Another option within asset financing is hire purchase. With this type of financing, the van will be yours once you finish paying for it. If you are looking for a long-term solution, hire purchase can be a winning option.
My temporary business is struggling
Seasonal businesses can be unpredictable at times. You might list of albania whatsapp phone numbers be stuck with low sales in the summer, and then suddenly, at Christmas, everything goes through the roof with higher than usual demand. You can imagine: you need extra warehouse space, stock, more staff… In that case, you might need immediate financing .
To keep liquidity at a healthy level, revolving credit facilities could be your lifeline.
This “revolving agreement” between you and the lender is similar to a business overdraft, where you can withdraw funds whenever you need them. The lender will give you a credit limit, and will also specify how long after you withdraw the funds you need to make payments. Typically, interest is only paid on the outstanding amount (although there may be an origination fee).
In other words, revolving lines of credit are business loans that can be renewed automatically. This way, you could get funds whenever you need them.
