Kingsley Asset Finance review: equipment, refinance and practice loans

Kingsley Asset Finance is a privately owned, independent finance company in Chorley, Lancashire, that funds business equipment, refinances existing assets and provides unsecured loans to professional practices. It has been lending for over 30 years and is known for making its own credit decisions quickly. Smart Funding Solutions is an independent broker, so we can put Kingsley alongside other asset finance and practice lenders to find the best fit for you.

01About Kingsley Asset Finance

Kingsley says it was established in 1995 and remains independent and privately owned. Because decisions are made in house, it says it can make commercial decisions quickly and release funds promptly. It also says it considers proposals on their individual merit, including assets or sectors that mainstream banks may turn down.

It lends to corporate businesses, SMEs and professional practices across the UK, with advances from £10,000 to £500,000.

Kingsley Asset Finance is one of the lenders on our panel. Smart Funding Solutions is an independent broker and is not part of Kingsley Asset Finance.

02What Kingsley Asset Finance funds

Kingsley funds both hard assets, such as trucks, plant and machinery, and soft assets. Its asset refinance option can raise working capital against equipment, whether it is owned outright or still subject to finance. Its practice loans have historically been used for tax and PAYE bills, acquisitions and practice refurbishments.

Choosing between hire purchase and a finance lease is worth a moment's thought. With hire purchase you own the asset at the end and can usually claim capital allowances, while a lease keeps ownership with the funder and can make budgeting simpler. Your accountant can advise which suits your tax position, and Kingsley offers both.

03Who Kingsley Asset Finance suits (and who it may not)

Kingsley lists a broad set of sectors it works with, including:

• haulage and transport, including bus and coach operators
• construction, printing and manufacturing
• farming, where agricultural equipment finance is often needed
• professional practices such as vets, dentists, accountants, solicitors, surveyors and medical practices

It suits owner managed businesses that value a direct, personal relationship with a lender that will look at their story, not just a score. It is less likely to suit very large deals above its £500,000 ceiling, businesses after general unsecured loans outside the professions, or anyone wanting very long repayment terms.

Choosing between hire purchase and a finance lease is worth a moment's thought.

04What Kingsley Asset Finance looks at

For asset finance and refinance, lenders like Kingsley typically look at:

• the asset: its type, age, condition, value and whether it is easy to resell
• a supplier invoice for new purchases, or details of existing finance for a refinance
• filed accounts and recent business bank statements
• the trading record and experience of the owners
• credit history of the business and directors

For professional practice loans, expect the focus to be on practice income, partner or director profiles and existing commitments. Personal guarantees are commonly requested on this type of lending. Our guide to documents needed for a business loan covers what to have ready. Having a clear explanation of what the funding is for, and how it will pay for itself, makes any proposal stronger.

05Pros and cons of Kingsley Asset Finance

Pros

• Independent lender making its own decisions, often quickly
• Considers cases on individual merit, including sectors banks may avoid
• Covers purchase, refinance and professional practice loans
• Long track record of over 30 years

Cons

• Maximum advance of £500,000 limits larger deals
• Unsecured lending is focused on professional practices
• Smaller lender, so fewer product types than a bank group
• Personal guarantees are commonly part of the package

06Applying through a broker vs going direct

Independent lenders like Kingsley often work closely with brokers. A broker can tell you quickly whether your asset, sector and deal size fit, and whether another lender would give a better structure, such as a longer term or a different balance between deposit and monthly payments.

We search the market across our panel of 300+ lenders and compare asset finance and practice loan options in one go. You provide the details once and we present your case to the lenders most likely to say yes. It is free to enquire; any broker fee is disclosed separately before you proceed. Try our instant quotes tool to get started, or visit Kingsley Asset Finance's website.

07Alternatives to Kingsley Asset Finance

• Kingsway Finance: another long established independent funder, strong on soft assets and professional loans.
• Investec: often better for larger asset finance deals.
• Haydock Finance: an independent asset finance lender worth comparing on used equipment and smaller businesses.