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  • What is Asset Finance and how does it work?

Views from the flipside

Asset finance is a way spreading the cost of essential equipment or vehicles for your business. It helps you avoid large upfront costs so your business can get what it needs to develop.

This blog is an excerpt from our free ebook, Asset Finance Explained. Download your copy here.

Asset Finance is straightforward in how it works. Typically, White Oak UK will pay for the asset upfront, so you don't have to and then you'll pay a recurring fee over an agreed term to use the asset.

It’s broadly appreciated that uncertainty is the arch enemy of development. And if there’s one thing to be sure about, it’s that Brexit has pushed the level of uncertainty to an absolute peak.

Asset finance without the red tape

Whilst access to finance from traditional banks may becoming more difficult and more painful to obtain, that is not the case with alternative finance providers like White Oak UK.

Alternative finance is now the norm

Alternative finance is now mainstream, as Andy Davies, Group Sales Director at White Oak UK explains:

"Businesses have a lot more choice in the marketplace when it comes to access to finance, and that is something that we have seen grow significantly over recent years.

"Long gone are the days when everything would depend exclusively on your bank. For businesses, it’s become more about simplicity, speed and service. When you are running a business, these are vital requirements."

Asset finance enables you to obtain a wide range of equipment necessary to operate efficiently and effectively. Wholly or largely secured on the assets being financed, asset finance also gives you some flexibility to replace or upgrade equipment at any time.

In 2018, members of the Finance and Leasing Association (FLA) provided a record £33 billion of finance to the business sector and public services, a 3% rise on the figure for 2017, representing over a third of UK investment in machinery, equipment and purchased software in the UK last year.

The FLA is the leading trade association for the asset finance sector in the UK and the largest organisation of its type in Europe.

Asset finance provides an affordable, secure line of credit – so that companies can invest in tangible assets from office equipment to manufacturing plant, from cars to a fleet of aircraft.

It is the third most common source of finance for businesses, after bank overdrafts and loans.

Asset Finance Explained

Recognition of the importance of asset finance is growing among small and medium-sized enterprises (SMEs), but issues regarding access to funding and a knowledge of how asset finance works remain.

In our latest ebook, we explain the different types of asset finance available, the benefits they can offer to your business, the VAT implications and to understand stage payment deals.

Asset Finance Explained - Free Guide

By Ian Cushion
Author
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Why choose White Oak UK?

  • No red tape, so you can receive funds in as little as 24 hours
  • We accept 4 out of every 5 applications
  • Apply quickly and easily with E-sign loan documents
  • You’ll always speak to the same person
  • Free up cash flow for other areas of your business
  • Tailored finance agreements to suit your specific needs

Views from the flipside

What our customers say

We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. White Oak UK were professional, helpful, friendly, and best of all, fast.

credit-awards2018 Winner - Flintshire Business Awards leasing-life-award2018 leasingworld2018-1 SME Awards - Alternative Funder of the YearInnovator of the Year 2016Business Comparison Asset Finance Lender Award Growing Business Award - Amazon