Commercial finance guide
What documents do you need for asset finance?
Prepare an asset quotation, business records and supporting details for a UK asset finance enquiry. See what a provider may request and why.
NBS Finance is a commercial finance broker and introducer, not a lender. Finance is subject to status, provider assessment and terms. An introduction does not guarantee an offer of finance.
Direct answer
For most asset-finance enquiries, start with a clear supplier quotation, basic business details and recent financial information. A provider may then ask for bank statements, accounts, identity evidence, deposit evidence and further information about the asset, seller and intended use.
The exact list depends on the business, asset, amount and provider. Having a document does not guarantee approval.
Quick checklist
Asset and transaction
- supplier quotation or sales invoice;
- make, model, registration, serial number or other asset identifier;
- new or used status;
- purchase price and VAT;
- delivery, installation or attachment costs shown separately;
- supplier or private-seller details;
- photographs, condition report or service history for used assets;
- deposit amount and source; and
- intended business use.
Business and finances
- legal and trading names;
- company number or other registration details, where applicable;
- ownership and director or proprietor details;
- trading address and contact details;
- recent business bank statements;
- latest filed accounts;
- current management accounts, where available;
- details of existing loans and asset agreements; and
- explanation of how the payments will be afforded.
Relevant people
- proof of identity and address where requested;
- ownership or beneficial-owner information;
- authority to make the application; and
- consent for credit, fraud-prevention and other permitted checks.
Send sensitive documents only through a route NBS Finance or the provider has confirmed is appropriate.
Start with the supplier quotation
The quotation gives the provider a clear view of what is being bought and from whom. Ask the supplier to identify:
- the exact asset;
- serial number or registration where available;
- price before and after VAT;
- optional extras;
- delivery, installation, training and maintenance costs;
- expected delivery date; and
- payment details.
If the quotation combines the core asset with services or consumables, request an itemised version. A provider may not treat every cost as financeable equipment.
Extra evidence for a used asset
A used truck, excavator or machine may need more context than a new item from an established dealer. Be ready with:
- current mileage or hours;
- photographs;
- maintenance history;
- inspection report;
- independent valuation if requested;
- proof of seller ownership; and
- details of any existing finance or title check.
The provider may use a value below the advertised price when deciding what it is prepared to finance.
Why bank statements and accounts may be requested
These documents help a provider understand trading activity, existing commitments and whether proposed payments appear affordable. Current management accounts may be useful where filed accounts are old or the business has changed materially.
Do not alter or conceal entries. Explain unusual transactions, seasonal patterns or temporary pressure accurately.
If the business is new
A new business may not have filed accounts. A provider may instead ask for:
- a business plan;
- cash-flow forecast;
- evidence of relevant industry experience;
- contracts, orders or pipeline evidence;
- personal financial information;
- evidence of the deposit; and
- an explanation of how the asset will generate revenue or support delivery.
Forecasts should be realistic and supported where possible. A forecast is not proof that income will occur.
Existing finance
Provide current agreements and monthly commitments, particularly if the new asset replaces an existing one. If an existing agreement needs to be settled, obtain an up-to-date settlement figure rather than estimating it.
If the business wants to use value in an existing asset, the correct route may be asset refinance.
Practical example — purchase of a used excavator
Hypothetical example, not a customer case or indication of approval: A contractor wants to buy a used excavator from a dealer. A useful enquiry pack could include the dealer quotation, machine make and model, serial number, year, hours, photographs, service record, purchase price and VAT, proposed deposit, recent business bank statements, accounts and a note explaining the contracts on which the machine will be used.
The provider may still request an inspection, valuation, further financial evidence or security and may decline the proposal.
What can delay an assessment?
- quotation does not identify the asset;
- seller name or payment details do not match;
- used-asset condition is unclear;
- accounts are out of date and no current information is available;
- existing finance has not been disclosed;
- deposit source cannot be explained;
- identity or ownership information is incomplete; or
- figures differ across the enquiry, statements and accounts without explanation.
Questions to consider before proceeding
- Is the asset essential, and will its useful life exceed the proposed term?
- Can the business afford payments if revenue falls or costs rise?
- What is the total amount payable, not just the monthly payment?
- Who owns the asset during and after the agreement?
- What deposit, fees, security or guarantee applies?
- What happens if the asset fails, is stolen or becomes obsolete?
- What happens if a payment is late or missed?
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Prepare the asset details
Start the enquiry even if one or two details remain uncertain. Clearly mark anything that is estimated or not yet known.
Use the guide to prepare your enquiry
Bring together the documents and questions relevant to the route, then tell NBS Finance what the business needs to fund.