Answers to the questions we are asked most

Not always. Many hire purchase and finance lease agreements can be arranged with no deposit at all, particularly for established businesses and well-proven assets. A deposit — sometimes called an advance payment — reduces the monthly cost and can help where a funder wants a little more comfort, but it is rarely a strict requirement.

Most agreements run from 24 to 84 months, chosen to broadly match how long you expect to keep and use the asset. Shorter terms suit fast-depreciating or heavily used equipment; longer terms suit durable kit such as trailers or buildings. We will suggest a term based on the asset rather than simply the lowest monthly figure.

On a hire purchase agreement, VAT is normally charged upfront on the full purchase price. On a finance lease, VAT is added to each rental instead. Some funders offer VAT deferral schemes that spread the initial VAT charge over a few months. Treatment can vary by funder and by your own VAT position, so please confirm the detail with your accountant before deciding.

Yes. Most funders on our panel are comfortable financing used assets, whether bought from a dealer, at auction, or privately, subject to the asset's age, condition and remaining useful life. Some funders specialise in older or higher-hour equipment where others would decline, which is one of the reasons we work with a broad panel rather than a single lender.

A less-than-perfect credit history does not automatically rule out finance. Funders look at the whole picture — the strength of the asset, trading history, and how any past issues arose — and some specialise in cases that a mainstream bank would turn down. Being upfront with us about your history early on lets us approach the right funders first, rather than collecting declines.

For limited companies, particularly newer ones or larger transactions, funders often ask a director for a personal guarantee alongside the company's commitment. This is a legal promise to cover the debt if the company cannot, and it is worth understanding fully before you sign. We will flag clearly whether a guarantee is required as part of any offer, and you should read the terms carefully or take independent advice if you are unsure.

Yes, most agreements can be settled early. You will typically pay a settlement figure that reflects the capital outstanding plus an amount for the funder's lost interest, which is usually less than simply adding up the remaining payments. We can request an up-to-date settlement figure from the funder at any time on your behalf.

Yes. Many funders, particularly those used to agricultural and seasonal businesses, will structure payments to follow your cash flow — for example, higher payments after harvest and lower or nil payments over quieter months. This is arranged at the outset as part of the agreement, so it is worth mentioning if your income is seasonal.

Yes, a part exchange can usually be factored into a new agreement, effectively acting in a similar way to a deposit by reducing the amount financed. The supplier handles the valuation and mechanics of the part exchange; we simply reflect the net figure in the finance proposal.

Yes, subject to appropriate documentation — an invoice or bill of sale, proof of the seller's ownership, and sometimes an independent valuation or inspection. Private sales and auction purchases carry a little more due diligence than a dealer sale, but they are financed routinely.

A lender provides the money directly and only offers its own terms. A broker like Buckingham Leasing does not lend directly; instead we assess your requirement and place it with the funder from our panel best suited to it, negotiating terms on your behalf. In practice this usually means more options and a better-matched outcome than approaching a single lender yourself.

Funders commonly charge a documentation fee to set up the agreement, and some hire purchase agreements include an option to purchase fee payable at the end of the term to transfer title. Any fees will be set out clearly in the funder's quotation before you commit, and we are happy to talk through them line by line.

Yes. Under both hire purchase and finance lease agreements, you are responsible for insuring the asset against loss or damage for its full value, even though the funder retains an interest in it (and, under hire purchase, technically owns it until the final payment). Funders will usually ask for evidence of adequate cover and to be noted on the policy.

Once the final payment (and any option to purchase fee) is made, title to the asset transfers to you outright. There is no residual decision to make — it is simply yours.

You will not own the asset outright, but most agreements offer a secondary rental period allowing continued use for a nominal fee, or the option to sell the asset on the funder's behalf and retain the majority of the sale proceeds. The specific options depend on the funder and should be checked at the outset.

For straightforward cases with an established business, a decision is often returned within one business day, with funds released shortly after documents are signed. More complex proposals take a little longer, but we manage the process to keep things moving rather than leaving gaps between stages.

Placing an initial enquiry with us does not typically involve a hard search. Once you decide to proceed with a specific funder, they will usually carry out a formal credit check as part of underwriting. Because we direct your proposal to a small number of well-matched funders rather than many at once, you avoid the multiple search footprint that can come from shopping around directly.

Yes, though funders will look more closely at the directors' personal credit history, the strength of the asset, and any relevant industry experience, since there is less trading history to assess. A personal guarantee is more likely to be requested in these cases.

We arrange finance across a wide range, from smaller equipment purchases through to significant capital items and multi-asset packages. There is no fixed minimum or maximum; each enquiry is considered on its own merits and matched to a funder comfortable with that size of deal.