^Get Asset Finance for Hop Farms – Apply Online Today

With hire purchase, you agree the asset with the supplier and the lender provides funding through a hire purchase contract. You typically make a deposit if required, then pay monthly instalments. The equipment supports your operations throughout the term, and ownership generally transfers to your business at the end, subject to the agreement terms. Lenders usually consider how the asset is used and its expected residual value, with terms commonly around 24 to 84 months and amounts often from £10,000 up to £250,000+.

In a machinery lease, the leasing provider buys the equipment from the supplier and grants your business the right to use it under a leasing agreement. You pay monthly rentals for an agreed term, commonly 24 to 60 months. At the end of the term the equipment is usually returned to the leasing company, though some contracts may include purchase options depending on structure. Lease pricing is often expressed through a monthly rental amount with an implied finance cost, which for UK SMEs can broadly fall around 6% to 14% APR equivalent depending on risk, term and deposit.

For equipment refinance, the lender verifies ownership, confirms valuation and reviews the business’s current funding structure. If approved, you put the finance in place to meet the agreed equipment objective. This can be useful when you want to upgrade hop processing or handling equipment without depleting working capital. Amounts are commonly from £15,000 to £200,000+ depending on valuation and affordability, with terms often 18 to 60 months. Decision times can be longer, typically 7 to 20 business days, because lenders may need additional valuation and security checks.