How to Apply for Asset Finance
Your step-by-step guide to securing asset finance
Application Process
When applying for asset finance, it's important to follow a structured approach for the best chance of approval. For independent guidance on business funding options, the British Business Bank's Finance Hub provides useful information about preparing your business for finance applications.
1. Prepare Your Documents
- Business financial statements
- Bank statements (last 3-6 months)
- Asset details and valuation
- Company registration documents (Companies House information)
- Director's identification
2. Complete the Application
- • Define the asset needed and its purpose.
- • Understand your needs and research options. Check resources like the British Business Bank Finance Hub.
- • Assess your budget and repayment capacity.
3. Assessment Process
- Credit check and verification
- Asset valuation review
- Business viability assessment
- Terms calculation
4. Approval and Setup
- Review and accept offer
- Sign documentation
- Asset purchase/delivery arrangement
- Payment setup
Understanding Credit Checks
Credit checks are an essential part of the asset finance application process. For information about your business credit profile and how it affects finance applications, you can refer to the British Business Bank guidance on business credit scores. Understanding your credit position before applying can help you prepare effectively.
Ready to Apply?
Start your asset finance application today. Our team is ready to help you through each step of the process.