Ever wondered why you should lease?

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Another supplier of finance

Below are many benefits of leasing. The first is being able to use another company that can lend you money is always a great thing. It means you won’t have to use up an existing line of credit such as a bank facility. This also gives you an extra level of insurance, an ‘insurance policy’ if need be. There is always the bank ready and available for you to use, however, having an extra line of funding could be the difference to how your business thrives.

Leasing is faster to organise

Here at WestWon we have a guarantee that we will have a decision with you in 24 hours, and if extra information is needed, your dedicated account manager will be in touch with you to arrange this. We will usually ask for management accounts, as well as other vital information that will provide useful to the funder. Due to this being the job we undertake daily, funders usually have a quick turnaround with us, whereas banks have been known to take longer when answering their customers.

Tax benefits

To pay all the VAT upfront, you will pay cash for the equipment in full. However, when you are completing a rental lease, you will only pay VAT on the rental part. This leads to the business having to borrow the VAT money. This will add up and ultimately raise the amount you end up having to pay. Tax benefits are also one of the most important things for businesses when they are looking to lease.

Other benefits of leasing

There are several other benefits of leasing, including those seen below:

  • Cash flow – able to keep funds in your business (for other projects/plans)
  • The latest equipment – able to have the latest equipment by implementing a recycling strategy
  • Pay for the equipment as you use it – businesses pay employees over time as they work, so why pay all the cost for equipment in advance?

Contact Us:

For further information on more benefits of leasing, or any further finance needs you may have, please give a member of our team a call on 01494 611 456. Alternatively, you can email us on [email protected]. You can also see more over on our LinkedIn page.

Earth Day!

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About Earth Day

Today is Earth Day! The 22nd of April is a very special day here at WestWon, as today we will be celebrating Earth Day. What’s even better is that this year’s theme is ‘Invest in our planet’. It’s calling for businesses to start thinking about their green agenda’s and how they can move towards becoming more climate friendly. Earth Day’s purpose each year is to bring together people from across the world to combat the issues of climate change, pollution, deforestation and a number of other issues that are currently destroying our planet.

 

The first Earth Day happened in 1970. People took to the streets to protest against the detrimental impacts of industrial development had caused. Not just to the environment, but to the human population too. There will undoubtedly be a huge number of campaigns for today. We hope that along with numerous others, everyone starts to think more about the environment and how we impact it daily. So, make sure to look out today for a number of tips and suggestions on how you can do your part! No matter how small it is, everyone’s collective efforts will help combat the current climate crisis.

WestWon’s green agenda

Here at WestWon, we are proud to say we have upped our game in regards to our green agenda. We have already implemented several green choices in our office, and wish to continue to do so. One example is that we are currently a paperless office and have been for several years now. All our filing systems are online, and any paper that we absolutely must use is recycled. Any paper that we send out additionally is always on recyclable paper.

 

We have also implemented LED lighting in our office, a much more environmentally friendly lighting option. If you are moving office, thinking about redoing a workplace, or just want to do your bit for the environment, investing in LED lighting is a good place to start. And not only does it help our environment but it is also a considerably cheaper alternative!

 

Additionally, we have equipped each floor of our offices with recycling bins to encourage all members of staff to recycle whilst they are at work too.

 

Our biggest achievement to date however is the introduction of the WestWon Woodland. The scheme started properly in January and since then we have managed to plant just under 6,000 trees in our virtual woodland. We have also reduced over 105 tonnes of carbon from the atmosphere. This is a significant amount, and it can only get bigger! We are excited to get the chance to work with our customers, and by planting a tree for every month of a lease agreement we do with you, we can make a huge difference to the world we live in. We even got involved in the tree planting ourselves, you can read more about our marketing team’s tree planting trip here. If you would like more information about the WestWon Woodland, then please click here.

 

To add to this, we have been proud to call ourselves a climate positive company for 6 months now! This meaning that all of our carbon emissions as a company have been offset within the last 6 months. Check out our badge below!

Climate Positive

Supporting companies in their journey to sustainability

Here at WestWon we make it easier for companies to access environmentally friendly energy sources. We understand that renewable energy sources such as solar panels and wind turbines can be pricey. But we make it affordable for companies to contribute positively to the planet without causing damage to their cash flow.

 

We offer finance for wind turbines and solar panels. The projects can be financed from start to finish. Therefore, we can provide finance for the initial survey, the commodity itself, delivery and installation costs!

EV finance

Many are now making the shift to Electric Vehicles and us included with 2 of our company cars now being electric! Many are making this shift in efforts to reduce pollution as well as to avoid the ever rising fuel prices. Here at WestWon we offer finance for companies looking to acquire EVs for a healthier atmosphere for us all.

 

And just like the renewable energy sources mentioned above, you can finance the full package with us! Therefore, you can finance your EV chargers with us too! We are mindful that most of the time, the installation costs can be more costly than the chargers themselves. But not to worry, as we can finance these costs also!

Contact Us

If you would like any more information on Earth Day, then please don’t hesitate to get in touch with us. Either give us a call on 01494 611 456 or alternatively email us on [email protected].

EV Charging Point Finance

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Here at WestWon we are big on sustainability. We recognise how important the future is, and try to do what we can as a leasing company in order to do our bit for the environment. We have already implemented several sustainable initiatives and practices, such as our green scheme the WestWon Woodland and moving to a paperless office over a decade ago. You can find more of these practices by viewing our green agenda blog here. This is why we are excited to announce the introduction of Electric Vehicle Charging Point Finance.

Rising energy prices

With our green agenda in mind (and with fuel prices rising by the day at time of writing), we’ve decided to finance a couple of electric vehicles for ourselves. The rationale was simple, make the most of the advantageous tax benefits for the business. This is all whilst doing our bit towards saving the planet. (By the way we also finance electric vehicles, call us for more information.) However, one thing we were not prepared for was the charging of the vehicles and were surprised to receive multiple quotes higher than we were expecting.

 

This got us thinking, the move to electric vehicles is inevitable but the cost of implementing the infrastructure is likely to put even the greenest intentioned company off what can be classed as a luxury purchase. Therefore we’re happy to announce we’re now financing Electric Vehicle (EV) Charging Points, with agreements starting from £1,000 + VAT up to a 5 year term.

 

With well-publicised energy prices currently rising throughout the UK, the popularity of electric vehicles is certainly on the rise. According to a recent study, new EV registrations were 76.3% higher than the year before, from 2020 to 2021. However, with this rise in electric vehicles comes the rise of charging points. These can be hard to find, especially at a cost that’s good for your business. However, even then they are costly, which is why leasing and finance options are the best solution for your business.

More about Electric Vehicles

The Mayor of London currently has in place a strategy to support his ambition for London to become a zero-carbon city by 2030. This is where zero emission capable (ZEC) vehicles come in. They will help the mayor in his plan to reduce the amount of carbon in the atmosphere. This is as well as making the shift towards zero emission technologies. There are three types of ZEC vehicles which can be seen below:

  • Vehicles that are 100% pure electric. These are powered by a battery usually lasting around 80 miles, but that also have no exhaust emissions.
  • Plug-in hybrids. These have a combined battery and diesel or petrol engine. This means that they last a lot longer, but are obviously more harmful to the environment than those above.
  • Hydrogen fuel cell vehicles. These have a much longer range, typically 300 miles, because it uses hydrogen to produce electricity from a fuel cell.

Contact Us

If you would like more information on electric vehicle charging point finance, or any other finance needs you may have such as vehicle leasing and finance, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456.

Computer Leasing for SME’s

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Here at WestWon, we are experts in providing small businesses with leasing options on all IT equipment including computers. Just like any other business, WestWon has experienced first hand what a simple investment can sometimes turn into. A few years ago, we went through the process of upgrading a number of computers. It was a project that we thought was going to be really simple and cheap.

However…

We started off by speaking to a few computer suppliers and working out what computer manufacturer we should go with. Eventually, quotes began to come in and it came to our attention that it was not going to be as cheap as we thought. Our £400 budget per device had doubled to £800. To make matters worse, we were looking to buy new computers for our operations team, which meant we had to update our marketing personnel. What was going to be a simple and cheap solution started to look to be a £10,000 plus investment!

Furthermore, other employees started to mention that their two-year-old Lenovo laptop were slowing down too. The word went around one of our other offices at the time, meaning we were starting to realise it was going to be a complete IT refresh. After all this, we were looking at a £20,000 investment!

SME’s replacing one computer at a time or a complete IT refresh

Our situation is the same as many SME’s in the UK. What starts off as a modest IT replacement program turns out to be a complete refresh. Our key question at the time was, do we replace a couple of computers every month or just do them all at the same time?

Clearly there are benefits to both options. If you have limited internal IT resources, changing a few every month makes sense. Also, if you’re paying cash, it’s easy to cash flow this out of existing finance. However, it’s often cheaper for an IT company to change all their computers and laptops at the same time. It also stops all issues regarding who gets upgraded first!

One of the key challenges a small business has with regards to buying new computers is how to pay for them. This is where leasing should be at the forefront of your mind, and where WestWon can help.

Leasing enables you to own the equipment without any large initial outlay

We can organise a computer lease for your business. It’s a very quick and simple process as seen below…

  1. You choose the computer manufacture and model
  2. You ask your supplier for a quotation giving the capital cost
  3. We will then provide you with a free no obligation leasing quote
  4. Give us a call when you are ready to proceed
  5. We look to obtain a credit acceptance within the first 24 hours
  6. The agreement is then emailed to you. You can sign and return it to us
  7. Your equipment is ordered and then delivered
  8. Only once you have confirmed the delivery will the monthly payments start

Contact Us

If you would like any more information on computer leasing for SME’s, then please don’t hesitate to get in touch with us. Either give us a call on 01494 611 456 or alternatively email us on [email protected]. You can also see more over on our LinkedIn page.

Can you lease equipment under £1,000 in value?

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Can you lease equipment under £1000 in value?

The short answer is yes, however, you may struggle to find a leasing company that will lease equipment under £1,000 in value.

What is the minimum value at which you can lease equipment in the UK?

There are hundreds of equipment leasing companies in the UK and they all have different policies on whom they lend to, the assets they will finance, and the minimum lease value.

Speaking last year to the leasing division of ABN AMRO Bank in the UK, they are looking for lease transactions with a value in excess of £10m. A number of other leasing companies have since changed their lending policy from a minimum value of £5,000 to £15,000 due to the pandemic last year.

Others have a minimum deal value of either £2,000 or £3,000.

Some leasing companies – like ours – can finance values in excess of £500.

Why do leasing companies not like leasing equipment under £3,000?

There are a few reasons. Put simply, leasing companies have to lend money to stay in business. They would have to write 250 £1,000 lease deals to lend the same as a £250,000 deal. For some leasing companies it is a lot easier to find and focus on larger value transactions. These bigger deals are what keeps the business running for many companies.

Even though lease rates are more expensive for small deals, there is a cost of underwriting, processing, and managing a lease deal over its life. Often asset finance and leasing companies will divide their cost base by the number of deals they write every year to get a “cost of loading a new lease deal.” This cost – often around £150- £250 – will mean the leasing company may lose money on small lease transactions, which is why some tend to stay away from these smaller deals.

Why will a leasing company arrange a lease for £1,000 if they lose money?

Leasing companies offer a service to their end user customers, suppliers and brokers. They will make the profit up elsewhere in their lease portfolio with the introducer. It also helps to keep competition out of their account.

Why do WestWon offer leasing for capital equipment values under £1,000?

Three reasons:

  1. Here at WestWon we pride ourselves on quality customer service. Making sure the customer is happy is our number one priority, so any finance needs you may have, we will take care of it, no matter how big or small the deal may be!
  2. Creating and building a relationship with a supplier offering leasing from £1,000 up to £10m. We do not wish a competitor to handle the smaller deals
  3. We are interested in the end user customer base. Those small micro-ease customers can grow and will come back to us for larger transactions later in their business journey.

So how does WestWon make profit on lease transactions under £1,000?

  1. We use echo sign documentation for speed of processing
  2. Also, we collect the rentals via direct debit
  3. We have DORIS, our own inhouse CRM and lease deal processing system that automates as much as possible. This includes everything from data loading to invoicing and API links for cash collection
  4. In the future, we hope to be lending our own money out of our own book, which will enable us to make profit more easily

Contact Us

If you would like to find out more information about whether you can lease equipment under £1,000 in value here, or any other finance needs you may have then please call us on 01494 611 456. Alternatively, you can email us on [email protected]. You can also see more over on our LinkedIn page.

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