FAQ

What happens at the end of the lease?

The lease period will be set for the useful life of the asset and at the end of the term you will be given three options:

• Purchase the goods via a third party (price to be negotiated).
• Enter a secondary rental period and continue to use the asset.
• Return the asset to the lessor.

Who can apply?

1pm can assist any business, irrespective of sector or length of time trading.

We can afford to pay cash, why should we lease?

If you have a look at the example in the 1pm Asset Finance Guide section, you will see that leasing can be a cheaper option than paying cash for your equipment, plus you get to keep your cash!

Do I need to pay anything up front?

1pm always ask for an administration fee of £150+ VAT. For equipment costing less than £3,500 we will not usually require any other payments. For equipment that costs more than £3,500 we may ask for 1,2,3,4,5 or 6 months rentals or 10% of the equipment cost up front (dependent on status and term of the lease).

How quickly can we get a decision?

1pm will provide a decision within 24 hours of receiving the finance proposal and any other information requested.

Isn’t it easier to go direct to my bank?

You could ask your bank but since the credit crunch it has been harder to access bank borrowing. Plus, by leasing, your overdraft will still be available to you for other expenses.

My business just consists of me, can I still apply?

Of course, as long as you are a trading entity we can assist.

Who can apply for leasing?

Any business that requires equipment can apply.

Who signs the lease documents?

The sole proprietor, all partners or an authorised director. The lease documents should only be signed by an authorised officer.

How do I pay?

You will pay for the use of the equipment monthly via Direct Debit

What if I need finance for more than on piece of equipment?

In most cases 1pm can offer a credit limit of up to £15,000 for new start businesses and up to £30,000 for established businesses, so as long as the equipment does not exceed these amounts we can help. 1pm can even pay more than one supplier.

What will my credit limit be?

This is determined by how long you have been in business, what equipment you require, the term of the lease agreement and your credit score. The limit could be anything from £1,000 - £30,000

What happens if I sell the business?

The agreement must be settled unless the proprietors acquiring the business are taking over the lease (dependent on status and credit approval in advance).

Who is responsible for insuring and maintaining the assets?

The lessee.

Can the lease agreement be cancelled?

You will have 14 days from the date of activation to cancel the lease but after this you are bound by the terms of the lease agreement.

Can I settle the lease early?

Yes and there is no penalty for early repayment. Contact us for a settlement figure.