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buying from abroad
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.