For buying and refinancing Irrigation Equipment
Irrigation Finance and Leasing is a type of asset finance that allows farmers and agricultural businesses to acquire irrigation equipment and machinery without paying the full upfront cost. Irrigation equipment and machinery are essential for many farming operations, as they help to control the amount and timing of water supply to crops, improve crop quality and yield, and reduce water wastage and environmental impact.
Irrigation Finance and Leasing can cover a range of irrigation assets, such as sprinklers, drip systems, pumps, pipes, valves, controllers, sensors, and software.
There are two main types of finance available for Irrigation Finance and Leasing: hire purchase and leasing. Both options have their own advantages and disadvantages, depending on the needs and preferences of the farmer or business.
Hire purchase is a type of finance that allows the farmer or business to purchase the irrigation asset over a fixed period of time, usually between 12 and 60 months, by making regular monthly payments. The farmer or business pays a deposit upfront, typically 10% to 20% of the asset value, and then pays off the remaining balance, plus interest, over the agreed term. At the end of the term, the farmer or business owns the asset outright.
The benefits of hire purchase are:
The drawbacks of hire purchase are:
Leasing is a type of finance that allows the farmer or business to use the irrigation asset for a fixed period of time, usually between 12 and 60 months, by making regular monthly payments. The farmer or business does not pay a deposit upfront, and does not own the asset at any point. At the end of the term, the farmer or business can either return the asset to the lender or leasing company, or extend the lease for another term, or purchase the asset at a pre-agreed price.
The benefits of leasing are:
The drawbacks of leasing are:
The process of obtaining Irrigation Finance and Leasing is similar for both hire purchase and leasing options. The farmer or business needs to:
Whether it's hire purchuse or leasing, irrigation finance can also have some drawbacks – here’s a brief overview:
The amount you can borrow for Irrigation Finance and Leasing depends on several factors, such as the type and value of the irrigation asset, your credit history and rating, your income and cash flow, and the lender’s criteria and policies. Generally, you can borrow up to 100% of the asset value, or up to 90% if you opt for hire purchase.
The interest rates and fees for Irrigation Finance and Leasing vary depending on the type of finance or lease option, the lender, the asset, and your credit profile. Typically, the interest rates range from 4% to 12% per annum, and the fees include arrangement fees, documentation fees, administration fees, and late payment fees.
The time it takes to get Irrigation Finance and Leasing depends on the complexity and urgency of your situation, the availability and responsiveness of the lender, and the speed and accuracy of your application. Generally, it can take from a few days to a few weeks to complete the process and receive the irrigation asset.
In need of Irrigation Finance and Leasing?
We can help you:
And when we’ve established the best type of finance for you, we will:
Call our team on 0203 900 4322 to discuss your requirements or book an appointment.
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