5 results found, sorted by affiliated products first. How we order our comparisons. Commission earned affects the table's sort order.
Sort
Think Business Loans Business Loan
Loan Type
Unsecured term loan
Loan amount
£25,000 to £1,000,000
Representative APR
6.36% APR
Loan term
1 month to 74 months
“Rated 5* “excellent” on Trust pilot. Our experts will compare multiple business finance products across 100s of lenders to find the option that is right for you. 75% of our customers receive an offer.
Think Business Loans is a credit broker and not a lender. Minimum turnover is £200,000 with 1 year trading.
Representative Example: The representative rate is 6.36% APR (fixed) so if you borrow £100,000 over 60 months at a rate of 6.36% p.a. (fixed) you will repay £116,504.71 in total.
Funding Options Business Loans
Loan Type
Asset finance
Loan amount
£10,000 to £2,000,000
Representative APR
6.03% APR
Loan term
12 months to 84 months
Funding Options is a Credit Broker and not a Lender. Their APR starts from 2.75% and has an average of 6.03%. They can help you prepare and submit your Coronavirus Business Interruption Loan Scheme application through multiple CBILS accredited Lenders.
Minimum Turnover is £60,000 with 12 months minimum trading.
Representative Example: The representative rate is 6.03% APR (variable) so if you borrow £50,000 over 24 months at a rate of 6.03% p.a. (variable) you will repay £53,114.16 in total.
Fluidly Business Loan
Loan Type
Unsecured term loan
Loan amount
£15,000 to £500,000
Representative APR
7.9% APR
Loan term
6 months to 60 months
View funding solutions available to you in under 30 seconds. Fluidly's 5* rated specialists will support you in applying to the best products for you.
Fluidly is a credit broker not a lender. Minimum 2 year of trading and £100k turnover pa.
Representative Example: The representative rate is 7.9% APR (fixed) so if you borrow £100,000 over 24 months at a rate of 4.00% p.a. (fixed) you will repay £104,219.84 in total.
Funding Circle Business Loan
Loan Type
Unsecured term loan
Loan amount
£10,000 to £500,000
Representative APR
11.79% APR
Loan term
24 months to 72 months
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 Funding Circle can offer you a business loan for the same amount on similar or better terms, without requiring the guarantee provided by the scheme, they will do so. The rate you will get will vary based on your circumstances.
Representative Example: The representative rate is 11.79% APR (fixed) so if you borrow £100,000 over 72 months at a rate of 9.4% p.a. (fixed) you will repay £137,779 in total.

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

It is where you use a business asset, for example outstanding invoices, to borrow money and that loan is secured against those assets.

It depends on the asset your business needs to finance, but some lenders can have a finance agreement in place within 24 hours.

Yes, your business will need to pass affordability and credit checks.

It depends on factors like your revenue and other financial liabilities, most lenders can offer finance up to £1 million, sometimes more.

Yes, if you only need to borrow part of the cost amount you can normally do this, although not all lenders offer it so check first.

About our asset finance comparison

We include loans and finance deals available directly from lenders and through brokers on our panel. They are all regulated by the Financial Conduct Authority (FCA). Here is more information about how our website works.

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.