What is an Asset Finance Broker?
It’s important to understand what an asset finance broker is, and the benefits of using one before considering if you should use one.
An asset finance broker is a person or company whose role is to assist their clients in the purchase of assets from a supplier assisting them to find the right lender to suit their needs.
The brokers don’t usually work with a single financial provider and will instead use their expertise of the market to find the best deals which suit the client. Some brokers will charge clients directly, others will work off commission. At Ethos, we take a commission fee from the lenders meaning you have no additional upfront costs.
Brokers will advise the client on certain criteria which may be relevant in their circumstances, they will also negotiate with the lenders to secure the best deals, meaning the clients don’t have to.
Why Use an Asset Finance Broker?
Depending on the company, the assets they require are usually a significant upfront costs; asset finance offers the flexibility to spread the cost and supporting cashflow.
An asset finance broker will be able to find the best price while saving the client time dealing with lenders. As a result, repayments should be less, and the client can focus on expanding their business.
What’s right for one company may not be appropriate for another. Brokers need to get a full understanding of their client’s requirements to source asset funding which is right for them. One way in which brokers do this is by looking into which type of financial option will work for a businesses circumstance. Find out about the different financial option types.
Asset finance brokers will continue to support companies to ensure any funding works for the long-term.
How To Choose A Broker
It’s vital to ensure any broker has the appropriate licenses and are fully authorised and regulated by the Financial Conduct Authority.
Check the reputation of a broker online. Look at their reviews and see what other people are saying about them.
Good brokers will aim to build a strong relationship with their clients. This helps them understand their circumstances and find them the best possible deals and retain their business supporting the future growth of the clients business.
Brokers should know their industry inside-out. A good broker will be able to help with any enquiries.
At Ethos, we take pride in building long-term relationships with our clients and lenders. As a result, we’re confident we can help companies get the very best rates and giving the very best advice for even the most complex payment structures. Message us today if you want to find out more