IT Finance FAQs
We have put together a small selection of questions that we have been asked by our customers. If you have a query that is not included, please click here to email it to us.

What exactly is rental, in relation to IT finance?
Rental is an agreement to make payments for a specific amount of time for the right to use the equipment/solution owned by the leasing company. Essentially it's a long-term rental agreement and, accordingly, there is no interest rate attached to it. It is a legally binding agreement between the leasing company and the hirer, providing use without ownership.

How long can the rental term be?
From 12 months to 5 years.

Who rents IT solutions?
Professional bodies, 85% of Times FTSE 100 Companies and local authorities.

Can I claim any tax allowances?
As a 'lessee', you should be able to offset your rentals against taxable profits, normally over the same period as your agreed depreciation policy. If in doubt, consult your auditors.

Can I claim the VAT charged on the rentals?
Providing you are registered for VAT, you can normally claim the VAT payable on the rentals.

Do I have to be a limited company to qualify for rental?
No. We can arrange finance for sole traders, public limited companies, partnerships, trusts, non-profit organisations and charities.

How long do I need to have been trading?
Usually, a minimum of two years in business. However, if your transaction is below £10,000, or you have an exceptionally strong financial statement, exceptions can be made. Each individual agreement is judged on the quality of the information provided, and we are here to advise and help you in this respect.

How long does the approval process take?
Rental agreements can typically be approved in less than 48 hours. Documents are sent by special delivery or e-mailed to you after we approve your application. We then place an order for the solution with your chosen solutions provider. The solution is delivered at a time agreed between you and your solutions provider.

What is the monthly rate?
Rates are determined based on credit history, investment cost, and term structure. For an immediate quote, please complete the GET A QUOTE form or call us on 01256 480 500.

How much of an initial investment is required?
Usually, between one and six monthly payments are required upon signing our agreement, although we are able to be respond to the specific needs of our customers, once they have prequalified.

Can I rent software and services?
Yes, we can provide 100% finance for the whole solution, including software and services such as training, installation, extended warranties and support packages. These can all be included as part of the rental.

What kinds of equipment/ solution can be rented?
Virtually any type of telecommunications and computer equipment/solution can be rented.

Does the equipment have to be new?
We can finance equipment/software/services that are up to 6 months old.

What is the minimum equipment/solution value that can be rented?
The minimum is £1,000.

What about adding software/equipment at a later date?
Simple add-on programs are available throughout the term of the rental, and our unique product, Rental Exchangeå allows you to plan for this from the start, accruing cash sums for ongoing investment for the same monthly payment.

Does all of the IT solution have to come from the same solutions provider?
No, the solution may comprise equipment, products and services from a number of different solutions providers. We can finance the whole solution.

How should I make my repayments?
The most convenient way to make your monthly repayments is via direct debit or standing order - it's simple, cheap and now the most common way of making regular payments.

When is the date of my first repayment?
This will be confirmed when you receive your second copy of the agreement which should arrive within a few days of inception.

Can you change my payment date?
It is possible for your payment date to be changed to a more suitable date, but your request does need to be confirmed to us in writing. Dates can only be changed after your first payment has been made.

Can I confirm my method of payment?
The method of payment should be confirmed before you sign your contract. However, if you are still unsure, you should check if you have signed a direct debit mandate with your agreement.

What happens if I am unable to make payments?
If you are having problems making payments, please contact us right away. The sooner you let us know, the more likely we will be able to help you.

What happens at the end of the agreement?
At the end of the agreement you have a choice: You may take title from CCL for a nominal figure

Or

You can continue to rent the equipment/solution for a further period, paying a nominal annual rental.

Or

You can return the equipment/solution to us.

When the equipment/solutions/are sold at the end of the rental, can I introduce my own buyer?
In most cases we prefer you to introduce a buyer, and if a deal is acceptable to both parties, we will raise a sales invoice accordingly.

If I need copies of the documentation, for example for tax purposes, can these be obtained?
Yes, we are happy to provide copy documentation for you, there will be an administration charge of £50 + vat. Please contact our customer services department.

Can I settle my agreement at any time?
Settling your agreement with us is very simple. Just call our customer services department, quoting your agreement number, and one of our advisors will provide you with an early settlement figure.

Can I transfer the agreement to someone else?
There are tight controls on transfers of agreement so please contact us first to discuss.

What happens if someone is injured by the equipment/solution?
You must have comprehensive insurance to cover use of the equipment/solution and injury or damage to third parties. This is fully detailed on your rental contract.

What happens if I want to keep the equipment/solution at a new location?
You will need our permission before relocating the equipment/solution. Also, you cannot part with possession of the equipment/solution unless this was agreed at the time the agreement was made.

Who is responsible for servicing and repair?
Unless you have servicing and maintenance built into your agreement, you are responsible for maintaining the equipment/solution and keeping it in good condition. If you fit any replacement or additional parts to the equipment/solution, they become our property.

What if the equipment/solution is lost, stolen, damaged or destroyed, or becomes subject to a total loss claim during the period of the rental?
You are responsible for the equipment/solution and for any outstanding balance on the agreement. Comprehensive insurance, covering at least the full replacement cost of the equipment/solution is therefore vital.

Is the rental transferrable?
Yes, as long as the new lessee's credit qualifies.