Let's explore different funding options and financial arrangements that can help you acquire the things you need while managing your payments in a more flexible way.
We'll cover hire purchase, finance lease, refinance, and sale and lease back.
These options allow you to obtain items without paying for them all at once or access cash using your existing assets as collateral.
Whether you're looking for something new or used, these arrangements offer various benefits to suit your needs.
So, let's dive in and discover how these financial solutions can work for you!
Hire Purchase
Hire purchase is like buying something on instalment.
You can either get it regulated, which means it follows certain rules to protect you, or non-regulated, which gives you more flexibility.
No matter if you want something brand-new or second-hand, hire purchase has you covered.
You pay in smaller amounts over time, and once you've made all the payments, you own the item outright.
Finance Lease
Finance lease is a way to get something without paying for it all at once.
You can choose between regulated, which has some rules to keep things fair, or non-regulated, which offers more freedom.
It doesn't matter if you want something brand-new or used.
With finance lease, you lease the item and make regular payments.
At the end of the lease period, you usually have the option to buy it if you want.
Refinance
Refinance is when you use something you already own to get a loan. This is handy when you need extra money but don't want to sell your stuff.
You can use your things as collateral for the loan. Refinancing hard assets, like a car or house, means you pledge them as security.
The lender looks at their value and gives you a loan based on a percentage of that value.
It's a way to access cash without saying goodbye to your valuable belongings.
Sale and Lease Back
Sale and lease back is like selling something and then renting it back. It's a way to get money quickly while still using your stuff.
This usually works for things that aren't physical, like software or intellectual property, within a short time after you bought them.
Imagine you sell your things but continue using them by leasing them. It's a way to turn your assets into cash but still keep using them.
It can be a good option for businesses that want to free up money without losing access to important assets.