Renaissance Asset Finance (RAF), the asset finance subsidiary of Arbuthnot Latham, recently supported a family-run specialist haulage hire, repair, and maintenance business with a £546,100 hire purchase agreement.

Located in North East Lincolnshire, the family-run business has been operating since the 1990s, and its location is ideally suited for all the local and national hauliers that require services on both trailers and trucks.

The deal, brokered by Victor Finance, was to finance the purchase of 20 trailers on a hire purchase agreement over 84 months. The client business intends to hire out the 20 trailers to one of their customers.

Hire purchase is a straightforward method of financing the purchase of an asset without the need for a large capital outlay. RAF’s support allowed the client's business to spread the cost over the agreed term, paid for through fixed monthly instalments that will not increase, even if bank interest rates change, enabling the client's business to budget with certainty.

Jamie Chaplin (pictured), Sales Director at Renaissance Asset Finance, said: “We were delighted to work alongside Victor Finance in supporting the client. We provide finance solutions for a wide range of assets. However, our speciality is providing vehicle finance where we can offer competitive terms that support the client’s objectives."