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Asset finance is now available through Funding Circle – here’s everything you need to know

Business Finance

Asset finance is now available through Funding Circle – here’s everything you need to know

Updated: 13 November 2023

We’re now offering asset finance from our partners directly through our website, with a fast and highly personalised service. Whether you need new machinery, vehicles or any other equipment or an extra bit of capital, the options provided from our lending partners could power your business to go even further. Here’s everything you need to know about asset finance and how you can apply. 

What is asset finance? 

Asset finance is a way of funding almost any type of equipment without having to pay a large sum upfront. As the asset acts as security, our hire purchase or leasing options can enable you to access more funding and at a lower cost than you may be able to via a loan.

Working with our panel of specialist asset finance partners, you could fund an asset with fixed monthly repayments, or borrow against existing equipmentones to raise capital. 

What can I use asset finance for? 

We welcome applications for all types of assets. Some of the most popular are:

  • Equipment – manufacturing, production, engineering, agricultural, forestry, waste and recycling, materials handling
  • Plant – industrial plant & machinery, road plant (construction, forklifts, access platforms, cranes, pavers, diggers)
  • Transportation – heavy commercial vehicles and trailers, cars and light commercial vehicles (including business fleets, car and van rentals), buses, coaches
  • Machinery – machine tools (metal engineering and plastic production), bespoke manufacturing machinery, packaging and other production
  • Office – computers, phone systems, copiers, printers, printing presses and ancillary equipment (folders, stackers etc), IT equipment
  • Warehouse/Retail – racking, shopfittings, vending machines, garage equipment

Can I use asset finance to get working capital?

Yes, you use asset finance to borrow against existing assets and receive a lump sum. The asset is used as collateral for the loan, and could help you get a lower interest rate than an unsecured loan. 

What types of asset finance can I apply for?

Depending on your needs, our panel of trusted asset finance providers could help you take out a range of different products, including:

  • Hire purchase — Allows you to pay for an asset in instalments over a set period, typically at a fixed interest rate, and own it at the end of the term. Your repayments will cover both the original cost of the asset and interest.
  • Finance lease — Allows you to lease a piece of equipment and use it over a period of time. Your finance provider will hold ownership of the asset, but you’ll receive exclusive use of it. Payments will cover the original cost of the asset and interest. At the end of the term, you can either renew your lease, or return the asset to the provider.
  • Asset refinance — Allows you to raise capital using your existing assets as security. This means you can borrow a lump sum, then make monthly repayments over a fixed term to pay it back. Any assets you put up as security will need to be owned by the business outright.

Am I eligible for asset finance?

To be eligible to apply for asset finance through Funding Circle your business needs to:

  • Be based in the UK
  • Be a limited company or LLP
  • Have at least 1 year of trading history
  • Have an annual turnover of at least £50,000

Why apply for asset finance through Funding Circle? 

  • We’re a partner through the process – your experienced Account Manager will guide you through the options best suited to your business, and you can call or email them directly. 
  • We’re a leading SME finance specialist – we’ve been focused purely on SMEs since 2010, helping 140,000 businesses borrow over £15 billion to fund their goals.
  • Fund assets and working capital – if you also want extra cash flow, we can assess you for a business loan without having to apply again, saving you time and effort.

How do I apply?

Simply apply online by filling in a short form and an Account Manager will contact you to review your options, find the right deals and put you in the best position to get approved. 

Once you’ve chosen your offer, your Account Manager will finalise your application, with a decision usually coming within 1-2 days. If approved, you’ll get a quick payout so you can fund your assets straight away.

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