Charity Bank launches new Asset Finance service
05/06/2008
Charity Bank is now offering asset finance to third sector organisations that struggle to obtain finance from mainstream sources in order to purchase assets that can improve the way in which they operate.
The bank is also committed to providing customers with the best advice to help them understand what type of finance products are available and those best suited to their circumstances and needs.
How does it work?
The customer chooses the asset and supplier
Charity Bank pays the supplier on their behalf
The customer pays for the asset over a period matched to its working life
Outright ownership passes to the customer at the end of the agreement on payment of the Option to Purchase Fee
The asset appears on the customer’s balance sheet
The most important feature of hire purchase is that the customer gets ownership of the asset.
A wide range of assets can be purchased including cars, vans, trucks, coaches, minibuses, copiers, IT and software, phone systems, EPOS and cash registers, printing and packaging equipment, vending machines, recycling equipment, catering equipment and gym equipment.
End
Notes
Loan terms and conditions:
Fixed rate hire purchase for new and used assets.
Funding is available for 2-7 years
There is no early settlement penalty
DO NOT seek personal guarantees
Interest rate is fixed at 7.5% per annum
- Fees - £150 Documentation Fee payable at start of agreement
- £100 Option to Purchase Fee payable at end of agreement