What can the finance be used for?
NCF business finance can be used to cover a wide range of requirements for your business. From expansion to stock purchases, from working capital to a tax bill an NCF Business finance agreement can help you spread the cost of key area of expenditure in your business. Finance terms typically range from 6 months to 5 years.
Does my business qualify for business finance?
To be eligible for our business finance agreements your business needs to be trading for a minimum of 3 years and have a turnover in excess of £80,000.00
If you are a Start Up Business please see our Start UP page.
How long can the finance be over?
From 6 months to 5 years.
What information do I need to provide?
We require a full set of the most recent year end accounts and the last three months business bank statements to progress your application and in certain circumstances management accounts may be required.
If you have been trading less then 3 years or are a Start Up Business please see our start up page.
Details of how to download bank statements in acceptable format can be found here
What sort of equipment can I finance?
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
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, but in most cases two months up to date business bank statements and a set of year end accounts is all we require.
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.
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.
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%.
Can I refinance my equipment purchases?
Nationwide Corporate Finance provides a variety of products to help you with this in order to free up equity in your existing equipment.
What Terms can I refinance my equipment over?
Agreements run from 12 months to 5 years, making this a very flexible option, for raising capital.
Will there be Vat on the amount I receive?
Yes, on a sale and lease back, any money you receive from us will be an inclusive of VAT amount and therefore will give you a VAT liability at the standard rate on the sale of your goods to us. You will claim back the VAT element on the monthly repayments
What security will you require to support the refinance or funding?
You will be required to give personal and/or corporate guarantee(s) to support the Agreement with your company and you maybe asked to provide a guarantor to guarantee your businesses liabilities, in addition, dependent on agreement and amount borrowed and the credit status the lender may require a charge over your personal residential property and/or business property and/or any guarantor’s personal residence or business property. A fixed and floating charge over the assets of your company or any corporate guarantor (a “debenture”) will also be required.
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