FAQ's
We know how vital asset finance is to helping businesses drive growth
That is why we have rounded up the most frequently asked questions about our finance solutions, so you can get the answers you need:
Customer
How is asset finance different to other forms of funding, say a bank loan or an overdraft?
Unlike overdrafts, asset finance is not repayable on demand. It's also a form of secured loan (the asset is our security) so our lending criteria is often more flexible than a bank loan.
How do I apply?
To apply, you can complete the enquiry form, call us on 01633 415 222 (option 1) or email [email protected]
We'll aim to be in touch within one working day.
Can I refinance the equipment that I already own?
Yes you can, however there are certain criteria surrounding the age and condition of equipment that we'll refinance (such as the type of equipment, and the date that you purchased it).
Please call and speak to our team, who will guide you on how to release the capital tied up in your assets.
Will my payments increase if inflation or interest rates rise?
No - your monthly payments are fixed and are unaffected by interest rate rises.
Will I need to pay a deposit?
Not necessarily, for a lease agreement, usually we only ask for a nominal amount at the outset of your finance agreement, equivalent to a monthly payment; for a hire purchase agreement typically we will require the VAT element to be paid upfront, with the option for you to make a further down payment to reduce the remaining instalments. Once this has been paid, this means you can start using the equipment straight away and generating profit from it before the next payment is due.
Can I borrow up to 100% of the value of the asset?
Yes - on new assets, load to value (LTV) can be up to 100% of the invoice amount excluding VAT, subject to credit profile.
How much can I borrow?
The amount you can borrow will depend on your business and time trading. Through our technology partners, we can finance equipment with a value of £500 upwards. Outside of technology equipment, we typically see equipment purchases of a few thousand pounds all the way through to larger facilities in excess of £1m.
What types of businesses do Propel lend to?
We lend to all types of businesses. It doesn't matter whether you've been established a few decades or just a few months - we can provide finance for businesses of all sectors, sizes and stages.
They are all united by one thing - the ambition and drive to succeed.
Partners
Would my customers be better off going to their bank for financing?
Not necessarily. Banks may may not be able to provide a complete solution and often look for higher levels of security, asking for large deposits or making charges on assets or property.
By leasing or hire purchase, your customers still have the option of going to their banks for working capital requirements and other business purposes. We also pride ourselves on speed and service.
Will I need permission from the Financial Conduct Authority?
Credit brokers may need FCA authorisation if they arrange or introduce consumer credit agreements, advise customers on finance options, or charge a fee for brokering finance. As we cannot provide advice on FCA permissions, brokers should check directly with the FCA to ensure compliance.
Why should I sell my products on asset finance?
Selling on finance makes your products accessible to a wider range of customers.
It allows customers to gain the advantage of using the equipment you supply, without the need for a large, upfront capital outlay.
Asset finance also gives you the opportunity to increase your sales process and ensures that you get paid on time, every time, whilst creating long lasting customer relationships.
Need any further assistance?
Please don't hesitate to contact our team on 01633 415 222 option 1.
Alternatively, fill in the form left and we will be in touch.
So we can understand your requirements, we will need to gather some information from you.
Any personal information submitted to Propel via this route will only be used for the purposes of servicing your enquiry. If you would like further details of how we process your data, please read our Privacy Policy and Fair Processing Notice.
Finance is subject to status. Terms and Conditions Apply. Propel acts as a lender or a credit broker for business customers only.
Propel Finance Plc is registered in Wales, Company no 04015132. Propel Finance No. 1 Limited is registered in Wales, Company no 10003271. Registered offices are at Unit 5, Langstone Business Village, Langstone Park, Newport, NP18 2LH. Propel Finance Plc and Propel Finance No.1 Limited are authorised and regulated by the Financial Conduct Authority