The Business Finance Specialists
The Business Finance Specialists
Industry-Leading Approval Rates On Applications
Up To 7 Year Repayment Terms
No Hidden Or Arrangement Fees
Easy Fixed Repayments
Investing in high-quality construction equipment is a fast way to transform your business. Specialist machinery and equipment can require a large capital outlay. These costs can become expensive when purchased outright. Asset finance for the construction industry is the ideal solution as your business can access funding for equipment that can take your operations to another level.
If you want your business to grow, but lack the sufficient working capital to make a purchase, asset finance lets you unlock your future potential. Construction equipment financing also allows an organisation to spread costs across a monthly payment scheme to protect cash flow. At Millbrook Business Finance, whether you want to invest in bulldozers, plant machinery, cranes, or much more, our expert team sources financing options tailored to your construction company.
There are two main types of asset finance solutions: hire purchase and leasing. Hire purchase allows your business to buy the equipment straight after the agreement has been settled. Under this form of construction equipment financing, businesses make a purchase and then spread the cost of repayments, typically between one and seven years with added interest. Normally the VAT associated with the purchase is paid upfront, however, there are options to defer the VAT for up to three months. With hire purchase, the business owns the purchased item, and it will appear on the business’s balance sheet
The second type of asset finance is construction equipment leasing. A leasing agreement can be an effective way to access items that a business needs to thrive. Again, businesses can spread the cost of purchase between one and seven years. VAT is paid on the monthly lease repayments as opposed to upfront – an advantage for cash flow. Leasing also offers tax benefits as leasing repayments are tax-deductible and can be offset against business profits. At the end of a primary lease period a business can usually continue leasing (often with cheaper repayments), purchase the assets (usually for a small fee), or return the asset to the leaser.
Construction asset finance provides companies with access to funds so they can purchase equipment and machinery. As part of any business’s journey in the construction industry, they will need to grow to continue their success; this involves investing in new equipment to take on new jobs and challenges. Construction asset finance protects cash flow and enables your company to invest heavily in your business.
Once you know what equipment you want to purchase, reach out to Millbrook’s experienced team or use the quick and easy eligibility checker to establish if you qualify for finance. Our team will work with you to create a bespoke finance agreement for your business
Advantages
Disadvantages
There are no arrangement fees to pay with construction asset finance. The only fee that may be charged is an administration fee which is typically around £150 + VAT. Everything is disclosed upfront to provide you with all the information available so you can make the best decision for your business.
As the asset is used as security on construction equipment finance, the interest rate is usually lower than a traditional business loan. This reduces the risks involved in the agreement to incentivise lenders to offer more competitive deals.
At Millbrook, our team achieves an industry leasing approval rate when securing asset finance for our clients. We believe that the right businesses deserve access to finance, regardless of whether they have bad credit or not. When working with us your dedicated account manager will work tirelessly to secure an agreement that benefits your business.
Increase Your Opportunities
At Millbrook, we work with over 80 UK partnered lenders which increases your chances of securing finance.
Simple To Access Finance
Construction financing doesn’t have to be difficult, our dedicated account managers ensure the process is stress-free while using their experience and expertise to secure the best deal for your business.
Avoid Hidden Fees
We don’t charge any arrangement fees under any circumstances. Honesty and transparency are crucial core values to how we operate, you can trust we work to deliver access to finance that benefits your business.
Unmatched Interest Rates
Using the construction equipment as security reduces interest rates compared to bank loans or overdrafts. Our team’s close relationship with lenders also enables us to secure the most competitive rates for SMEs.
Hire Purchase
A form of finance agreement used to purchase construction equipment, machinery, and plants, or vehicles such as tractors and heavy trucks.
Key Features:
Leasing
A form of finance agreement used to lease construction equipment, machinery, and plants, or vehicles such as tractors and heavy trucks.
Key Features:
