PTSB Asset Finance is available to businesses, as well as individuals looking to purchase vehicles through motor dealerships. Sole Traders can also purchase vehicles through motor dealerships via Business Hire Purchase financing.
Some common assets which can be financed by businesses include vehicles, machinery, plant, fit outs, medical equipment, production equipment and more. Individuals and sole traders can finance cars through a motor dealership.
With a hire purchase agreement, you will eventually own the asset after repaying all instalments including the applicable fees. Leasing allows you to use the asset for a fixed term without owning it, with the option to return or buy the asset at the end. There are also differences regarding the payment of VAT and how VAT can be reclaimed.
For personal customers there are no limits placed on the use of the vehicle. For business customers, there are no milage limits on PTSB Asset Finance Business Hire Purchase agreements or Business finance leases. Some asset finance Contract Hire agreements may have limits on the use of the equipment, for example annual mileage allowance.
Yes, asset finance can be used to purchase both new and used assets, subject to lending criteria.
Asset Finance gives customers access to modern, reliable and quality vehicles and assets. Some older assets may not qualify for asset finance, however you can contact one of our experienced Relationship Managers to discuss all available options.
The length of the agreement can vary depending on the asset, terms of agreement and personal or business requirements. Typically, asset finance agreements range from 1 to 5 years.
We understand the importance of fast lending decisions and at PTSB we strive to have made a decision within 24 hours however in some cases, it may take longer to provide a decision to you. We will keep you updated throughout the process.
PTSB Asset Finance maintains ownership of the vehicle/asset during the contract agreement duration, reducing risk of issues with the asset for the borrower, adding an extra layer of protection for both our business and personal customers.
Yes, both business and consumer borrowers can pay their asset finance agreement off early, by contacting us and we will provide a settlement figure.
A sale and leaseback agreement allows a business customer to borrow against an asset they already own. The process involves the customer providing an invoice for the asset, effectively transferring ownership to PTSB, and then we pay them for the asset. This helps free up cash for the customer while they continue to use the asset through a lease agreement. Lending criteria and terms apply, such as the asset requiring a valuation and needing to be in good condition. If this is something you are considering talk to us and we can discuss the process and options with you.
Yes, credit lines may be available (subject to credit assessment) and are typically used by larger businesses with a specific known future capex requirement.
Yes, typically a deposit is required for business and consumer car asset finance agreements. The amount required varies depending on the asset.
If the finance is arranged via a Motor Dealer, PTSB Asset Finance will pay commission to that Motor Dealer (acting as a Crediit Intermediary) for new business finance originated through them. The commission paid is determined by PTSB and is calculated as a percentage ofthe amount borrowed. The amount of commission will be disclosed as
part of the documentation provided to you. Please note, should the finance amount change, the commission amount will also change. The exact commission amount to be paid will be included in your approval pack and finance agreement.
For business asset finance agreements PTSB Asset Finance will appoint some suppliers as introducers of new business and will pay these Suppliers a commission fee for introducing the new business.
For business customers it may be possible to finance assets from other jurisdictions, talk to us to find out more and we can discuss the process with you. This is not available to personal customers. The use and ownership of the asset must also be within the Republic of Ireland.
