Machinery finance is open to any kind of business that needs machinery and equipment for growth. These are some of the types of businesses and how they use their finance:

Catering : If you have a fast-moving catering business and need to grow, you can borrow to get the equipment and machines you need. Whether you need vehicles to transport you and your staff to the next event, or gleaming kitchen equipment to turn out orders, you can fund it through machinery finance.

Construction and manufacturing : When your construction company is ready to increase supply, machinery finance gives you access to the plant and the heavy machinery you need. You can fund new loaders, lorries or even an entire high-tech production line for your plant.

Services : While you may not need heavy machines, if you’re based in services or professional services, you can still use machinery finance to get the computer, office and other equipment you require.

Leisure and gyms : Give your customers the latest sporting equipment without paying high, upfront purchase costs. Funding gym and leisure equipment through machinery finance can make sense for many gym owners and leisure providers.

Whether you are buying on Hire Purchase, leasing or funding your purchase through a secured loan, machinery finance usually offers lower rates than an unsecured loan. As the machinery you buy is put up as security, there is less risk to the lender and the repayment interest is usually lower. Furthermore, you can use machinery finance to fund equipment purchases for several years, meaning you can spread out the cost and manage your monthly budget.

With machinery finance, the lender arranges your loan so that you can get your new equipment through:

• Hire Purchase
• Finance Lease
• Contract Hire or Operating Lease
  
  

You then pay a fixed repayment to the lender in regular instalments. Depending on the type of finance agreement you take out, you either own the machinery outright at the end, return it, or buy it with a balloon payment.

Pros

• Get fast access to the machinery you need
• If you need new equipment for your business to grow production, you can finance it easily
• Interest rates are usually low as the lender uses the machinery and equipment as security
• Depending on the type of finance you get, you can upgrade your machinery, keep it at the end of the finance period, or hand it back
  
  

Cons

• It can be harder to get cheaper, second-hand equipment
• You will need to keep repayments for the duration of the finance agreement
• With lease finance, you don’t own the machinery, and it’s up to you to keep it in excellent condition for when the lease ends
• The equipment belongs to the lender while you’re paying your loan

There are so many types of machinery finance and loan options in the United Kingdom, it’s hard to know where to begin. That’s where our team of experts have your back on every step of your business’s journey. We’re committed to working with businesses and lenders to give you the right kind of machinery finance for your needs. Whether you’re a caterer who needs to Hire Purchase a new kitchen, or a plant owner looking for an operating lease for a new fleet of cranes, we’ll find the right lenders for you. What’s more, we’ll explain your options and make sure you’re happy with your loan and the repayments.

• Send your enquiry through our easy, online system today
• We contact our lenders to find a suitable match
• Talk to our loan-broker experts to make sure you have the right finance for you
• Sign the contract
• Get your equipment