An Asset Backed Loan allows you to borrow money for up to three years for your business, using any business OR personal asset as security. The type of asset you can use is very flexible, as long as it has a defined value. Typically you can use plant, equipment, vehicles, watches, jewellery, art, antiques etc. Any item that can be valued and title retained by the lender is acceptable.
- Get up to 70% of your asset's value as a loan
- Loans can be arranged quickly, some taking less than 48 hours
- Repay monthly over terms up to 3 years
- Poor credit history not a problem; it's all about the asset being offered as security
Are you looking for Asset Backed Finance?
Just complete a few simple questions below and we'll be in touch soon to get things moving.
( * Indicates required field)
"I would highly recommend Choice Loans who are experts in their field"
David Cook, Castello Leisure
What is needed to apply
Applying for an Asset Backed Loan is very easy. Below are listed the things you need in order to apply.
- Eligibility Criteria UK registered business with a good credit record. Start-ups will likely need a Personal Guarantee from a home-owning Director.
- Documents Required Financial accounts, management accounts and sometimes 3 months' bank statements.
- Additional Comments Finance can be approved in principle within 24-48 hours and paid out within days after that.
- How much is available?
Up to a maximum of £50,000
- Do I have to be a LTD to apply?
No Asset Backed Loans are available to sole traders and partnerships as well but in this instance the loan among must be more than £25,500.
- What kind of assets can be used as security?
Any business or personal asset that has a clearly identifiable value
- Will I have to surrender the asset for the duration of the loan?
In all likelihood, yes, but it depends on the asset and how practical that may be. Sometimes just a charge ever title is taken and you can continue to use it during the loan.
- Over how long can the finance be arranged?
Any period up to 3 years.
- Are the repayments fixed?
Yes. You know exactly what you commitments are for the duration of the loan
- Can the loan be Interest Only?
No. You must make monthly capital payments as well.
- How quickly can it be arranged?
A decision in principle can be achieved in 24-48 hours with payout 3-5 days after that.
- Can I pay off early?
Yes, should you wish to do this, a settlement amount can be arranged.