Increase Your Chances of Being Accepted for Asset Finance
The more supporting documents and information that you can provide to a lender can increase your chances of being accepted for finance and speed the process up as there will be fewer requests for documentation.
Supporting documentation for new assets
If you have a specification and/or a quote for the asset from the dealership or supplier, this will help a lender fully understand any incremental costs and what exactly the asset is.
Full details if there are multiple assets
When there are multiple assets, around three or more, it can be a good idea to provide all the information about the assets on a spreadsheet. Information should include: make, model, age, usage and other additional specifications.
With all this information, the lender will have a strong understanding of the value of the assets and if in the future you wish to refinance an asset, all the information that they need will be in one place.
Additional information on specialist assets
If you’re looking to purchase an asset which might be a little bit out of the ordinary, this does not instantly means that a lender won’t offer you finance to purchase the asset.
A lender will wish to see supporting documentation (e.g. quotations, scopes of supply) as well as warranty periods. This is to help them understand what exactly the plant, machinery or equipment is and whether it’s something they wish to offer finance on.
What has changed on a refurbished asset?
If your asset is refurbished, let us know the following:
- When the work was complete
- Who’s completed the work
- What has changed or been replaced
In most cases, knowing these details will have a positive impact on the value of the asset and can be seen less as a risk to the lender.
Finance for New Plant, Machinery and Equipment
The information that you provide about the asset that you’re looking to purchase or your existing asset (for asset refinancing) will have more a positive effect. Clear transparency with the lender can erase potential issues in the future and speed up the application process.