Here are some of the questions that our customers ask regularly. Please do get in touch if you can’t see the answer to any queries that you may have.

How does my business apply for finance?

Your company can apply for finance arranged by Primary Asset Finance quickly and simply by contacting one of our team directly. Also, if you complete the Contact us section we will be in touch with you straightaway.

Is my business eligible for finance with Primary Asset Finance?

We arrange finance for:

  • Companies and larger LLPs only.
  • Businesses which have Directors based in the UK.
  • Have current or future trading income sufficient to cover any repayments.

Can my business still apply for finance if it, or a Director, has adverse credit?

If your business has adverse credit information against a director or the business, provided that the amounts are small, are explainable and have been satisfied, there are potential finance options available.

Will the turnover level of the business affect access to funding?

Your business must be able to demonstrate it can afford and repay the proposed finance, it all depends on the finance product, circumstances and future income of the business.

How long does it take to be approved for finance?

It will depend on your finance requirement. In instances such as software funding, Primary Asset Finance can arrange a funder approved offer within 24 hours if all the required information is provided. Sometimes a company’s requirement can be more complicated and we will then come back to you with options within an agreed time.

What information is required to apply for finance?

Typically the last 3 months company bank statements and latest full unabbreviated statutory accounts, plus relevant information in relation to the specific finance requirement, for example, details of an asset to be financed. Director information is also generally needed, along with permission for a funder to undertake a credit search.

The company doesn’t have the cashflow available to pay a deposit, can you finance everything with Asset Finance?

A supplier may need an upfront deposit to secure the order or the VAT costs are substantial. Primary Asset Finance can arrange the right finance package for you.

It is possible to opt for a finance lease product to include VAT costs for asset finance. If your company requires to own the equipment at the end of the term, notice can be given and a title invoice obtained.

With Hire Purchase the VAT will need to be paid at the outset but this can be included within your company’s finance offer, or funded separately depending on your circumstances. If your business is purchasing a large piece of equipment, we can help the VAT to be funded also.

Will my company receive a receipt for VAT from the lender with a Hire Purchase?

The Hire Purchase finance document details the amount of VAT to pay to the bank and this can be used as an invoice. This Hire Purchase document can also be used to reclaim the VAT for a business that is VAT registered

How do I become an Introducer?

We work closely with accountants, solicitors and other client relationship models to ensure that the best processes are available for your clients. For more information please visit our Introducer section and contact us.

Can you provide loans for tax reasons?

If your business needs help with a tax bill please ensure you speak to your accountant to obtain the appropriate advice. Primary Asset Finance can help businesses to raise funds for Corporation Tax or VAT payments, simply ask your accountant for the schedule of VAT or Company Tax return. We also work closely with accountants and other professionals to help their clients with tax bills.

What security do you require?

With asset finance, funding is secured on the equipment. Most, but not all loans may require a director’s personal guarantee. All security and guarantees required will be laid out clearly in any finance offer.

Will I need to take legal or accounting advice?

All guarantors are recommended to obtain Independent Legal Advice prior to signing finance documents. Any enquiries about tax should be referred to the company accountant for the appropriate advice.

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