Asset finance

Asset finance

We offer a range of flexible asset finance funding options including hire purchase, leasing and refinancing, designed to help you purchase or refinance capital equipment in order to keep your business moving. 

What is Asset finance?

What is asset finance?

Asset finance is a sustainable form of funding that can enable a business to purchase or refinance capital equipment such as commercial vehicles, print machinery or construction and plant, spreading the cost over an agreed period of time.

Demonstrating its power as a strategic tool for business growth, asset finance is now the fastest growing finance option on the market.

Who is Asset finance for?

Who is asset finance for?

It is rare that a business has a stockpile of cash just waiting to be spent on vital assets as and when required and accessing additional working capital through traditional sources can often be a struggle.

Asset finance is ideal for SMEs that are looking to invest in business growth. Whether you need to purchase new equipment or refinance existing assets, this form of funding is perfect for businesses looking for the flexibility to grow the way they want to.

Our industry expertise includes:

  • Agriculture
  • Construction
  • Engineering
  • Manufacturing
  • Materials handling
  • Packaging
  • Print
  • Transport and logistics
  • Waste and recycling

Types of asset finance

  • Hire purchase
  • Sale and HP back
  • Refinancing
  • Finance lease
  • Operating lease

Our hire purchase product provides the flexibility to spread the cost of an asset over a fixed period.

Whether you are buying vehicles, engineering machinery, construction equipment, or other commercial equipment that has a resell value, hire purchase offers you fixed monthly repayments so you can manage your budget effectively over the repayment term. Plus, when the repayment term is finished, you own the asset.

Sale and HP back is an innovative product that enables you to unlock the capital held in your existing assets. It is a simple yet effective way to finance a business that is aiming for expansion.

With this product we purchase the asset at an agreed value and finance it back to you over a fixed period with repayments matching the income stream generated by the asset. We can also consider assets that are already under a finance agreement. Sale and HP back finance is available to sole traders or large scale businesses and can be used against most types of equipment.

Whether you need additional working capital or you want to restructure an existing agreement, Refinancing is an option for the quick release of funds.

Based on an asset’s value (whether you own it outright or are currently under an existing finance agreement) our experienced asset finance specialists will work with you to get the most from the refinance facility.

If you want to maximise the use of your equipment without the responsibility of owning it, a finance lease will give you the freedom and flexibility you need. Also referred to as a full-payout lease, we seek to recover the full cost of the asset, along with interest, over the primary agreement term. You will have full use of the asset for its useful life, being responsible for its maintenance and insurance.

At the end of the primary lease term, you can either:

  • Enter into a secondary rental period
  • Choose to sell the asset and receive the majority of the sale price
  • Return it to us

For a flexible way to enjoy an asset, operating lease is a great solution. It allows you full use without the burden of ownership.

Our product is a rental agreement between Close Brothers, the client and a preferred third party supplier of the asset.

The lease period is for a fraction of the asset's useful life, which means you only pay for the difference between the original purchase price and the residual value at the end of the agreement.

At the end of the lease term, the asset is returned to, and disposed by, the third party supplier, who will also recover the residual value the agreement was based upon.

Tailored finance solutions

Tailored finance solutions

We are passionate about helping firms reach their potential so we base our lending decisions on the overall health and plans for the business, rather than just a credit rating.

We also look at your industry and seasonality factors that may affect your repayments. We then create tailor-made repayment structures that work for you.

Speed of service

Speed of service

We understand that your business sometimes needs finance now and cannot afford to wait until next month or even next week. Our finance experts can make decisions quickly and release funds within days of an agreement being made, sometimes sooner.

SME Lending (Republic of Ireland customers only)

Credit Application Process

This leaflet provides information on our credit application process to ensure you have all the necessary information prior to deciding whether to proceed with your credit application with us.

It is important that you consider the information contained in this leaflet in conjunction with any documentation you may have been provided as part of our credit application process.

Download our Credit Application Process booklet.

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Information Booklet for SMEs in Financial Difficulty

The Central Bank of Ireland has implemented regulations which introduce conduct of business rules for regulated firms providing credit to small and medium enterprises (SMEs). 

This booklet sets out the Close Brothers Commercial Finance procedure for dealing with SME customers in financial difficulty and aims to give you information on the support that we are able to provide you.

Download our Information Booklet for Small and Medium Enterprises in Financial Difficulty below.

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Appeals and complaints (Republic of Ireland customers only)

Appeals process

This document outlines the appeals process including your eligibility and right to appeal, how to submit an appeal and how it will be reviewed. 

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Complaints procedure

Download our complaints procedure.

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Tariff of charges for business customers

We want to make sure that you are aware of any additional costs that may be incurred during the life of your agreement with us. 

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To find out how we can help, call today on: (01) 960 9553