Due to Government advice on COVID-19 our offices are now closed but Satellite Finance is very much still open for business. Due to high volumes of calls the best way to contact us is via email info@satfinance.co.uk

Over the last two weeks there have been several announcements made by the government regarding the support available for businesses during these difficult times.

Satellite Finance Limited want to try and help our customers in what is an unprecedented economic situation and so here is an update on the news we have received directly from the British Business Bank and lenders on our panel who are administering it.

Some good news

Media reports have said that the CBILS was not being used by the banks and lenders as it was intended. However, we have received assurances from lenders on our panel that they are processing applications alongside their normal eligibility criteria. They have advised that they will update their guidelines on the scheme more very soon. Several are able to offer funding on their normal commercial terms without utilising the scheme.

The British Business Bank have also stated that they are fast tracking accreditation for the CBILS, and new lenders will soon be available to the scheme. This has been confirmed by lenders on our panel.

We can help

The lenders that we know are already in the scheme have assured us that they are trying their best to get applications underwritten but as you can imagine with staff social distancing and the unprecedented demand then the process requires some patience. We are certain that as new lenders get accredited CBILS applications should become quicker to process and credit approvals much faster.
Through our accredited panel Satellite Finance are here to help you submit your application so check your eligibility with us and one of our experienced team will be in contact with you shortly to discuss your application and the further information we need.

Check Eligibility

Why choose the cheapest when you can choose the best?

Let’s say you need a van. Your heart is set on a shiny white VW, but you can’t afford it. So you’re thinking of settling for a second-hand Fiat instead. Cheap and cheerful (until it needs a service). 

With hire purchase through Satellite Finance, you don’t have to settle for anything. You could drive off in the brand spanking new VW simply by paying a deposit and all the VAT towards the total cost. Far more flexible, far more affordable, and far more what you want. 

You would then gradually reduce the balance by making fixed monthly payments for an agreed number of months. Once the final payment is made, that van is officially owned by you.

Hire purchase isn’t just suitable for vehicles. You could also use it for engineering, construction, or commercial machinery and equipment. 

Why is Satellite Finance right for you?

  • The interest rate is fixed throughout your agreement period, so even if the bank interest rates increase, yours doesn’t
  • We offer a flexible repayment structure to allow for seasonal business (for example, you could make just one payment a year)
  • In some circumstances, we can include maintenance of the asset within the terms of the agreements

And all the money you don’t have to spend upfront can be used to grow your business in other ways. 

Hire Purchase Image

Benefits of hire purchase

You can spread the cost over a period of time, rather than having to put down a large capital sum upfront

It saves your cash resources from unnecessary depletion - and your cash flow from undesirable sabotage

Having clear sight of future expenditure allows for easier budgeting

There are corporation tax benefits because lease payments can be considered as expenses

You don’t have to pay VAT on monthly installments (which you would if leasing)

The value of your asset’s value is prevented from depreciating quickly

You can enter into a new contract at the end of your original fixed term