Co-op Bank offers a valuable solution known as Asset Finance that recognizes the crucial role assets play in the success of any business. Through this service, businesses can expand and acquire moveable assets without the need for additional property or asset collateral.
The unique feature of Co-op Bank’s Asset Finance lies in its flexibility, allowing businesses to finance moveable assets while using the asset itself as security. This approach liberates valuable cash reserves and streamlines the process of obtaining essential assets, as businesses can now make easy monthly rentals over a period of up to 48 months.
Moreover, the acquired asset is expected to generate income, making it a self-sustaining investment. Another significant benefit of opting for Asset Finance is the automatic qualification for insurance premium financing under Co-op Bank’s Co-op Insurance Finance product. This ensures that businesses will no longer face concerns about funding their annual insurance premiums for the financed asset.
The product offers an interest rate of 13% per annum on a reducing balance basis. There are no application or negotiation fees, but for negotiated schemes, there is a 1% appraisal fee, and for non-schemes, the appraisal fee is 3%. The maximum tenor available for this asset finance product is 60 months.
