Specialist
Diagnostic Equipment Finance
Funding Solutions for Diagnostic Equipment
Funding Solutions for Diagnostic Equipment
Diagnostic equipment finance is a type of asset finance that allows businesses in the construction industry to purchase or lease diagnostic equipment, such as scanners, sensors, testers, and monitors, that are essential for their operations. Diagnostic equipment can help businesses improve their efficiency, quality, safety, and compliance, as well as reduce their costs and risks.
However, diagnostic equipment can be very expensive to buy outright, especially for small and medium-sized businesses that may not have enough cash flow or capital to invest in such assets. Moreover, diagnostic equipment can become obsolete or outdated quickly, requiring frequent upgrades or replacements. This can pose a challenge for businesses that want to keep up with the latest technology and industry standards.
That is why many businesses opt for diagnostic equipment finance, which can provide them with flexible and affordable options to acquire the diagnostic equipment they need, without having to pay the full cost upfront or own the asset. Diagnostic equipment finance can also offer tax benefits, as the payments can be deducted from the taxable income of the business.
There are two main types of finance available for diagnostic equipment finance: hire purchase and leasing. Both options can help businesses spread the cost of the diagnostic equipment over a period of time, usually between 12 and 60 months, and pay in fixed monthly instalments. However, there are some differences between them, as explained below.
Hire purchase is a type of finance that allows businesses to buy the diagnostic equipment at the end of the agreement, after paying all the instalments and a final option-to-purchase fee. During the agreement, the business has the use of the diagnostic equipment, but the ownership remains with the lender until the final payment is made. The business is responsible for the maintenance and insurance of the diagnostic equipment, and can claim capital allowances on it.
Hire purchase is suitable for businesses that want to own the diagnostic equipment eventually, and benefit from its residual value. It can also offer lower interest rates and longer repayment terms than leasing.
Leasing is a type of finance that allows businesses to rent the diagnostic equipment for a fixed period of time, without having the option to buy it at the end of the agreement. During the agreement, the business has the use of the diagnostic equipment, but the ownership remains with the lender. The business pays a fixed monthly rental fee, which may include the maintenance and insurance of the diagnostic equipment, and can claim the rentals as an expense on their income statement.
Leasing is suitable for businesses that want to use the diagnostic equipment for a short or medium term, and avoid the hassle of owning, maintaining, and disposing of it. It can also offer more flexibility and convenience, as the business can upgrade or replace the diagnostic equipment at the end of the agreement, or extend the lease if needed.
The process of applying for diagnostic equipment finance is simple and straightforward, as follows:
Diagnostic equipment finance can offer many benefits for businesses in the construction industry, such as:
Diagnostic equipment finance can also have some drawbacks for businesses in the construction industry, such as:
The eligibility criteria for diagnostic equipment finance may vary depending on the lender and the type of finance, but generally, the business will need to have a good credit history, a stable income, and a viable business plan. The business may also need to provide some security, such as a personal guarantee, a deposit, or a collateral, to reduce the risk for the lender and increase the chances of approval.
The interest rates and fees for diagnostic equipment finance may vary depending on the lender, the type of finance, the amount and term of the finance, the creditworthiness of the business, and the market conditions. However, Clifton Private Finance can help the business compare and negotiate the best rates and fees from multiple lenders across the UK, and ensure that there are no hidden or unexpected charges involved.
The time it takes to get diagnostic equipment finance may vary depending on the lender, the type of finance, the complexity of the application, and the availability of the diagnostic equipment. However, Clifton Private Finance can help the business speed up the process and minimise the hassle, by preparing and submitting the application on their behalf, and chasing through the application until the diagnostic equipment is in their hands.
In need of diagnostic equipment finance? 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.
I approached Clifton Private Finance to help me get a mortgage as an Expat working in the Far East. I would normally 'cut out the middle man' on something like this and try to get myself a deal directly with the banks, but I am now sold on the broker concept and wouldn't hesitate to use Clifton Private Finance again. There were a number of complicating factors such as being an expat, the stamp duty holiday, the sheer amount I wanted to borrow and the fact I wanted it all wrapped up before the Stamp Duty holiday ended. It is clear to me now that the relationship that brokers have managed to foster with their banks means they can simply pull levers and make stuff happen that us ordinary folk cannot. Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet. Thank you George and Jan for all your hard work!
James M
Luther was excellent. Very clear in his advice and explanations of products and was able to move things on very quickly when we ran into difficulties with the estate agents. Without a doubt I would recommend Luther to all friends, family and colleagues. Luther was a joy to deal with and took a lot of the stress out of a troublesome transaction, from my end. I would view Luther as real asset to Clifton Private Finance Ltd.
William W
The team at Clifton Private Finance has been outstanding, not only in helping me to obtain a mortgage on a slightly unusual home, but also in continuing to provide support and liaise with the lender and solicitors through to completion. Thank you for making the process of buying my first home much easier.
Chantelle S
Sam O'Neill, and the new lender he identified for me, worked tirelessly together using my time constraints, to make sure my mortgage application was completed on time. They are a brilliant company to work with, fast, efficient, open and transparent from the very beginning, and turned a seemingly impossible situation into a viable one. Sam was brilliant throughout the whole process and I would highly recommend him, and his colleague Helen, to anyone without hesitation, I cannot speak highly enough about them.
Myr B
I was incredibly lucky to find Clifton Private Finance after a search on line as their service has been more than exemplary. My point of contact was Sam 0’Neill and he was happy to help at every stage during the application of the bridging loan, making a stressful process much easier to deal with. He was always available by phone or email and gave prompt answers to queries I had as well as always getting back to me when he said he would. That to me is excellent customer service and I cannot thank him personally or the company enough for the support they have given me.
C Jefferey
Adam cannot thank you enough for all your support throughout this arrangement. You have gone more than the extra mile to support us. Without you we would not have got our dream retirement home. You have been most professional and personable. Liz and I would be more than happy if you wanted to use us a reference with respect to any future clients.
Nigel & Liz K - Bristol
You have certainly shown me that you do everything for your clients, including tolerating their excessive emails and questions for updates. I have been kept in the loop, from yourself, about why the delays were occurring (Nationwide, post etc) which I would like to highlight that I really appreciated. I certainly will be able to recommend you to others as and when the need arises.
Mr Morris
I recently contacted Clifton Private Finance after a Google search for bridging finance providers and was immediately struck by their efficiency and support. Forms were emailed over almost immediately and the necessary finance was arranged within a few days. None of the other companies I contacted came close to their professionalism, and the quote that I eventually received was impressive. Thank you Adam, your help has enabled us to reserve the house that we wanted and I certainly recommend you to others.
Mr M. R. - Oxford
Absolutely brilliant. The service was first class, got everything sorted efficiently and were always friendly. Any fees were negligible compared to the service offered. Robert was particularly outstanding.
Charles N
My advisor, Robert, was very helpful in finding the mortgage to suit me. He kept me up to date throughout the process and dealt with any issues when they arose.
Rowena C
