Many companies don’t know that they can lease their capital equipment. With small businesses spending thousands every year on assets such as IT, telecommunications, furniture and catering equipment, the pressure on cash flow often leads to companies purchasing cheaper, lower-quality equipment which is not right for their business.
When we speak to a new client, we often get asked ‘How does it work?’, as they’ve never financed equipment in the past.
Get your supplier quote
First you need to speak to your supplier of choice to obtain a quote. Do you have more than one supplier for the equipment you’re looking to finance? No problem, multiple suppliers supplying a range of assets can be included in the same agreement. Quite often when businesses move, they will finance the full project, including the fit out, IT infrastructure and office equipment on one agreement. If you are looking for a supplier and would like a recommendation, WestWon are proud to work alongside thousands of equipment suppliers throughout the UK. We’d be more than happy to put you in touch with an approved supplier to get your journey started.
Speak to WestWon
Once you’ve got your supplier quote, speak to a member of the WestWon team who can provide you with a free, no obligation quote. You can finance your purchases over a one to five-year term and multiple agreement types are available, over a payment frequency that suits you (monthly, quarterly, annually). Instead of waiting days, sometimes weeks for a quote, WestWon has an internal policy to get your quote to you same working day. All quotes are subject to credit acceptance and if we require any additional information we will let you know at the quoting stage.
Should you wish to proceed with the quote, and you are happy with your supplier quote, the proposal is sent to our operations team for credit acceptance. Credit acceptance can take up to 48 hours, but is often approved the same day.
Once the credit is in place, finance documents are raised, and sent to you within 24 hours upon acceptance.
Once you have received the documents, please feel free to read through the terms conditions; if you have any queries please contact us. WestWon frequently signs up the documents personally, giving our client a chance to talk through any queries they have and future buying plans.
Once the documents have been signed, WestWon will get in touch with your chosen suppliers and send them invoice instructions. Once the invoices have been raised, your supplier will liaise with you regarding delivery times and the equipment will be delivered and installed.
Your agreement starts
Now the equipment has been delivered and installed, you sign a document called a certificate of acceptance, stating you are happy to activate the lease agreement. Your first payment will come out, and your supplier will be paid in full within 72 hours.
That’s it, the leasing process is a lot quicker and more efficient than applying for other methods of finance, but why should you choose asset finance over other methods? Please see below a quick snap of the many benefits you receive:
- Advantageous tax benefits – For private organisations, payments are fully tax deductible unlike paying cash
- Preserve cash flow – Don’t sink valuable cash into depreciating assets. Leasing keeps cash in the business to spend on items which yield higher returns such as employment!
- Totally flexible – You decide the term and payment frequency of your agreement. Early termination is available should you wish to upgrade before the end of the agreed term
- Spread the cost of the VAT – Instead of a lump sum up-front, the VAT is paid in instalments (excluding Hire/Lease Purchase agreements)
- Pay while you use it – Pay for your equipment in line with the return on investment
- Preserve existing credit lines – Your existing credit lines remain unaffected. WestWon has access to over 50 specialist funders over a range of industries.
For more information, or if you would like to start the process yourself, please visit www.westwon.co.uk or do not hesitate to contact us on 01494 611 456.