Eastern Credit review: asset finance from an independent Norfolk lender

Eastern Credit is a long standing independent lender from Norfolk, offering asset finance alongside property backed business lending. It positions itself on speed and flexibility: same day decisions and underwriting that looks at the individual case rather than a rigid scorecard. Eastern Credit is one of the lenders on our panel, and as an independent broker we can compare it with other asset lenders before you decide.

01About Eastern Credit

Eastern Credit Limited was incorporated in 2001 and is registered in Gorleston, Great Yarmouth. It describes itself as an independent Norfolk lender that has specialised in asset and property finance for UK businesses for more than 25 years. Companies House lists its activities as financial leasing and other credit granting.

Being independent and regionally based, Eastern Credit is a very different proposition from a high street bank. Smaller lenders like this can often take a more practical view of a business with a short track record, a dip in profits or an unusual asset, provided the deal makes sense.

Smart Funding Solutions is an independent broker and is not part of Eastern Credit.

02What Eastern Credit funds

Eastern Credit's website lists asset finance and several property backed products. It does not publish loan limits, terms or a full list of eligible assets online, so the amount, the term and whether a particular asset fits are agreed case by case. Business asset finance in general covers wheeled assets such as cars and vans, and equipment such as plant and machinery, so it is worth confirming early that the asset you have in mind is one Eastern Credit will consider.

Its site also lists bridging loans, auction purchase finance, development finance, commercial loans and an alternative overdraft product. We focus on its asset finance here; if you need property backed lending, we can compare those products separately against specialist property lenders.

03Who Eastern Credit suits (and who it may not)

Eastern Credit tends to suit small and medium sized businesses buying vehicles or equipment who value a quick, personal decision. Tradespeople upgrading vans, contractors adding a piece of plant, or a business fitting out new premises are the kind of deals smaller asset lenders commonly see.

Asset finance from a lender like this can also help protect cash. Rather than paying for a £40,000 van conversion or machine outright, a business can spread the cost over the years the asset earns its keep, keeping its bank balance available for wages, stock and the unexpected. That is especially useful in seasonal trades where cash is tight for part of the year.

As a smaller lender, it may be less suitable for very large purchases or very long terms. Businesses wanting the widest choice of leasing structures, such as operating leases or contract hire, will usually find more options with larger asset finance houses.

Its site also lists bridging loans, auction purchase finance, development finance, commercial loans and an alternative overdraft product.

04What Eastern Credit looks at

For asset finance of this size, expect a lender like Eastern Credit to ask for:

• A supplier quote or invoice and details of the vehicle or equipment, including age for used items.
• Recent accounts, or bank statements for newer businesses.
• Details of the directors, partners or owner, with credit searches.
• Information about any existing finance agreements.
• Typically a personal guarantee from directors on limited company deals.

Because Eastern Credit promotes flexible underwriting, a clear explanation of any past credit issues or a recent dip in trading can make a real difference. This is a general guide for asset finance rather than a checklist published by Eastern Credit. If the asset is used, having photos, the serial number and any service history ready can also help a lender decide faster.

05Pros and cons

Pros

• Independent lender with more than 25 years of experience.
• Same day decisions promoted on its website.
• Flexible, case by case underwriting.
• Offers property backed lending as well as asset finance.

Cons

• Smaller lender, so very large deals may need a bigger asset finance house.
• Narrower product range than the large asset finance houses.
• Limited published detail on criteria, so a conversation is usually needed.

06Applying through a broker vs going direct

Smaller independent lenders can be a great fit, but you will not know whether a larger lender would offer a longer term or a better structure unless you compare. We search the asset finance market, prepare your case once and approach the lenders whose appetite matches your asset. For vehicles specifically, we compare van finance and wider business vehicle finance from several lenders.

It is free to enquire; any broker fee is disclosed separately before you proceed. You can use Instant Quotes to compare lenders in minutes.

07Alternatives to Eastern Credit

• Davenham Asset Finance: an independent lender that is stronger on refinancing plant and machinery you already own.
• Cambridge & Counties Bank: a specialist bank worth comparing for larger deals.
• County Finance Group: another independent lender that funds equipment and vehicles and considers imperfect credit.