Secured loans can be a helpful way of borrowing money by putting a business asset forward as security. This could be anything from property to vehicles and equipment. Secured loans are just one of the ways in which businesses who are looking to expand in some way can obtain the necessary finance to help fund their plans. Secured loans offer credit on terms that are very favourable with businesses having access to larger loan amounts over longer repayment terms and with interest rates that are lower, when compared to unsecured loans.
Our aim at Able Commercial Finance is to help each of our clients find the best financial solution for their company and their own individual requirements. With a secured loan there are only a few limitations on what you can use the money for and, provided you have the assets to back your application, a secured loan could be a suitable option to help your financial situation.
What are the advantages of a secured loan?
A secured loan can be a suitable option for a business that owns assets, or doesn’t wish to offer a personal guarantee from a company director. There are a wide range of lenders who could offer you a secured business loan, and the amount you can borrow can be based on the value of the asset you have available.
However, secured loans are often cheaper than unsecured loans as they are a lower risk to the lender, and in some cases the more assets you have, the more you can potentially borrow. Applying for a secured loan can put less emphasis on your trading history or your credit rating.
How can Able Commercial Finance help?
At Able, we take the time to understand your business and what type of commercial finance support it needs. We can help to find the right lender who is able to provide the best secured loan to help your business grow. We are an independent broker service, meaning we can deliver imperial and fair advice to help you make the right decision for your business.
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