About Us
Asset and General Finance LTD are authorised and regulated by the Financial Conduct Authority (FRN: 916447). We are a credit broker and not a lender.
Our work for limited companies, limited liability partnerships and unlimited liability partnerships consisting of four or more partners is outside of the scope of Financial Conduct Authority authorisation and regulation.
How We Work With You
We aim to find a competitive and suitable finance solution based on our understanding of your situation and needs from the panel of asset finance lenders that we work with. Other options may be available in the market.
We want to help you to make an informed decision about your finance options. We may visit you at your business premises and discuss your funding needs and your firm’s financial situation. We aim to develop a strong understanding of your business so that we can match available financial products to your exact needs. Alternatively, we may arrange an online meeting or call to go through the same details.
We will provide details of one or more possible solutions to you. We will help you to understand different asset finance options and how they compare to other finance products. We will not provide specific advice or a recommendation on whether to proceed but if you are unsure about any finance product or option, please ask us to assist. We will always be happy to speak to anyone who supports you and your business.
We cannot provide specific advice over the accounting and tax implications for your business of different products. If you need further help, we recommend you speak to your accountant or consult the British Business Bank’s Finance Hub (https://www.british-business-bank.co.uk/finance-hub/other-forms-of-finance/).
If you decide a finance product is right for your needs and wish to proceed, we will introduce you to the relevant lender and help you to make the application.
We do not charge a fee for our services. We will typically receive commission from the lenders, either as a fixed fee for the agreement or a fixed percentage of the amount you borrow.
Each lender may pay commission at a different rate. For some lenders and some products excluding motor finance we will add our commission to the interest rate they set. For other lenders and products including motor finance, the lender sets a rate that already includes our commission cost. We may also receive a fixed payment for handling documentation on behalf of the lender.
These arrangements affect the total amount payable under the agreement and help to ensure that the commission we earn fairly reflects the work we will carry out to meet your requirements. We will be happy to discuss this further with you.
Complaints Procedure
In the unlikely event that you have a complaint about our service, please contact us:
• In writing: Asset & General Finance LTD, Hunter Street, Auchterarder, PH3 1PA
• By telephone: Mark McArthur – 01764 660777
• Email: Mark McArthur – mark@assetandgeneral.co.uk
We will acknowledge your complaint within five working days. We aim to resolve complaints within two weeks and to provide a final response to all complaints within four weeks.
If you are not satisfied with our response to your complaint, you may be able to refer the matter to the Financial Ombudsman Service (FOS). This applies to consumers and most small businesses. Details of which businesses can use the service are available at https://sme.financial-ombudsman.org.uk/complain/can-help.
You must contact FOS within six months of the date of our final response letter to you.
They can be contacted in the following ways:
Post: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
Telephone: 0300 123 9 123
E-mail: complaint.info@financial-ombudsman.org.uk
Website: financial-ombudsman.org.uk
Personal Data
For details of how we use any personal data we collect, please see our Privacy Notice at https://www.assetandgeneral.co.uk/privacy-policy-broker-services
When you request Asset & General Finance to source finance, the Funders with whom we deal are likely to check the following records about you and your business partners:
- Personal and business records at Credit Reference Agencies (CRA). When the CRA receives a search from a Funder they may place a footprint on your credit file which may be seen by other lenders. The CRA’s may supply both public (including electoral register) and shared credit and fraud prevention information.
- If you are a director, the funder may seek confirmation, from CRA’s, that the residential address that you provide is the same as that shown on the restricted register of directors’ usual addresses at Companies House. The funder may search all directors as individuals as well as in their capacity as directors / guarantors.
About The Products We Provide
The aim of this sheet is to help our clients to decide whether asset finance is the most suitable product for their needs. We will be delighted to discuss this further with you to ensure you have all the information you need to make an informed decision.
DO I NEED ASSET FINANCE?
The main options for financing newly acquired equipment are:
▪ Purchase outright for cash
▪ Bank facility
▪ Raise new capital
▪ Rent for a short period (typically less than one year)
▪ Take out an asset finance agreement. A lender will purchase the equipment from the supplier you have selected, at the price you have negotiated. You will then hire or lease the equipment from the lender.
In deciding which option to select, relevant factors may include:
▪ Whether you have the cash to buy outright
▪ How long you need the equipment for
▪ Costs of the different options
WHAT TYPES OF ASSET FINANCE ARE THERE?
Most asset finance arrangements involve paying a deposit and then monthly payments. The key difference between products is what happens at the end of the agreement and who gets title to the equipment.
▪ Hire Purchase: At the end of the agreement there is an option to purchase the equipment. If the option is not taken up, the equipment needs to be returned to the lender.
▪ Conditional Sale: At the end of the agreement, you automatically take ownership of the equipment.
▪ Lease: At the end of the agreement, there is no option to purchase. The agreement can usually be extended, you may be offered the option to sell the asset on behalf of the lender, or the equipment can be returned to the lender. You do not get title.
In deciding which option to select, relevant factors may include:
▪ How long you expect to use the equipment for
▪ The income or corporation tax, VAT, and accounting treatment of the product
▪ The terms and conditions of the agreement
WILL ASSET FINANCE BE SUITABLE?
Asset finance may be suitable in the following circumstances:
▪ If alternative forms of borrowing are more expensive overall or not available
▪ If you are concerned that a loan facility may be withdrawn (asset finance facilities generally cannot be withdrawn during the agreed term of the facility)
▪ You require relatively fast and straightforward access to finance
Asset finance may not be suitable in certain circumstances:
▪ If you have ready access to cash or any less expensive alternative form of borrowing
▪ If you are not sure if you will need the equipment for the minimum contract period
▪ If you are not sure the equipment will be maintained and kept in a useable condition for the minimum contract period
For more details of factors affecting suitability, see the Guidance published by the British Business Bank (https://www.british-business-bank.co.uk/finance-hub/leasing