Frequently Asked Questions
Can we refinance the equipment, machinery or commercial vehicles the business already owns?
Yes, ABF can help you unlock the capital in these items.
Even if the items you want to refinance may be relatively worthless, as long as we are happy with the security offered, your financial position and general credit worthiness you may still get an offer of funding.
What items will ABF fund the purchase for or re-finance?
Any equipment, machinery or commercial vehicles.
How long are the leases for?
Agreements run from 6 months to 5 years.
What information do I need to supply in my application?
In most cases we just require 3 months of recent bank statements, generally we obtain information on you and your business through credit searches and companies house if you are a Limited Company.
How long does approval take?
This is normally achieved in 24 hours or less.
What can I use the money for when refinancing any equipment the business owns?
That is entirely up to you, we do not control this.
What security will be required to support the finance agreement?
This will vary depending on the type of goods financed, their cost and the risk the funder is taking. Typically some or all of the following are required:
- personal and/or corporate guarantee(s)
- a guarantor to guarantee your businesses liabilities
- a charge over your personal residential property and/or business property and/or any guarantor’s personal residence or business property
- a fixed and floating charge over the assets of your company or any corporate guarantor
Who looks after the goods?
During the term of any lease you will be expected to pay to keep the goods insured and in good working order. We may ask to inspect the goods periodically.
How do I pay the monthly payments?
This has to be done by direct debit.
What is the VAT situation?
Any money you receive from us on a sale and leaseback agreement will be inclusive of VAT at the standard rate.
Your monthly lease payments have VAT applied at the standard rate, you will be able to claim this VAT back as long as your business is VAT registered.
Can we refinance the equipment, machinery or commercial vehicles the business already owns?
Yes, ABF can help you unlock the capital in these items.
Even if the items you want to refinance may be relatively worthless, as long as we are happy with the security offered, your financial position and general credit worthiness you may still get an offer of funding.
What items will ABF fund the purchase for or re-finance?
Any equipment, machinery or commercial vehicles.
How long are the leases for?
Agreements run from 6 months to 5 years.
What information do I need to supply in my application?
In most cases we just require 3 months of recent bank statements, generally we obtain information on you and your business through credit searches and companies house if you are a Limited Company.
How long does approval take?
This is normally achieved in 24 hours or less.
What can I use the money for when refinancing any equipment the business owns?
That is entirely up to you, we do not control this.
What security will be required to support the finance agreement?
This will vary depending on the type of goods financed, their cost and the risk the funder is taking. Typically some or all of the following are required:
- personal and/or corporate guarantee(s)
- a guarantor to guarantee your businesses liabilities
- a charge over your personal residential property and/or business property and/or any guarantor’s personal residence or business property
- a fixed and floating charge over the assets of your company or any corporate guarantor
Who looks after the goods?
During the term of any lease you will be expected to pay to keep the goods insured and in good working order. We may ask to inspect the goods periodically.
How do I pay the monthly payments?
This has to be done by direct debit.
What is the VAT situation?
Any money you receive from us on a sale and leaseback agreement will be inclusive of VAT at the standard rate.
Your monthly lease payments have VAT applied at the standard rate, you will be able to claim this VAT back as long as your business is VAT registered.
It’s easier than you think to apply
Check your eligibility
Find out if you are eligible for finance, check online or request a call back
Apply Online or by Phone
Complete your application today; we’ll get back to you typically within 24 hours with our offer
Receive financing
Accept our offer and receive funds in your account typically within 48 hours
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