Garages and vehicle maintenance

  • Keep up with the pace of change
  • Become an approved supplier
  • Attract main dealers
  • Support emerging markets
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Excellent 300+ reviews 4.6 stars 200+ reviews
 

Garages and vehicle maintenance

  • Keep up with the pace of change
  • Become an approved supplier
  • Attract main dealers
  • Support emerging markets
Excellent 300+ reviews 4.6 stars 200+ reviews
  • Both a lender and broker

  • Vehicle industry finance since 2007

  • Expert personal service

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The garage and vehicle maintenance sector is facing a number of disruptive trends, which business owners need to be aware of and plan for if their businesses are to survive and thrive in the coming years. That doesn’t mean there aren’t opportunities. Quite the opposite, but shrewd investment will be required.

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Keep up with the pace of change

Mechanically, vehicles are more reliable than ever. Technologically, they are more complex and sophisticated. If you think this won’t apply to small garages whose work is predominantly on used vehicles, then you could be at risk of being left behind. In 2015, 1.1% of new vehicle registrations were electric or hybrid. By 2019, that figure had risen to 3.2%. By the end of December 2021, the rate had increased to 10.7%. The headlines: the pace of transition to EV is accelerating. In both new and used car markets. Owners need to know you can diagnose and handle their cutting edge systems. 

Garage owners need to invest in training of staff and EV-specific equipment now. The first wave of EVs are already at MOT age. You need to get ahead of the curve, not lag behind it. Drivers will want a local solution and the customers you win now will help you win more EV customers tomorrow. A loan for garage equipment from Portman can get the ball rolling, but Portman Asset Finance can support your every need, from training to equipment to marketing.

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Become an approved supplier

Drivers are increasingly looking to leasing options to finance their transition to the latest vehicles – that goes for fleets as well as domestic customers. That means significantly less work for independent garages… unless they can become part of the lease companies’ approved networks. Find out what you need to do to become an approved partner for leasing firms and invest in the equipment or facilities needed to support that goal.

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Attract main dealers

There is an increasing trend towards using main dealers. This is partly driven by the increase in leased vehicles, but it’s also a consequence of suspicion or mistrust of independents. 

Main dealers won’t be able to manage everyone! Mirror what they do well to make your customers feel comfortable so they come back to you and spread the word. Invest in your customer facilities, technology such as a booking system, or social media presence with a loan from Portman. Develop your online profile and give your customers a seamless experience.

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Support emerging markets

Hailing services such as Uber are on the increase (as is every other on-demand service). That means there will be more cars experiencing higher wear and tear, which will need trusted service centres to support them. Try marketing directly to independent drivers and offer special packages for servicing of their work vehicles. Invest in diversification such as valet and detailing services, or find partners you can collaborate with to expand your offering.

Partner with Portman, for a successful future

This is a unique period of rapid change for the automotive industry. If garage owners fail to invest now, they will be overtaken by either the better trained, the better equipped, the better marketed, or the main dealers (and their approved partners). Invest now with finance from Portman.
icon Hire Purchase

Hire purchase usually involves paying the VAT and a deposit up-front. Fixed monthly repayments are then made, affected by whether you pay off the entire loan over the term or chose a final balloon payment. The final option to purchase is guaranteed for a nominal fee, transferring ownership of the asset to the customer.

Hire purchase is well-suited for situations where a company definitely wants to own the item at the end of the term, often where the asset has a significant usable lifespan, a high residual value and will not need to be upgraded.

icon Lease Finance

Equipment leasing allows a business to acquire hard or soft assets without the upfront costs associated with large purchases. A lender purchases the item, the business then leases it through fixed monthly payments over an agreed term.

Typically, asset finance is provided for high value ‘hard’ assets such as machinery, equipment, or vehicles, but Portman also arranges asset finance for ‘soft’ assets such as IT, fitness, catering, or vending equipment, as well as premises fit-outs, furniture or even air-conditioning.

icon Business Loans

Business loans are a way of borrowing money, which is repaid in monthly instalments, including interest, over an agreed term. Business loans are a common way to help smooth out cashflow fluctuations and take opportunities where otherwise they could be missed due to a lack of working capital.

Business loans can be secured or unsecured. Portman typically provides unsecured loans which can be more flexible and do not require collateral but are likely to require a personal guarantee. Secured loans are tied to an asset which the lender can claim ownership of if repayments are not made, these may be used in equipment refinance deals.

icon Start Up Loans

New businesses often need an injection of finance to get them off the ground. Asset finance for new businesses allows you to focus on running your company and bringing in customers, confident that you have the equipment, vehicle or stock you need without the large initial outlay.

Using finance for your equipment means that you preserve the credit card or overdraft for contingency and operating expenses when the unexpected happens.

icon Equipment Refinance

If you recently bought a high-value item outright but would now prefer to have financed it, we can help with a sale-and-lease-back agreement. If the item is less than 3m old, give us a copy of the invoice and we will calculate the current value. After a few checks and acceptance of the term and monthly repayments, we can give you the cash equivalent of the invoice to put back into the business. You’ll then make fixed monthly payments including interest, whilst your asset earns you money.

If your business owns high value assets that are not currently on finance, subject to a valuation, it is also possible to use them as security for a loan, with lenders offering a cash loan up to a % of the asset’s value.

icon Recovery Loans – Ending June 30

With no personal guarantee up to £250k, Recovery Loans offer an excellent way of making sure your business gets back on its feet after the effects of the pandemic. Many businesses affected by the Covid-19 pandemic and its restrictions can access the UK government’s Recovery Loan Scheme (RLS), providing UK SMEs with better access to finance.

Recovery Loans can be used for any legitimate business or simply provide cashflow. Up to £350k can be borrowed on terms from 2 to 6 years and with no personal guarantee up to £250k, your personal wealth is not at risk.

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Trusted by thousands of business owners across the UK

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

We needed a quick cash injection for stock on a large customer contract, Jack was courteous and efficient, managing to fulfil all our requirements within a few days at a better rate than I was quoted by the bank- I would not hesitate to recommend for an easy hassle-free service

How does it work?

We make things easy from the get-go

We know that finance can sometimes be confusing and stressful, but what we do is simple.

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1. Get started in minutes

Enquire without affecting your credit score.

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2. Our experts find the best available deal

We access our exclusive panel of lenders to find a deal that suits you.

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3. Fast but always responsible decisions

Your dedicated account manager will offer a no-obligation, personalised quote.

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4. Your no fuss loan is funded

Once the final paperwork is signed; we’ll deposit your loan straight into your account.

Enquire today
Successful vehicle maintenance businesses invest and evolve.
Unlock your potential with Portman Asset Finance