- What is Asset FinanceBack
What is Asset FinanceClose Brothers Asset Finance offer a range of flexible funding options enabling you to purchase assets and grow your business.Find out more
- Hire PurchaseSpread the cost over time
- RefinancingWhen you need a cash injection
- Finance LeaseUser benefits without the ties of ownership
- Operating LeaseKeep your options open
- Assets for saleBack
Assets for saleHere at Close Brothers Asset Finance, we have a wide variety of used vehicles for sale, including ex lease vehicles and equipment.See our assets for sale
- Find your industryBack
Find your industryClose Brothers Asset Finance supports various industries across the UK. Click on your industry to find out how we can support your business.Our industries
Construction is a crucial part of the UK economy and we have specialist knowledge of construction financing solutions, including construction equipment finance, and understand the challenges and opportunities facing the construction industry
We have a long history of providing finance solutions to the construction industry, helping you build for the future and ensuring you are properly equipped with the assets you need for growth with our construction financing solutions.
Our team of construction experts have in-depth knowledge of the construction industry and will help you find a tailor-made finance solution that is an affordable way to spread the cost of the plant and construction machinery you need.
We offer Hire Purchase, Finance Lease, Operating Lease or Refinance packages for the construction industry.
Get in touch to find out how we can help you.
Typical construction assets we provide financing for include:
- Excavators
- Crushers
- Crushers
- Screeners
- Bulldozers
- Dumpers
- Demolition equipment
- Repairs
- Vehicles
- Site plant
Contact us today
033 0173 5816
9:00am - 5:00pm Monday to Friday (excluding UK bank holidays)
Finance products we offer the construction industry
Used when you want to own the asset outright at the end of your agreement
Hire Purchase (HP) allows you to buy the equipment on credit. The finance company purchases the asset on your behalf and owns the asset until the final instalment is paid, at which point you are given the option to buy it.
Advantages of Hire Purchase:
- More time to repay: By spreading the cost over the life of the asset, a benefit is that you can lower the initial up-front payment. This matters because it gives you a long-term view of the fixed monthly payments you will need to make over the term of the agreement, which – in turn- helps you with your budgeting
- Seasonality: If your business – like many others – has busy times and less busy times throughout the year, your monthly repayments can be adjusted in line with your sales peaks and troughs. For example, during the lead into the festive season your sales volumes might peak, but in the month or two after New Year, they fall back
- Keep control: With Hire Purchase, you're in charge. You get full use of the asset throughout the repayment period and may even claim capital allowance. Capital allowance is a type of tax relief that businesses can claim when they spend money on long-term assets for use in the business. You can deduct some or all of the value of the asset from your taxable profit
- Tax efficient: Financing your asset purchase through Hire Purchase can be tax-friendly because lease payments are treated as expenses, offering potential tax benefits compared to standard loans. Although asset depreciation also provides tax benefits, the useable lifetime of the asset will vary depending on the asset and on local regulation
- Reclaim VAT: If you're VAT registered, you may reclaim VAT. For details on VAT registration, visit gov.uk/vat-registration/overview
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Release money tied up in your business's assets
Refinancing or capital release, as it’s also known, is a proven way to make your assets work for you and release cash back into the business. It works by the finance company purchasing the asset and financing it back to you, with repayments calculated in line with the income the asset is expected to generate; at the end of the refinance term, you own the asset.
This offers several benefits to a business that just needs a cash injection, whether it’s for investment in additional business-critical assets or to use in other areas of the business, including unexpected bills and invoices, salaries, VAT payments, diversification - the uses are almost endless.
Funders can also look to take over a finance agreement with another provider and extend the term, ultimately reducing monthly payments and easing the pressure on cash flow.
Advantages of Refinance:
- Get more cash easily: Asset refinancing is a quick and simple way to get extra money for your business needs. You get to keep using the asset you put up as security.
- Pay over a longer time: We can take over your current financing deal with another company and extend the time you have to pay. The costs are fixed, so there won't be any surprises while you're repaying the loan.
- Choose what's best for you: Use the cash injection for your business or buy other things you need. It's more flexible than some other financing options.
- Decide quickly: Getting cash from your assets helps you make faster decisions when dealing with business contracts. Use the money for hiring people, buying new things, or expanding your workspace.
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
For those businesses that want to use an asset but not own it at the end of an agreement
The full value of the equipment is repaid to the finance company, plus interest, over the lease period. At the end of the term, you can choose to:
- continue to use the asset by entering a secondary rental period
- sell the asset and keep a portion of the income from the sale
- return it
Advantages of Finance Lease:
- Get what you need without a big upfront cost: You can quickly get the equipment you want without paying a large sum upfront. Instead, payments are broken into monthly instalments.
- Customise payments to match your cash flow: Work with us to adjust the rental payments and lease periods to match how and when money comes into your business.
- Earn money back: If you decide to sell the equipment at the end of the lease, you will get money from the sale.
- Tax Benefits: If your business is VAT registered, you only pay VAT on the monthly rental payments, not on the entire purchase price. This helps reduce your taxable profit, potentially saving you money on taxes. If your business is not VAT registered, you can spread the VAT cost by including it in your monthly rental rather than paying it as a one-off payment.
- For more information on VAT registration, please visit gov.uk/vat-registration/overview
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Rent the asset while you need it
Similar to a Finance Lease, an Operating Lease allows you to rent the asset from the asset funder while you need it. The key difference between the two is that an Operating Lease is only for part of the asset’s useful life.
This means you pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.
Advantages of Operating Lease:
- Affordable start: Get the asset you need without a big upfront cost
- Complete usage freedom: Use the asset fully without buying it outright
- Flexible choices: Decide at the end of the term whether to re-rent, buy, or return the asset
- Lower payments: Rental cost is less because it's a percentage of the initial cost
- Cost savings: Reclaim VAT on rentals to reduce overall costs
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Hire Purchase Used when you want to own the asset outright at the end of your agreement Hire Purchase (HP) allows you to buy the equipment on credit. The finance company purchases the asset on your behalf and owns the asset until the final instalment is paid, at which point you are given the option to buy it.
Advantages of Hire Purchase: - More time to repay: By spreading the cost over the life of the asset, a benefit is that you can lower the initial up-front payment. This matters because it gives you a long-term view of the fixed monthly payments you will need to make over the term of the agreement, which – in turn- helps you with your budgeting
- Seasonality: If your business – like many others – has busy times and less busy times throughout the year, your monthly repayments can be adjusted in line with your sales peaks and troughs. For example, during the lead into the festive season your sales volumes might peak, but in the month or two after New Year, they fall back
- Keep control: With Hire Purchase, you're in charge. You get full use of the asset throughout the repayment period and may even claim capital allowance. Capital allowance is a type of tax relief that businesses can claim when they spend money on long-term assets for use in the business. You can deduct some or all of the value of the asset from your taxable profit
- Tax efficient: Financing your asset purchase through Hire Purchase can be tax-friendly because lease payments are treated as expenses, offering potential tax benefits compared to standard loans. Although asset depreciation also provides tax benefits, the useable lifetime of the asset will vary depending on the asset and on local regulation
- Reclaim VAT: If you're VAT registered, you may reclaim VAT. For details on VAT registration, visit gov.uk/vat-registration/overview
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Refinance / Capital Release Release money tied up in your business's assets Refinancing or capital release, as it’s also known, is a proven way to make your assets work for you and release cash back into the business. It works by the finance company purchasing the asset and financing it back to you, with repayments calculated in line with the income the asset is expected to generate; at the end of the refinance term, you own the asset.
This offers several benefits to a business that just needs a cash injection, whether it’s for investment in additional business-critical assets or to use in other areas of the business, including unexpected bills and invoices, salaries, VAT payments, diversification - the uses are almost endless.
Funders can also look to take over a finance agreement with another provider and extend the term, ultimately reducing monthly payments and easing the pressure on cash flow.
Advantages of Refinance: - Get more cash easily: Asset refinancing is a quick and simple way to get extra money for your business needs. You get to keep using the asset you put up as security.
- Pay over a longer time: We can take over your current financing deal with another company and extend the time you have to pay. The costs are fixed, so there won't be any surprises while you're repaying the loan.
- Choose what's best for you: Use the cash injection for your business or buy other things you need. It's more flexible than some other financing options.
- Decide quickly: Getting cash from your assets helps you make faster decisions when dealing with business contracts. Use the money for hiring people, buying new things, or expanding your workspace.
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Finance Lease For those businesses that want to use an asset but not own it at the end of an agreement The full value of the equipment is repaid to the finance company, plus interest, over the lease period. At the end of the term, you can choose to:
- continue to use the asset by entering a secondary rental period
- sell the asset and keep a portion of the income from the sale
- return it
Advantages of Finance Lease: - Get what you need without a big upfront cost: You can quickly get the equipment you want without paying a large sum upfront. Instead, payments are broken into monthly instalments.
- Customise payments to match your cash flow: Work with us to adjust the rental payments and lease periods to match how and when money comes into your business.
- Earn money back: If you decide to sell the equipment at the end of the lease, you will get money from the sale.
- Tax Benefits: If your business is VAT registered, you only pay VAT on the monthly rental payments, not on the entire purchase price. This helps reduce your taxable profit, potentially saving you money on taxes. If your business is not VAT registered, you can spread the VAT cost by including it in your monthly rental rather than paying it as a one-off payment.
- For more information on VAT registration, please visit gov.uk/vat-registration/overview
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
Operating Lease Rent the asset while you need it Similar to a Finance Lease, an Operating Lease allows you to rent the asset from the asset funder while you need it. The key difference between the two is that an Operating Lease is only for part of the asset’s useful life.
This means you pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.
Advantages of Operating Lease: - Affordable start: Get the asset you need without a big upfront cost
- Complete usage freedom: Use the asset fully without buying it outright
- Flexible choices: Decide at the end of the term whether to re-rent, buy, or return the asset
- Lower payments: Rental cost is less because it's a percentage of the initial cost
- Cost savings: Reclaim VAT on rentals to reduce overall costs
Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
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