Here at Spare and Square, we are here to help you with your finance so that you can have the best equipment for your business. We work alongside Kennet Equipment Leasing, who can assist with both Lease and Hire Purchase options to suit your requirements – simply give our Kennet account manager a call today on 01675 469254 – or drop us an email to [email protected]. If you’d like a quote, simply complete the enquiry form below.
What is a Finance Lease?
Essentially, Finance leasing enables the business to acquire the assets needed to maintain a business, without needing to buy the asset outright.
Benefits of Leasing:
- Finance Leases offer flexibility in terms of length of agreement, rental repayment profile and end of lease options.
- Unlike making an outright purchase, you will retain cash within your business.
- Effective financial planning. The lease repayment profile gives you confidence in being able to budget for the lifetime of the asset.
- Tax advantages
- Using the latest assets will ensure you remain competitive by keeping your costs low.
- Fast turnaround times
- Potential to carry on using the asset at the end of the lease period for a nominal payment, or you can look to upgrade the equipment with another lease.
Things to be mindful of:
- The agreement is secured against the asset.
- Non-payment could negatively affect the credit rating of the business and the guarantor.
What is a Hire Purchase?
Hire purchase is a form of finance that can be used to buy new or used equipment. You essentially hire the asset over the contract period and once the facility has been paid off, you are the legal owner of the asset.
Benefits of Hire Purchase:
- Rather than one large sum, you can spread the cost over a 3 to 5 year period.
- Makes larger more expensive assets more affordable to the business.
- Flexibility, you can choose a fixed term and deposit that suits you.
- As the hire purchaser, you’ll own the asset after paying the last instalment.
- There are usually no taxes charges on Hire Purchase agreements.
- Hire Purchase can be paid off early, depending on the customer.
Things to be mindful of:
- Asset depreciation.
- Non-payment could negatively affect the credit rating of the business and the guarantor and could result in the asset being re-possessed.
Spare and Square are not authorised and regulated by the Financial Conduct Authority and therefore can only facilitate un-regulated finance. Un-regulated finance is finance entered into with a limited company, a partnership of 4 or more partners or the value of the finance being over £25,000. For more information contact Kennet. Kennet Equipment Leasing Limited are authorised and regulated by the FCA, FRN 676024. Kennet are an authorised Credit Broker and Lender.
Credit is subject to status and affordability. Terms and Conditions apply. Contact Gary Barker at Kennet on 01675 469254 or drop him an email on [email protected] to discuss your options.
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