When scoping any new project, the four key elements Coolair consider are the design, the installation process, the maintenance program and of course the cost.
Out-right purchase may not always be an option, which is why Coolair work closely with our partners at Mitsubishi Electric to offer the option to fund the complete installation (equipment and labour cost) under a hire purchase agreement. We term this “Asset Finance”.
What is Asset Finance?
A simple way to fund the costs of new equipment and its installation via “hire purchase finance”. So (subject to financial status) a customer can pay for an installation over an agreed period of between 1 and 5 years.
Who is it available to?
Asset finance is available to end-user customers who are limited companies.
Partnerships and sole traders are unable to take this option as they are categorised as “individuals” by the Financial Conduct Authority (FCA) and are therefore “regulated”.
How does it work?
When looking at a new installation we will prepare our standard quote for out-right purchase as normal. If interested in Asset Finance as a payment method we don’t need any additional information from you initially – we will simply use Mitsubishi Electric’s online tool to produce a “Finance Indication” for you.
We will then send you a proposal containing details of both the cost to purchase out-right together with the finance indication. This will show the total cash price, the deposit required (10%), the term of the agreement and number of monthly payments to be made, the amount of each payment and the interest charged.
You then have all the information at your finger-tips to decide on the best route for you.
Are there any conditions attached?
The only conditions are that
- You insure the equipment in the normal way
- You sign up to a service and maintenance agreement for the full term of the finance
If I decided that Asset Finance suits me, what do I do next?
Simply tell your Coolair contact who prepared your quote, who will arrange for the Mitsubishi Electric finance team to complete their credit checks. The finance provider will need to speak to you directly at this stage.
Assuming finance is agreed, work will then go ahead as normal, and your repayments will only start after sign-off that the installation is complete and satisfactory.
To summarise the benefits:-
- A flexible alternative to a bank loan with significant cash flow and tax benefits
- No need for hefty deposits
- Fixed regular payments, helping you plan for the future
For further information please contact your nearest Coolair office, all of our regional teams will be happy to help.