There is definitely evidence that things are picking up in the finance and leasing market. Well they are certainly in terms of businesses buying equipment and requiring fiance. This time last year the industry went very quiet and has been really for the last 12 months. Businesses put capital expenditure plans on hold and battened down the hatches. Twelve months on and we are starting to get more asset finance enquiries. Some of this might be out of necessity as vehicles and machinery becomes uneconomical to keep repairing. Or, it might be because businesses have the attitude that if we can make the investment work in the current climate we may as well crack on with it now because when things really pick up we will be well placed to take advantage of any upturn. Great however until you go to your bank and cannot get any funding. In order to get the best possible chance of an approval for your funding requirements information must be presented to the finance company in the best possible manner.
XL Business Finance has over 10 years experience of arranging hire purchase and finance lease facilities for our clients. Obtaining finance has never been more difficult. There are far fewer finance companies than there used to be and the ones that are left do not have an unlimited pile of cash. It simple supply and demand. Submit your application in the wrong way and it will just get binned. The finance companies don’t have enough cash to be bothered with the marginal applications. Why should they bother lending money to the business that cannot be bothered getting up to date management information, doesn’t provide a rationale for the new aquistion or can’t be bothered providing bank statements. As an independent finance broker we understand the requirements of the different fiance companies and as such can add value to any capital expenditure projects.
Tags: finance lease, hire purchase, independent finance broker
