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What is Business Equipment Finance?

Business equipment financing is dedicated for the businesses when they need extra funding for buying equipment. They need to add machinery to grow their business. Equipment can be anything like computers, vehicles, heavy machines and many more.

With the help of the right financing, you do not require to use savings to buy those types of equipment. You need to pay back the funds borrowed and anchored interest rates within the settled monthly repayments for a specific period.

You must have genuine and relevant deals when you are looking for business equipment financing. You need a lender who can understand your requirement and provide funding accordingly. It is where Figuralloans comes into the picture. We are the responsible private lender in the UK and offer well-modernised customer service.

We are always sitting here to help you when you need fresh equipment to ensure business development. We step up with the right offers on commercial equipment finance. We help irrespective of what industry you are dealing in.

The tight application procedure of the conventional lenders has ensured our presence in the UK marketplace more significant. We have a team of loan experts who know how to frame financing deals according to the equipment needs of particular companies.

What are the Types of Business Equipments to Finance?

We are among the leading UK’s providers of equipment financing. Our borrowers prefer us because we understand their needs and provide sufficient funding according to their industries.

We deal online with minimum obligations are involved. Many lenders have ensured financing for only a few business equipment, as they cover only small businesses or large businesses. On the other hand, we take care of the financial needs of every business.

Whether it is construction equipment financing or heavy equipment financing, we assist you in purchasing equipment that allows your business to run on the path of significant development.

Replacing the equipment is exceptionally vital because old machinery cannot ensure productivity for long. Moreover, technology becomes advanced perpetually, and you need to be updated with equipment to stay in the market competition.

Therefore, purchasing modern equipment becomes necessary. It needs adequate financing, and we provide the same. Our financing is not restricted to one or two types of equipment. Instead, we are open to funding your purchase of any of the equipment mentioned below.

  • Waste and recycling equipment

  • Transportation equipment

  • Fitness equipment financing

  • Construction equipment

  • Forestry equipment

  • Manufacturing equipment

  • Landscaping equipment

  • Mining equipment

  • Healthcare equipment

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Which are the perfect options for financing business equipment?

You need to buy multiple pieces of equipment for your business growth in the UK. For the purpose, you seek for the various options available on equipment financing. There is no lack of financing available for financing business equipment. The main thing is finding the right financing.

The market of business equipment financing is a huge one. You have to make smart choice according to your business and the relevant equipment. The financing choice varies from business to business. Your decision should match your current requirement. Given below are the various ways of financing business equipment:-

  • Equipment Lease: It is also called an operating lease providing the relevant solution to the companies while purchasing equipment for a smaller duration.
  • Hire Purchase: It is considered as among the most used equipment financing option. You hire the equipment until you make all the payments.
  • Asset Funding: In this type of financing, lender finances the equipment. You need to repay the regular instalment to the lender. More or less, the purchased equipment becomes the business property as per the signed contract with the lender.
  • Business Equipment Loans: It is perhaps the most applied form of business equipment financing. You borrow funds required according to the equipment value and repay the funds throughout the loan term.
  • Business Credit Card: It is another form of business equipment financing, but it can be costly. You need to make credit card payments on time. Otherwise, you find yourself in a debt trap.

Figuralloans usually deals in business equipment loans where we lend money when you need extra funding. The repayment terms are flexible, and interest rates are manageable from your earning.


Why is Equipment Finance for Start-Up Business Vital?

Are you looking for equipment financing for a start-up business? If yes, then you can approach us anytime and from anywhere.

Purchasing new equipment or repairing older pieces of equipment requires significant funding into your business bank account. The existing companies can manage the cost of these activities from their earning. Problems occur for start-ups and small business owners.

Buying expensive equipment is not applicable with a limited budget. At the same time, purchasing cheap equipment is relatively risky. These situations clearly indicate that you need sufficient funding access to buy good quality and reliable equipment for your business.

Not only buying but also repairing the older machinery is compulsory. It applies largely to those companies that use heavy machinery.

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The situation becomes grim when you face an emergency like machine breakage or damaging a part of it. Sometimes, you cannot arrange money to repair as its repair is costly. It is where we provide adequate business equipment financing.

We offer exclusive deals on equipment financing that your business requires. You can use our deals for:

  • Buying new kitchen equipment

  • Buying new vehicles for your company

  • Buying new machinery

  • Buying new stationery

  • Buying new infrastructure

At Figuralloans, you can apply for business equipment financing for multiple purposes. However, we offer only affordable loan deals that you can manage from your business earnings. Borrowing an amount more than your limit may cause badly to your credit score.

Which Businesses Cover Under Equipment Financing?

At Figuralloans, we have a team of experts who are proficient when it is about knowing the lending industry. They know how to prepare a finance deal to help in equipment financing for companies belong to varied sectors and purposes.

Equipment can be of anything like vehicles (cars, vans, buses, and coaches), kitchen equipment, warehouse, digital equipment and many more. As the responsible private lenders in the UK, we take care of almost every industry. They can approach us anytime when they need funds for buying equipment and increasing infrastructure.

Here are some examples of the industries that we cover under equipment finance.

  • Restaurants

  • Pubs and Bars

  • Construction

  • Retailers

  • Hospitality

  • IT Sector

  • Manufacturers

  • Garages

  • Earthmoving

What are the advantages and disadvantages of Business Equipment Finance?

You are running a small business, and you already have limited equipment to deal with. As your business grows, you need to increase staff and therefore, you have to include new types of machinery. Another situation is where you need to repair the older machines urgently to continue the production.

In both these situations, you need money, and with limited earning as a small company, you sometimes struggle a lot. It is where commercial equipment financing brings many benefits to your favour. Continue to read below the advantages of equipment finance:


Benefits of Business Equipment Finance

  • Excellent Purchasing Chances

    You can increase your purchasing power as a small business owner with equipment financing. It is not necessary to buy when you have to buy. You can purchase equipment as an addition to your existing one.

  • Instant Loan Approval

    With online lending, you have the chance of availing of instant loan approval. There will be a short application procedure, which you can complete within 5 minutes. Lenders also do not take much time in approving equipment finance for you.

  • Flexible Finance Options

    You have many options to choose the best one of them. The direct lenders give you the liberty to choose how much amount you need and set the repayment terms accordingly. Flexibility also comes when it comes to your bad credit score.

  • Easy-to-manage working capital

    You can plan working capital more efficiently. You can predict the payments and the cost of the equipment to purchase. There is nothing like missing the repayments, and you can pay your staff more conveniently.

  • Tax Benefits

    If you opt for the equipment lease option, then it will benefit you in tax efficiency. It is because leasing becomes a regular monthly cost in comparison to direct buying. Buying equipment will include a certain tax.


Disadvantages of Business Equipment Finance

Business equipment finance does have many advantages, but it has some disadvantages too. As a borrower, you should know about all the risks involved. Here are the possible risks involved:

  • You may lose Possession of Equipment

    Most lenders tend to ask security to offer the equipment finance. Since you are a small business owner, you have to keep those new pieces of equipment as the loan collateral. If you miss the monthly instalments and do not repay the loan, the lender will take possession of the equipment.

  • Equipment Financing is not an entire financial solution

    If you think that commercial finance equipment can work in all financial situations, then you are wrong. These are specific loans that work only when you plan to purchase new business equipment or repair the existing machinery.

  • No Security Cover

    If you are looking for business equipment financing, you need to know that no accidental cover is included. The costs related to any technical problem and damage will be levied on the purchase, not on the lender.


How does Business Equipment Finance work?

Figuralloans helps all the businesses in the UK to obtain business equipment financing. We provide this facility to all industries with varied shapes and levels. Purchase new equipment and grow your business like never

If you wonder how the financing works and do you need something special to get the approval, you are thinking too much. We make available the equipment financing within 24 hours, thanks to our advanced online loan procedure.

Follow the given below steps and submit your application:-

  • Click on to ‘apply now button and fill in your details. Reveal to us which equipment you need to buy and how much amount you want from us;

  • Submit the application and wait for the loan quote. It will include the final interest rates and repayment terms.

  • Analyse the loan quote and give your confirmation. You should contact us early if you want any changes in the loan quote.

  • Once everything comes on track, we release the funds to your bank account through online transfer. Now, you can purchase the equipment and grow your business.


Before submitting the application for equipment financing, you need to qualify on these simple conditions:-

  • Your age should be above 21 years;

  • You must be running a registered company;

  • Your company should have the minimum monthly turnover of £5000;

  • You must have been doing business in the same industry for the last 6 months;

  • You should not have any bank default, CCJ or bankruptcy charges against your company.


Why Figuralloans for Business Equipment Finance?

Small businesses in the UK have been trusting Figuralloans for quite a few years. We have helped hundreds of small businesses whenever they needed additional funding for the working capital.

For us, it does not matter whether you are applying for business equipment finance to purchase new equipment, repair older pieces of equipment, or even hire more staff to increase productivity. With us, you will have no hassle in financing your business equipment.

Here are the features of our business financing assistance:-

  • No harm to your credit score

    We offer genuine loan approvals, which do not leave any impact on your credit score. The loans here are subject to a credit check, but it will be a soft credit check. In addition, our flexible repayment terms improve your credit profile.

  • Higher loan approval rates

    When you look for business equipment financing, your past credit score does not matter to us. We approve the loan for you based on your recent financial circumstances. If you are good at current payments, you are allowed to have more chances of loan acceptance.

  • No restrictions on buying equipment

    Unlike other lenders, we do not put restrictions on buying any machinery for your business growth. We offer to finance for every kind of business equipment irrespective of location, industry and vehicle type.

  • No personal guaranteed needed

    You are looking for equipment financing. We do not want to increase the burden of finding a person to take your loan guarantee, especially when you already lack the funds. Therefore, no guarantor is needed, and you can get the funds quickly.

Get a decision on your business equipment finance in minutes without any impact on your credit score. Apply now and get an instant quote.


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