Fast Asset Finance for Two Tractors at Low Rate

The farming industry relies on heavy machinery, and it’s common for businesses to need that machinery quickly in order to move on commercial opportunities when they arise.

As was the case with this client – a plant hire business needing to fund two brand new tractors within a week, to take advantage of new business potential.

The Scenario

Our clients ran an agricultural plant hire business, and needed to finance two new tractors urgently for multiple, pre-booked 20-hour labour days in the following week.

Having received an offer from the tractor supplier’s finance company, they wanted to shop around for better terms, so came to us for an independent market comparison.

The Solution

Taking our client’s application to a handful of agricultural finance lenders whom we knew to be familiar with the market and flexible with their products, we quickly ascertained the most cost-effective lender as a priority.

Having dealt with the lender in question previously, and thanks to having strong relationships with their underwriters, we were also confident that they could deliver on time. A cheaper asset finance product would be no good if it didn’t get the tractors on-site before their deadline.

We also ensured the VAT deferral was included – it gave our client 3 months to pay the VAT portion of the purchase so they can claim the VAT refund from HMRC.

Our clients had the funds to complete the purchase within a week of contacting us, and they could set the tractors to work immediately, earning back a good chunk of the loan interest costs from day one.