods during others. We tailor all finance agreements to the needs of each business, and lower payments can be arranged during periods when there is a predictable reduction in trade.
What is the minimum and maximum amounts I can borrow?
We offer finance agreements ranging from £1,000 to approximately £1,000,000.
Can I roll in any associated maintenance, installation and support costs?
Yes. All of this can be included within your monthly payments.
I own a new-start business – can you help me?
Absolutely, asset finance is ideal for getting new businesses off the ground. We are committed to helping entrepreneurs and have a special understanding of the enterprise culture within the sectors we specialise. We have experience of dealing with the unique challenges that new-start businesses face and turning those challenges into opportunities.
In what countries do you provide finance?
The whole of the United Kingdom, including Northern Ireland.
How do I get started?
Call us on 01604 321 995 to see how we can help, while more contact details are available here. You can also check your eligibility here. You will be assigned a dedicated account manager who will handle your finance application from start to finish. We do not pass customers from one department to another – we deliver a consistent and specialised service throughout the whole finance process, allowing us to be responsive and flexible in serving your requirements.