Would you pay your staff 3 years salary in advance? Of course not! So why do it with your equipment?
Equipment Finance is the ideal way for a business to fund an asset purchase. Equipment Finance has many benefits, from being fully tax deductible to cash flow friendly. If you are a business looking to buy a machine, piece of equipment or have a shop refit then equipment finance is the way to go.
Why NCF Equipment Finance?
Finance Any Business Asset We can provide you with equipment finance for any business asset purchase. From a new machine to a shopfit. From heavy plant to building works. Every business project can be funded through NCF.
100% Tax Deductible Payments on an NCF Equipment Finance agreement can be offset against any tax liability, therefore reducing the amount of tax your business needs to pay. This method of financing is used by FTSE 100 Quoted Companies through to Accountancy Firms, proof enough that this is a highly tax efficient way of funding your business.
We Can Pay Overseas Suppliers Even if you have found what you want to buy from an overseas supplier this is no problem. We can pay your chosen supplier wherever they are based.
Equipment Finance can be a highly tax efficient method of financing an asset for your business. It enables you to get the latest equipment with fixed payments making cash flow budgeting easy.
It’s the use of capital equipment that gives value to your business, not ownership. Much like an employee. NCF can help your business finance equipment that is perhaps out of your immediate financial range. Flexible equipment finance preserves your cash and existing credit lines, improves cash-flow and maximises your business’ buying power.
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Any equipment, machinery, vehicles or even shop fitting & building works. We can also include delivery and installation as part of the finance package.
What Terms can I lease my equipment over?
Agreements run from 12 months to 5 years, making this is very flexible option rather than an outright purchase
Will there be Vat on my monthly payments?
Yes, on a finance lease agreement all monthly payments will carry Vat at the standard rate. This is fully reclaimable in the normal way providing your business is VAT registered. On a Hire Purchase agreement the VAT is payable up front meaning there is no VAT on the monthly payment.
How long does it take to get approved?
Our process is extremely quick and in most cases funding can be agreed within 2 hours, meaning you do not have to wait long periods of time wait for a decision.
What rates do you charge on your finance agreements?
On a finance lease agreement there is not an APR as it is a hire agreement. However if you add up all the payments that you are making this will tell you how much you are paying back. On a Hire Purchase agreement rates start from as little as 3.6%.
What information do I need to give to get approved?
In some instances we would require no financial information from you as the information can be obtained through the credit searches we do or via companies house if you are a Ltd Company, in other cases two months up to date business bank statements is all we require.
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Tips on buying a business
Make that that life-changing decision that sees you being the boss by owning your own business. It may not be for everyone, but if you do find yourself thinking about this, make sure you follow our advice:
Find the right business to buy. You must decide on the Industry Sector before you decide on the actual business you want to buy. Be sure that you have enough knowledge and experience in the chosen industry. You need to consider the size, profitability, location and number of staff, complete with realistic figures, proposed working arrangements, opening hours and financial forecasts of the venture.
The value of the business. There are several things you should consider when assessing a business for sale, of course, knowledge of the sector and industry are essential. What services does the business offer? Does it come with tangible assets, such as equipment and furniture? What about intangible assets, such as its brand and customer lists? Is it profitable? Are employees paid in line with the local competition? Are the premises owned or rented? Is the business managing its debt efficiently? Are all finances up to date? Does the business sale include stock? Is the valuation in line with other businesses for sale on the market, do not just rely on the word of the seller. Why is the current owner selling?
Find a solicitor you can trust. Make sure the funds you use to purchase the business pass from your Solicitor to the sellers Solicitor. NEVER just pay the seller directly!
Account for all costs. From Solicitor fees to start up cash flow. Buying a business comes with a lot of expenses. So make sure the business is truly worth it before you start ploughing money into it. Make sure, also, that you take every potential outlay into consideration, for example staff wages and stock will need to be paid for immediately along with rent and business rates and marketing.
Please speak to one of our team for either more advise or to be considered for funding for the purchase of a business.