Frequently Asked Questions

Listed below are some frequently asked questions. If you cannot find the answer to your question here, please contact us on 0161 724 2424 or email us at enquiries@excel-a-rate.co.uk and we will be happy to help.

Q - Who are Excel-a-Rate Business Services Limited?

A - We are an established, independent finance company who specialise in providing a wide range of carefully designed finance packages, all aimed at assisting your business to grow.

Q - How does a lease work?

A - You find the asset, which is fundamental to your business growth and development. We then underwrite the transaction and purchase the asset. We then lease it to you over a pre-agreed period. This arrangement is subject to status and credit approval.

Q - Why lease?

A - It is the cheapest way of adding an asset to your business, with the minimum outlay.

Q - How long does the application take?

A - The underwriting normally takes a day.

Q - Will the payments increase if interest rates rise?

A - No…the payments remain the same throughout the duration of the agreement. this assists you with accurate budgeting and cash flow.

Q - What period is usual for leasing?

A - The contract, or primary lease as it is often referred to – is structured over the useful life of the asset and over a period to suit your cash flow.

Q - How many months is this over?

A - Usually a 36 month term, with 3 payments as the initial rental, followed by 33 monthly payments, other payment profiles can be considered on request.

Q - How are the rental payments collected?

A - They are collected monthly by direct debit.

Q - How will this affect my tax position?

A - All the payments are fully tax deductible and VAT can be reclaimed from the Inland Revenue on your quarterly return.

Q - Does this affect any bank overdraft I may have arranged?

A - No…in fact it can help by allowing you to maintain all your working capital for other business requirements.

Q - Do I have to report to the leasing company on a regular basis?

A - No – you have unrestricted use of the asset.

Q - What happens at the end of the primary lease period?

A - The asset can be returned to the leasing company, or it can be rented on a secondary lease for an annual payment, equal to one monthly instalment.

Q - Can I ever own the asset?

A - At the end of the primary lease you do not automatically own the equipment as title remains with Excel-A-Rate Business Services Ltd, but the asset can be sold to a third party at the market value.

Q - What do I do if the payment is due at a time that does not suit me?

A - We can adjust your direct debit payment to fall 15 days either side of the agreed date for repayment without incurring any extra interest.