Asset finance is a great solution that enables businesses who rely heavily on assets to run their operations and access the equipment they need, when they need it. Whether that’s to improve the equipment or technology they have currently be able to provide a more streamlined operation, provide some financial flexibility throughout the leaner months, or expand their current operations.  

Whilst asset finance isn’t new to a lot of businesses, there are several misconceptions that are still in circulation. Asset finance may not be the most suitable option for a lot of businesses, but it is a fantastic solution that enables those who rely heavily on assets to run their business effectively.  

Some businesses still feel that utilising asset finance is only for when they are in need of finance as a ‘last resort’, that the process of acquiring finance is too complicated, or that they won’t have full control over their assets if they don’t buy them with cash. But this couldn’t be further from the truth…  

1. Asset Finance is a ‘last resort’ for businesses

Typically, many businesses only look to finance as a ‘last resort’ if they are up against financial barriers and need some capital to bridge any gaps or tide them over to support their operations. However, Asset finance is more commonly being used as a tool to support cashflow by removing the need to rely on cash within the business to pay for assets or equipment upfront and spread the cost over time instead.  

This brings with it many benefits, such as enabling businesses to access the equipment they need to effectively run their operations when they need it, without eating into important cash reserves. It also means they can pay for the equipment in affordable, fixed monthly repayments, reducing financial risk.  

2. Businesses won’t have ‘full control’ over their assets

In some instances, this can be true if the business enters into an agreement that means they don’t have the option to own the assets/equipment at the end of their agreement and in effect, they are paying to simply use the equipment for a certain period. This is typically an operating lease.  

However, there are also finance leases and hire purchase agreements which provide the option to purchase the assets at the end of the agreement*.  

A finance lease, also known as a capital lease, is a type of lease agreement used for financing assets, such as technology, machinery, furniture and equipment. In a finance lease, the lessor (the one providing the financing) retains ownership of the asset and the lessee (the one using the asset) makes periodic rental payments over the term of the lease.

Under a finance lease, the lessee has the right to use the asset for the duration of the lease but does not have the right to sell or transfer ownership of the asset. At the end of the lease, the lessee may have the option to purchase the asset for a pre-agreed price or return it to the lessor.  

Hire purchase is a type of loan agreement used to purchase assets. The buyer pays an initial deposit, followed by monthly payments over an agreed period. Once the final payment is made, the buyer owns the asset. In hire purchase, the lender owns the asset during the period of the loan, but the buyer has the right to use it. The lender may also include optional extras such as warranty, maintenance, or insurance.

*This typically comes with a fee. We recommend you always check the terms and conditions of any agreement you enter to ensure you understand the costs associated with the end of your agreement term.

3. The asset finance process is too complicated

Gone are the days of multiple rounds of paperwork or conversations with your bank only to be told no… Many businesses use finance brokers to help them access the finance they need – with access to a large panel of lenders, a broker, like Bluestone, can find the most suitable option for your business, without you having to do a thing.

Flexible finance at your fingertips…

Bluestone has its own online finance portal which enables you to get a quick quote and submit finance applications online, removing any complicated processes and getting your business the access to the finance it needs quickly and efficiently.  

With a personalised dashboard, you can see the progress of all your applications and will be notified of anything you need to do throughout the process, such as signing any documentation via e-sign. Although the portal is all online, Bluestone does also have a team of dedicated experts on hand to support you and your application if needed, providing you with the most simple and efficient process possible.  

You can read more about the portal here.  

Alternatively, you can apply now.  

Or, if you want to discuss your options with one of our team of industry experts, fill in our contact form, or give us a call on 0330 135 8660.

Finance for your business

Bluestone is an ethical and FCA-regulated finance intermediary. We are committed to ensuring that our clients make informed financial decisions based on their requirements and always recommend that our clients seek independent financial advice from an authorised source before committing to any financial agreements.  

If you would like to explore software finance solutions in more detail, get in touch using the enquiry form below, or contact us here. One of our friendly and experienced team will be in touch as soon as possible.

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