An HGV, trailer and light commercial vehicle UK manufacturer has launched its own asset finance brokerage, after receiving Financial Conduct Authority approval.
UK manufacturer Cartwright said in a statement that its brokerage was in response to continued demand for finance from its customers and relied on a panel of funders to finance the leads.
Cartwright Finance brokers finance across its assets, including warehouse racking system projects, forklift trucks, used and new tractor units, industrial floor cleaning equipment, software licenses, handheld proof of delivery devices and light commercial vehicles.
Cartwright Finance managing director John Egerton said: “Unlike many other manufacturers we are not locked into any particular bank or finance house on an exclusive basis. We have strong and established relationships with our funding panel who we work closely with, so we can match any requirement, whether a customer is looking to own or lease the asset through a hire purchase or lease facility.
“We are also able to raise working capital for our clients by structuring a refinance facility for assets that the client owns. This method of finance can be more cost-effective and less onerous than a business loan or overdraft,” said Egerton.
Cartwright Finance has its own in-house lease documentation, allowing it extend the lease formally or informally, to replace the trailer or upgrade to an alternative specification.
“Our objective is to establish Cartwright Finance as our customers preferred business partner for asset finance for all Cartwright core products and other essential business assets,” said Egerton
The business said to date over the last 12 months Cartwright Finance has arranged finance facilities for approximately £19m of capital value.