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How To Calculate the APR on a Leasing Deal?

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If you are considering leasing v buying your business equipment, the next step is usually to look at your available leasing options in some detail. At this stage, it is very helpful to know how to calculate the APR (Annual Percentage Rate) on a leasing deal.

How Much Interest Am I paying On My Leasing Deal?

In order to calculate the APR on a leasing agreement, you need to know:

  1. The capital value of the equipment
  2. The Term over which you wish to lease and lease profile
  3. The lease rental payment
Sample Lease Cost Calculation

Let’s look at a typical equipment leasing example:

  • The equipment you wish to acquire is a computer system with a Capital Cost of £10,000.00
  • The lease rental agreement is based on 36 monthly repayments with one month payable on delivery
  • The quoted lease rental payment is £320.00 per month

In this example, the total rental repayments come to £11,520.00, comprising of the Capital Cost of £10,000 plus total interest of £1,520.

Working out the Leasing Deal APR

The next step is to work out what the flat rate interest is on your deal. To do this you simply divide the total interest payable by the number of years. In our example:

  • Interest of £1,520.00 over three years equals £506.70 per year.
  • Divide this annual figure of £506.70 by the Capital Cost of your equipment; in this case £10,000. This gives you a flat interest rate of just over 5%.
  • The APR is roughly twice the flat rate, hence the APR in our  example is 10%

As a first step, why not try the WestWon lease calculator to work out a sample lease rental cost for your required business equipment, or call WestWon asset finance experts on Tel:01494 611 456 for more information.

Even The Office Kitchen Sink Can Be Leased For Business

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What can you lease for business? Did you know that organisations both large and small – well-established and even new start SMEs too – can lease almost any type of business equipment, hardware, software, office furniture and fit outs, not to mention moving premises and machinery? In fact, if you can name it, you can probably find a food lease option for it too … yes, including the staff room kitchen sink! You simply chose the equipment you need to grow your business and the leasing company – like WestWon leasing –  provides the asset funding.

5 Key benefits of leasing for business
  1. Lease payments can be set against profit, thereby potentially reducing tax bills.
  2. Flexibility and cash flow boost: you can obtain the business equipment and technology you need without tying up available cash and lines of credit.
  3. Your business can also get an instant Return on Investment as once you make a set initial payment, you can acquire and start using the asset immediately, while spreading payments over the useful life of the equipment.
  4. Flexible repayments: lease payments can be tailored to match seasonal cash flow. You can also choose a fixed interest rate, which protects against interest rate rises and enables you to plan your budget effectively.
  5. Avoidance of equipment obsolescence and easier upgrades in the future: increasingly vital as more and more businesses are becoming technology-driven.
Which Business Sectors Use Lease Finance?

Most if not all business sectors use asset-based finance as part of their financial planning. We regularly arrange lease finance agreements for organisations requiring:

 

WestWon is a leading UK leasing company completely independent of any supplier or manufacturer, you can choose any combination of equipment and technology you require for your lease agreement. WestWon is also happy to help recommend suppliers if you don’t have one in mind.

For more information about how leasing versus buying can work hard for your business, contact WestWon on Tel: 01494 611 456.

 

Can I Get Out Of A Business Computer Lease Agreement?

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You choose your supplier of computer equipment; you agree a price and then acquire the kit via a leasing company under a lease agreement, typically over a term of between two and five years.  But then, circumstances change, and you are suddenly left with a lease for IT equipment that you no longer need with months of outstanding payments to make.

In this scenario, you may wish to terminate your lease agreement and send the leased computer equipment back, but this is not always easy to do without settling the agreement.

All lease agreements contain clauses that say you can cancel the agreement, but you must still pay the outstanding lease rentals. This is only fair and reasonable – after all, if you bought a house and after a few months decided you wish to move again, you would not expect to be able to hand the keys back to the mortgage company without honouring the terms of your mortgage agreement.

Early settlement of a lease agreement

Ask for a settlement figure

The first thing to do is to speak to the leasing company and ask for a settlement figure. This is the amount of money that the company will accept to terminate the agreement.  If you have signed a lease rental agreement, you will then have to hand the equipment back to the leasing company.

Negotiate the purchase of the leased equipment

Alternatively, you can try and negotiate purchase of the equipment from the leasing company.  Leasing companies, banks, lessors, finance companies, underwriters – (they all are exactly the same) do not like bad debts. They may say you have to return the equipment as they are the legal owner of the equipment, but the chances are they will not want to take it back. Secondly, if they fear you may not be in business much longer then again, they may be more inclined to negotiate with you.

Transfer the equipment lease

Another idea is to pass the lease onto another company. Transferring a lease to a third party is possible subject to a small charge, assuming the credit profile of the third party is either equal or better than yours. But, you must tell the leasing company first as they have to agree to the transfer. Some companies get around this by sub-letting the equipment, but under the terms of many leases, this is not normally allowed.

What if the leased equipment is defective?

If the equipment does not work or there are serious quality issues with it, you should take this up with the computer supplier direct. If the equipment is defective, you could still obtain a settlement figure and ask the supplier to pay for it.

For more information about IT leasing, computer leasing and software leasing contact WestWon on Tel: 01494 611 456

New Year, New Office Furniture And Fit Out?

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Whether refurbishing your existing office premises or launching a new start-up, companies today are rightly turning to lease finance to fund their new and improved working environments. And furniture is a key element in any office fit out project plan.

Furniture can be stylish to reflect your brand image and it certainly must be practical and withstand wear and tear. Whatever you brand and range you choose, leasing office furniture and office equipment as part of your office fit out project makes perfect sense as it allows you to spread the cost over the useful life of these items.

When it comes to selecting office furniture as part of your office fit out, there are few limits on what can be included in a lease agreement: Typical items of furniture that companies lease include:

  • Office desks
  • Office chairs
  • Office pedestals
  • Office boardroom tables
  • Office boardroom chairs
  • Meeting room tables and chairs
  • Office reception desks
  • Office receptions tables, chairs and sofas
  • Office AV systems
  • Appliances for office canteens and kitchens
  • Office canteen tables and desks
  • Office staff room furniture
  • Office gym equipment

Furniture leasing is flexible and cost-efficient

The workplace environment has a major impact on employee productivity and morale as well as company image. Leasing allows our customers to acquire the type of furniture they need, when they need it, without upfront capital outlay. Companies simply choose the items they require now and pay for it through regular tax deductible payments over the useful lifecycle of the investment – normally 2 to 5 years.

Staged lease payments for office furniture

You can arrange for the lease payments for your furniture to start as and when it is delivered, regardless of when you receive funding for other parts of your office fit out project.

For more information about including office furniture and office furniture packages within an office fit out lease agreement, please contact WestWon on Tel: 01494 611 456 or email boris@WestWon.co.uk

Seasons Greetings From WestWon Leasing

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2013 has been a challenging year for some, but with the current outlook on the UK economy brightening and unemployment figures falling, the forecast is one of growth and business dreams that come true for many more in 2014.

This year WestWon has experienced unprecedented demand for leasing deals that meet companies’ needs for fast, hassle-free finance. Having continued to invest strongly in people, online technology and infrastructure throughout the year, we are ready and waiting to help many more businesses with lease funding for assets. technology and related services in 2014.

And, in the meantime, we would like to wish all our customers, suppliers and partners a very happy holiday season and, of course, a prosperous New Year.

Best wishes from all at WestWon

 

UK Asset Finance Market Reports Growth Of 4% To £1.9bn In October 2013

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UK Finance & Leasing Association (FLA) members report that new business provided to fund investment in construction equipment grew this October by 41% (to £134m), and by 13% over the last twelve months (to £1.2bn).

They report that it was also a good month for the commercial vehicle and IT equipment finance sectors, with double digit growth in new business of 13% and 12% respectively.

Overall, the UK asset finance market reported growth of 4% to £1.9bn in October for new business deals of up to £20m. This market has grown each month since April 2013, with new business up in the first 10 months of the year by 2% to almost £17.7bn compared with the same period in 2012.

Geraldine Kilkelly, head of research and chief economist at the FLA said: “The asset finance industry is in a unique position to support businesses as the recovery takes hold.  It funds investment in the key equipment that businesses need if they are to expand to meet stronger domestic demand.

“The FLA’s Q4 2013 Asset Finance Confidence Survey suggests that the industry’s senior executives are cautiously optimistic about economic prospects and market conditions over the next year, with a majority expecting growth of  up to 10% in each of the main channels for new business.”

See the full article here.

For more information about the benefits of leasing and best leasing deals available,  please call WestWon on Tel: 01494 611 456. Alternatively you can download the free WestWon Guide To Leasing.

WestWon and CRM Reseller Wizard

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Online leasing company WestWon has recently supplied a leading company in the healthcare engineering market with lease finance for a CRM system solution supplied by Bristol software solutions reseller Wizard Systems. The WestWon lease agreement, set to run over 3 years with a monthly lease rental cost of £127.31, has enabled the company to seamlessly expand their current Customer Relationship Management system.

The customer designs and commissions healthcare facilities and also provides related products and services. Wizard Systems is a specialist supplier of CRM software systems such as GoldMine, Sage CRM, NetSuite, Workbooks, Nimble and HEAT. Wizard was able to supply MET with the lease finance the healthcare company required for its new CRM system within just days of contacting IT equipment leasing company WestWon.

WestWon Offers Instant Online Leasing Quotes

Tim Wilmot of Wizard Systems explains, “Looking for software lease finance for a client based across the water seemed to limit our leasing options dramatically. We saw WestWon online at www.WestWon.co.uk and quickly realised that they specialised in the IT leasing sector, and furthermore, could provide IT leasing facilities companies across the water unlike many other mainland UK based leasing companies.

“We were very impressed with the speed of service we received from WestWon, having received a leasing quote within minutes and documentation soon after. The entire process from our initial enquiry to providing signed documents took just 3 days.  We now have a dedicated WestWon account manager as well as access to the WestWon Partner Portal to enable us to provide a rapid lease.

WestWon Finance Partner Programme Benefits Resellers

WestWon CEO Jeremy Hall commented, “We have invested extensively in the WestWon Finance Partner Programme and those resellers and suppliers who are part of the scheme are delighted with the flexibility they gain from it.  IT and software lease finance is often the ideal solution both for resellers and for their clients, who wish to avoid technology obsolescence and spread payment for their investments over the useful life of the equipment they acquire,

WestWon is a leading UK asset finance company that specialises in equipment leasing for all types of companies in the UK, both large and small. Using the latest technology, WestWon assists organisations to fund capital equipment purchases along with IT requirements and office fit outs in a tax-efficient way that maximises cash flow, by offering quick quotes and fast finance at competitive rates.

For more information see www.WestWon.co.uk or Tel: 01494 611 456 Email Boris@WestWon.co.uk

WestWon Nominated As A Finalist For Leasing Life European Awards 2103

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Leading UK leasing company WestWon is a hot tip to win Leasing Life’s inaugural Award for ‘Innovative Product and Service 2013’ for its ground-breaking  Parent Portal. Launched in January 2013, the WestWon Portal makes it easy for schools to introduce a parental donation scheme to help fund their one-to-one Digital Learning initiatives.  Leasing Life will announce the category winner at its 7th annual European Conference & Awards Event, which is being staged in Berlin on 5th December 2013.

Leasing Life maintains that the development of additional services and supplementary products is becoming more and more important in securing deals, developing client relationships and protecting end-users. The new award for Innovation recognises the steps lenders are taking to enhance their financing products through the provision of additional services.

Recognising that iPads and other tablet devices were beginning to be widely adopted in the Education marketplace, WestWon developed two online systems – the WestWon Parent Portal and WestWon Tablet Device Asset Management – that address the specific needs of head teachers and schools for practical ways to fund and manage tablets in the classroom.

According to WestWon CEO Jeremy Hall, “WestWon has always backed the power of excellent technology and outstanding customer service to transform the leasing experience for suppliers, companies and educational establishments alike.

“Our innovative WestWon Parent Portal enables schools to set up and run parental donation schemes and administer multiple devices without tying up hard-pressed internal resources. WestWon also provides a new level of support and advice, both in person and online, to the sector. This winning combination of technology and service has, we believe, augmented the perceived value of leasing within education,” he concludes.

For more information contact WestWon on Tel: 01494 611 456  www.WestWon.co.uk

 

Assmann Office Furniture Suppliers and Leasing Solutions

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Assmann furniture was founded by Henrich Ahsmann in 1939 when he took over a small village workshop in 1939. The company is now renowned for selling good quality desk and storage systems for offices. Their lower to middle priced furniture is produced out of their modern factory in  Lower Saxony, Germany. Assman have a UK showroom at 75A Turnmill Street , London EC1M 5SY where the company showcases a range of desks and seating systems, meeting room furniture, storage containers, partition wall systems, cabinets, reception desks and furniture, shelves and acoustic solutions.

Assmann furniture suppliers

WestWon presently works with a wide range of Assman office furniture suppliers in the UK and is proud to be associated with the company. If you are looking for a local supplier of Assmann office furniture, please call WestWon on Tel: 01494 611 456 and ask for our office furniture leasing team. Alternatively you can email boris@WestWon.co.uk

Why Lease Office Furniture and Office Fit Out Projects?
  • Leasing your office furniture installation means there is no need tie up capital upfront to acquire assets that have a useful lifespan of 2-5 years or more. Once you make a set initial payment, you can start using your office furniture and equipment immediately, while spreading payments over your selected lease rental payment period.
  • Lease rental agreements do not affect your existing lines of credit and can be set against profit, thereby potentially reducing tax bills.
  • Asset finance payments can be tailored to match seasonal cash flow. You can also choose a fixed interest rate, which protects against interest rate rises and enables you to plan your budget effectively.
  • Updating office equipment often requires office furniture, equipment and services from various sources. You can include multiple items under one monthly payment for simpler budgeting and financial management.
  • WestWon uses a state-of-the-art online quotations system, providing instant quotations and highly competitive rates. There is no easier way to assess your options.

You can download our FREE GUIDE TO LEASING to find out more about how to arrange lease finance for your office furniture or fit out project.

Low Interest Equipment Leasing Deals Are Ideal For Pre-Christmas Sales Promotions

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Low interest lease finance is a great way for suppliers and resellers to promote selected product lines and, at the same time, help their customers to fund new equipment more easily.

Special leasing deals are in fact ideal solution all year round, and especially towards year end: resellers receive full payment upfront while customers can pay for the equipment they need at a great rate and over a time span that suits them, typically 2-5 years.

Low Interest Equipment Leasing with WestWon

WestWon  is already successfully working with 100s of suppliers and resellers through the WestWon Partner Finance Programme.

As well as providing a dedicated WestWon account manager to help provide customers with the best low interest leasing offers possible in each scenario, we can also set suppliers and resellers up with a branded Partner Portal to ensure their business benefits from the ability to instantly estimate the cost of attractive leasing deals on an on-going basis.

WestWon Partners in Growth

Working in partnership with WestWon enables suppliers to offer a range of flexible, tailored finance solutions so that customers can invest in the equipment and technology they need right away. With access to over twenty providers of leasing and asset finance, WestWon offers high acceptance rates compared to industry standards and fast turnaround on agreements.

We provide our partners with training and support to help them maximise leasing opportunities within their business, and to enhance the customer experience and range of options available to their clientele.

As a member of the National Association of Commercial Finance Brokers (NACFB) and an Associate Member of the Finance and Leasing Association (FLA), WestWon adheres to industry best practice. We pride ourselves on providing an excellent level of service and complete transparency on all agreements.

To find out more and discuss the most suitable options for your business, simply call us now on Tel: 01494 611 456 or email boris@westwon.co.uk.  You can also download our FREE comprehensive Guide to Leasing. 

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