The practical answer
Plant-hire use needs to be disclosed and accepted by the lender; a standard agreement may restrict onward hire.
Explain whether hire is operated or self-drive, where equipment will be used, insurance arrangements and how location and condition are tracked. Provide realistic utilisation and income assumptions.
Obtain any required permission in writing before putting the machine on hire. Finance approval is not a substitute for suitable hire contracts, operating controls or insurance cover.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
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