Compare asset finance

Compare our range of asset finance providers and find the funding you need for your business equipment needs, from machinery to office equipment.

  • Compare finance options from leading brokers and lenders
  • Repayment periods that can match your business needs
  • Check the conditions of loans

Compare business loans from leading brokers and lenders

Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.

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How to get a business loan

1

Decide how much you want to borrow

This is the amount of money you need to borrow to fund a business priority.

2

Work out long you need to repay the loan

This is the length of time you need to pay back the loan with interest.

3

Find the type of business loan you need

It's important to know which type of loan is best suited for your business.

4

Calculate the interest rate or APR

This is the rate at which you'll reimburse the loan and dictates the monthly repayment.

5

Check if any conditions are attached to the loan

Sometimes lenders attach additional criteria, such as a personal guarantee.

Asset finance business loan deals

8 results found, sorted by affiliated products first. How we order our comparisons. Commission earned affects the table's sort order.
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Funding Circle Business Loan
Loan Type
Unsecured term loan
Loan amount
£10,000 to £500,000
Loan term
24 months to 72 months
Funding Circle Business Loan
To be eligible to apply you need to be based in the UK and have been trading for 2 years. Funding Circle also offers the Government's Recovery Loan Scheme. A key aim of the Recovery Loan Scheme is to improve the terms on offer to businesses.
If you can be offered a Funding Circle business loan for the same amount on similar or better terms, without requiring the guarantee provided by the scheme, you will be. The rate you will get will vary based on your circumstances.
Funding Options Business Loans
Loan Type
Asset finance
Loan amount
£10,000 to £2,000,000
Loan term
12 months to 84 months
Funding Options Business Loans
Funding Options is a Credit Broker and not a Lender. Their APR starts from 2.75% and has an average of 7.38%. They can help you prepare and submit your Recovery Loan Scheme application through multiple RLS accredited Lenders.
Minimum Turnover is £60,000 with 12 months minimum trading. Some lenders may apply fees during the application process, please note that these are set and provided by these entities.

What is asset finance?

Asset finance is a way to finance buying a specific asset for your business, for example new machinery, office equipment or a vehicle.

Asset finance also covers borrowing against your existing business assets. This is called asset refinancing.

Borrowing is secured against the asset you are buying until the finance agreement is paid off. There are several types of asset finance, including:

  • Hire purchase agreements, where the lender buys the item on your behalf. You then pay a set amount each month and own the equipment at the end of the term.

  • Leasing agreements, where you pay monthly to use equipment but do not automatically own the item at the end of the term.

  • Refinancing agreements, where a business sells an asset or piece of equipment to an asset finance company to raise funds. They then lease it back over a fixed term.

Why use it?

Asset financing can allow your business to buy equipment or machinery that you otherwise might not be able to afford.

It can also free up funds you would spend on buying assets to invest elsewhere in your business.

What assets can you buy?

Asset finance is sometimes called equipment financing or machinery finance, because these are common items businesses buy.

Other items you can buy using asset finance include:

  • Vehicles

  • Office equipment

  • Medical equipment

  • Software

Asset finance pros and cons

Pros

  • You can buy the latest equipment
  • Most have fixed interest rates
  • Leasing company pays for repairs
  • Easier to get than other loans

Cons

  • It can cost more overall
  • You may have to pay a deposit
  • You can't claim capital allowances
  • Hard to cancel long term contracts

How to get the right asset finance

To find the right asset based lending for your business look at:

  • How much you want to borrow: Work out how much the item you need to buy costs. This is especially important if it is being custom made for your business.

  • How long you need to borrow for: Finance terms can last anywhere between 1 to 7 years. Choosing a longer term may make your repayments smaller, but will usually mean you pay more overall.

  • What assets you want to buy: This may dictate which asset finance company you can use, especially if you want to finance an unusual item.

Once you know this information, get quotes from lenders who can offer the type of borrowing your business needs and then go with the cheapest option.

This comparison shows lenders who offer asset finance options and the different terms you can borrow over.

Asset finance FAQs

About our asset finance comparison

Explore business loan guides

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How do business loans work?

If you need funds to help your business grow or expand, a business loan could offer the solution you need. Here is how they work and how to get the right loan for your business.

More on how business loans work

Why compare loan deals with money.co.uk?

Comparing business loans could save you money. Our multiple award-winning comparison service makes sure you get the lowest rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.

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Last updated: 04 March, 2022

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