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Sale & Hire Purchase Back

Buying From An Auction?

It is possible to arrange machine finance when buying from an auction.  Most auction houses will give around 2 weeks or so to complete the deal, once you have won the machine.  However it is better to set up an approval in principle before bidding.  Contact us and provide the usual information to establish credit approval and advise us of your maximum bid.  Once you have then completed the purchase the paperwork can then be quickly completed.

Alternatively you could purchase the machine, be invoiced direct and pay for it.  We could then arrange for you to be refunded with a Sale & Hire Purchase Back facility.

Machine Finance With Stage Payments

Machine finance with stage payments required by machine suppliers present a problem.  Some lenders have been prepared to finance stage payments in the past but now it is very unlikely.  The problem for the lender is that during the stage payment period there is no machine security in place.  In the event of default the lender is left with no tangible security.  Furthermore if the machine supplier goes out of business then there is unsecured borrowing for the lender and no machine for the customer but still with the liability to repay the lender.

What is the solution?

a)  It will be easier to resolve before placing an order with the machine supplier.  At this point you have a stronger negotiating position.  You could then try and negotiate a small initial deposit, say 10% or 20%.  The balance can then be paid by the lender upon delivery of the machine.

However if the supplier requires a larger initial deposit and maybe further payments before delivery then you will need to finance these yourself.  A Sale & Hire Purchase Back facility can then be used and your deposit and any further payments can be refunded back to you upon delivery of the machine.  The outstanding balance can then be paid direct to the supplier and the final Hire Purchase agreement completed.

b)  If you do not have the cash flow to cover the stage payments then we can arrange machine refinance to finance the stage payments.  Alternatively we can arrange a Funding Circle Business Loan to cover the stage payments.

Please contact us anytime for free help, advice and quotations

Machine FInance For Foreign Machines

We completed a machine finance agreement today on hire purchase for 2 x New HCI Machines which were imported from Hong Kong.  Buying from abroad represents some difficulties for the machine finance industry.  We are not aware of a UK finance company that will pay for machines before they are in the UK.  Foreign suppliers however usually require payment in foreign currency.  This problem was resolved by a Sale & Hire Purchase Back arrangement.  The customer paid for the machines first so that they could be delivered into the UK and were then refunded upon delivery.  The Hire Purchase agreement was then completed.

In this particular case our customer had the cash flow to pay first and be refunded later.  However if this is not possible there are some other options.  Often if a formal offer letter from a bank or finance house is shown to the foreign supplier then they are often prepared to deliver into the UK.  Alternatively we may be able to arrange a “Letter of Credit” whereby a bank guarantees payment to the foreign supplier upon delivery.

We have expert knowledge on the procedure for machine finance when buying from abroad so please contact us anytime for free help and advice.