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With a secured equipment term loan, the lender expects a purpose tied to garage operations and usually requires security over the equipment and/or additional business security. Eligibility is commonly based on UK limited company or trading partnership status with trading history, often 2+ years, though newer firms may be considered case-by-case. Amounts can range roughly £50k to £500k, and terms are often 24 to 60 months, sometimes up to 72 months for suitable secured structures. Typical decision time is around 1 to 4 weeks, depending on the complexity of the security and documentation.

Unsecured or partially secured term loans are generally considered where the lender is comfortable with cash flow and risk assessment. Around £350k is often at the upper end for unsecured or partial risk products, but the actual amount depends heavily on turnover and affordability. Typical terms are 12 to 48 months, with pricing usually higher than secured term loans where security is limited. Decision time is often 1 to 3 weeks for straightforward cases, with longer turnaround if additional bank statements or clarifications on seasonality and expenses are requested.

A cash-flow or asset finance hybrid term loan sits between purely secured and unsecured pricing. It is often used when you need to fund a combination of workshop expansion costs and major operational equipment. Typical amounts can be roughly £100k to £600k, with £350k commonly within range when lenders see stable cash flow and/or sufficient security value. Terms are often 24 to 72 months depending on asset life and the repayment profile. Decision time is frequently 2 to 6 weeks because lenders may carry out a more detailed credit review and any asset valuation or security steps.