New Asset Finance Business Grows By 9% To Almost £1.7 Billion In January 2014

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UK Finance & Leasing Association members report that new asset finance business grew by 9% to almost £1.7 billion in January 2014, compared with the same month last year.

Geraldine Kilkelly, head of research and chief economist at the FLA said that key asset sectors reported double digit growth – with commercial vehicle finance, business equipment finance and plant and machinery finance up by 25%, 21% and 13% respectively.

IT equipment finance reported modest new business growth of 3% compared with the same month in 2013.

Kilkelly added: “The positive start to 2014 follows exceptionally strong growth of more than a third in December 2013 and reflects growing confidence in the sector.

“The FLA’s Asset Finance Confidence Survey for Q1 2014 showed respondents expect asset finance new business to grow by up to 10% over the next 12 months.”

 

Jan 2014

% change on

Jan 13

3 mths to

Jan 14

% change on

prev yr

12 mths to

Jan 14

% change on

prev yr

Total FLA asset finance (£m)

1,694

+9

5,705

+14

22,535

+4

Total leasing and hire purchase excluding high value (£m)

1,672

+7

5,603

+13

21,843

+4

Data Extracts:
Plant and machinery finance (£m)

343

 +13

 1,069

+9

4,513

+5

Commercial vehicle finance (£m)

420

+25

1,504

+38

5,285

+11

IT equipment finance (£m)

68

+3

412

+13

1,544

+14

Business equipment finance (£m)

159

+21

493

+12

1,961

+3

Car finance (£m)

505

-8

1,599

+1

6,707

-1

Aircraft, ships and rolling stock finance (£m)

6

-62

115

+42

297

-40

 

For more information visit the fla.org.uk

For more information about leasing equipment, machinery, IT resources or office furniture and fit out leasing please call WestWon on Tel: 01494 611 456.

 

How Much Does It Cost To Lease New Machinery And Equipment?

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A major cost benefit of leasing is that it allows businesses to spread the cost of new equipment over its useful life.  Payments for equipment finance can be made on a monthly, quarterly or even annual basis over a number of years, typically 2-5 years. But how much does it actually cost?

Well, it is now easier than ever to compare lease versus buy costs using WestWon’s instant online leasing calculator.

If you know how much the equipment you require costs, you can calculate the rental payments over your preferred rental period within seconds. Simply enter the capital cost and your chosen lease rental term, and hit the calculate button for an immediate answer.

You can also have a copy of the quote emailed to you or another person for easy reference.

Leasing versus buying? It’s certainly food for thought and so much easier to decide when you have the figures to hand. For more information about any aspect of leasing, please contact WestWon on Tel: 01494 611 456.

You can also download  Financing Your Business Plans – a guide to equipment leasing.

 

10 Things Companies Should Know About Leasing Waste Equipment and Recycling Machinery

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Efficient waste management and recycling practices are under the spotlight as never before – both for economic and ‘green’ reasons. Many businesses need new waste equipment – such as balers, recycling machinery, compactors and shredders – but are reluctant to tie up existing capital or lines of credit. That’s why leasing is often a better option than buying. After all, asset finance now helps to fund 27% of all fixed-capital investment in the UK.

Leasing Facts and Options For Waste Equipment and Recycling Machinery

The market for waste compaction equipment has grown significantly over the last ten years and WestWon is extremely active in waste compactor and baler leasing, paper shredder and compactor finance. Here are 10 interesting facts about leasing waste equipment.

  1. Over 50% of companies who buy a waste baler/compactor will rent or lease it
  2. When financed, most balers and compactors agreements are over five years
  3. Suppliers often focus on a weekly cost of ownership
  4. The supplier will normally offer a maintenance agreement with the equipment
  5. There are few cases of customers whom have been mis-sold equipment. We have seen cases of suppliers “up selling,” i.e. selling a machine that is too powerful for the use it is intended
  6. Some suppliers will install equipment for no charge and then remove and sell the waste for a profit
  7. The market is fragmented, with highly professional and successful suppliers at one end of the spectrum and small skip hire/waste disposal companies at the other
  8. There are big differences in the quality of waste equipment. I.e. the thickness of the metal, reliability of the parts etc. We advise all customers to take good care when choosing equipment, and a supplier
  9. Most end user customers who lease or buy a compactor or baler, will ultimately save money via reducing their cost of waste disposal
  10. Waste equipment can range from £1,000 in value to many millions

For more essential information about asset-based finance for waste equipment, download the WestWon Guide to Leasing or call us on Tel: 01494 611 456

Calculate The Cost of Leasing v. Buying Equipment For Your Business

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Obtaining an outline leasing quote could not be easier. And doing so will help your business compare the cost of leasing versus buying the capital assets you require within seconds. The interest  payable on a leasing deal will depend on the amount you finance, the term of the agreement and frequency of repayments. It works just like a mortgage – the shorter the term, the less interest paid.

The table below compares the cost, for example, of a £10,000 lease agreement over various terms.

Capital cost of lease agreement (excl VAT)Length of lease periodMonthly repayment (excl VAT)
£10,0002 years£464.00
3 years£322.00
5 years£208.90

 

For an instant leasing quote, why not try the WestWon lease cost calculator now? (Please note that rates quoted are for illustrative purposes only and payments will vary according to your company’s individual circumstances and leasing requirement.)

If you are thinking of leasing your equipment, machinery, office furniture, office fit out or IT hardware, software and services, there are a few points you should remember:

Top Tips for Leasing
  • First and foremost, if something seems ‘too good to be true’ it may well be not what it seems.
  • What are the early settlement terms and notice required to terminate the lease before the end of the agreed lease period? Ensure that you are aware of any early exit penalties there may be in the contract.
  • Always read the small print. If there is a service contract associated with the lease contract, ensure that you know what it covers and what rights you have should you not be satisfied either with the performance of the equipment or with the quality of service you receive. In particular, check what happens if you wish to terminate both the lease and service contract, for example, should the leased equipment continually malfunction.
  • Scrutinise your potential supplier closely. Find out how long they have been trading and ask for reference sites.
  • If you have to pay a supplier a deposit, make sure it is correctly documented and inform the leasing company.
  • Take particular interest in any settlement figures that you wish to include in a new lease when upgrading an existing lease. This is especially important when dealing with photocopiers.
  • Look out for additional charges such as documentation fees and administration fees, so you have a full understanding of total costs.
  • Don’t sign a ‘certificate of satisfaction’ or ‘certificate of acceptance’ before you have received delivery of the equipment as this document releases the money from the leasing company to the supplier.

 

For all your leasing queries, please contact WestWon on Tel: 01494 611 456 or alternatively, you can download more information about how to get the best leasing deals here – Financing Your Business Plans: Free Guide to Leasing

Leasing Demand Surges As Asset finance Increases By More Than A Third In December 2013

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WestWon has seen extremely positive trends in leasing demand over the past few months and this  experience is born out by figures released on 7th February 2014 by the Finance & Leasing Association (FLA) showing that asset finance new business grew by 34% in December 2013 to £2.2 billion, the strongest monthly rate of growth for almost 6 years.

The full year figures for 2013 show that new business for asset finance deals of up to £20 million grew by 4%, making it the fourth consecutive year of growth in the sector. There were positive figures across the market, with growth of 14% in IT equipment finance and 9% in commercial vehicle finance, compared with 2012. Modest growth was also reported in business car finance, plant and machinery finance, and business equipment finance with increases of 1%, 4% and 1% respectively.

Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said:

“The asset finance market reported its highest level of new business for three years in December, suggesting the long-awaited recovery in business investment may well have begun.

“The recovery in the UK economy so far has been driven by the services sector and supported by almost £15 billion of asset finance provided to businesses in that sector last year.”

In 2013 FLA members provided £84.7 billion of new finance to UK businesses and households. £22.4 billion of finance was provided to businesses and the public sector, representing around 29% of all fixed capital investment (excluding real property and own-account software) in the UK last year.

For more information see www.fla.org.uk

To discuss leasing options and get an instant quote for equipment, machinery, furniture and fit outs,, call WestWon on Tel: 01494 611 456 or email [email protected]

 

Why Not Ask Your Supplier About Lease Finance For New Equipment, Machinery, IT, Furniture, Fit Outs And Related Soft Costs And Services?

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Leasing now helps to fund 27% of all fixed capital investments in the UK. So it’s hardly surprising that more and more resellers are offering their customers a lease v purchase option.

Even if your chosen supplier doesn’t already offer leasing for capital equipment, you can ask them to contact a leasing company such as WestWon. Or if you prefer contact us directly to discuss a highly competitive leasing deal.

Why Do Many Resellers Already Offer Customers A Leasing  Option?

Simply because it helps their customers and there is no reason not too from a supplier standpoint as they still get paid for their goods andor services upfront – but by the leasing company rather than the customer.

Leasing enables customers to:

  • Spread the cost over time in line with the expected ROI on their investment
  • More easily select the equipment that better meets their needs.
  • Upgrade more often in the future, avoiding technology obsolescence.

Download the FREE ESSENTIAL GUIDE TO LEASING for more information.

WestWon provides a range of support options for resellers who wish to offer their customers a finance option. And if you haven’t already chosen your supplier, we can also recommend suppliers that can meet both your product and finance needs.

Offering a great leasing deal has benefits for both suppliers and customers. For more information about the type of leasing deals you can consider (or offer, if you are a supplier) simply email [email protected] or Tel: 01494 611 456. We’d love to help.

 

 

Kenbay Rotorpack Equipment: Lease cost £576.03/Monthly

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WestWon provided a company based in Lee-On-The-Solent with asset based finance for 1 Kenbay Rotorpack via a WestWon Partner who supplies Kenbay Rotorpack equipment.

Capital Cost: £6,174.69 ex. VAT

Lease Rental: £576.03 ex. VAT

Payment Frequency: Quarterly
Lease Period: 3 Years

ManufacturerModelDescriptionPart No.Quantity
Kenbay Rotorpack1

Waste Equipment: Lease cost £262.93/Monthly

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WestWon provided a company based in Llandysul with asset based finance via a WestWon Partner who supplies waste and recycling equipment.

Capital Cost: £7,217.39 ex. VAT

Lease Rental: £262.93 ex. VAT

Payment Frequency: Monthly
Lease Period: 3 Years

ManufacturerModelDescriptionPart No.Quantity

KK Baler Equipment: Lease cost £493.09/Quarterly

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WestWon provided a company based in Swindon with a lease agreement for KK Baler KK 500mil Size Baler via a WestWon Partner who supplies KK Baler equipment.

Capital Cost: £8,100.00 ex. VAT

Lease Rental: £493.09 ex. VAT

Payment Frequency: Quarterly
Lease Period: 5 Years

ManufacturerModelDescriptionPart No.Quantity
KK BalerKK 500mil Size Baler

HSM Equipment: Lease cost £400.62/Monthly

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WestWon provided a company based in Birmingham with asset based finance for 9 HSM Securio P36 1,9 x 15mm Shredder via a WestWon Partner who supplies HSM equipment.

Capital Cost: £19,071.00 ex. VAT

Lease Rental: £400.62 ex. VAT

Payment Frequency: Monthly
Lease Period: 5 Years

ManufacturerModelDescriptionPart No.Quantity
HSMSecurio P36 1,9 x 15mm Shredder9

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