What Can I Use Asset Finance For?
Asset finance is a great way for businesses to purchase new equipment that will improve their operations. However, there is often some confusion about what types of assets a lender might fund.
Asset finance includes a broad range of assets, such as hard assets like vehicles, machinery, and equipment, while in some cases, it may also cover soft, less-durable assets, such as IT technology.
Generally, lenders want assets that are identifiable, quantifiable, durable, and saleable. This ensures the asset retains value and can be converted into cash if necessary.
Various assets can serve as collateral for asset finance, including bank savings deposits and financial investment accounts.
Typically, your asset finance eligibility will depend on a number of factors so it’s always worth talking to a finance broker who can assess your situation and compare your options.