Helping our customers make an Informed Choice
Introduction
We want to help you to find a suitable asset finance product that meets your needs. This Information Sheet explains everything we believe you should consider in order to make an informed choice.The services and facilities discussed today are provided by TrinityCap Financial Solutions.
We are a credit broker and not a lender.
Our role
We offer Hire Purchase and Leasing facilities provided by our extensive panel of funders to give customers a wide choice of financial solutions. We are not linked to any of our lending panel members and a list of our lenders can be provided upon request.
After having discussed your needs and circumstances and explained the key features and benefits, we will provide you with personalised quotes for the product you have chosen. All rates quoted are subject to movements in our funder’s cost of funds to the point of funding and are also subject to credit approval and agreed terms and conditions. The funder has the right to change or decline these quotes on receipt of the full proposal.
We also recognise that it is important for customers to be able to explore alternative sources of credit.
Once a suitable facility has been agreed, we will present the lender’s agreement to you to sign. We will discuss this with you, explain the terms of the agreement to you and give you time to ask any questions.
Do I need asset finance?
The main options for financing newly acquired vehicles and equipment are:
In deciding which option to select, relevant factors may include:
For more help in deciding whether to select asset finance, see the Government’s Business Finance advice https://www.gov.uk/business-finance-explained/overview
What types of asset finance are available?
Most asset finance arrangements involve paying a deposit and then a specific number of payments. The key difference between products is what happens at the end of the agreement and who gets title to the asset.
Hire purchase:
At the end of the agreement there is an option to purchase the asset. If the option is not taken up, the asset needs to be returned to the lender. For assets (other than cars) VAT on the cost of the asset is payable with any deposit you are paying at the beginning of the Agreement. VAT may be deferred for a period of 3 months and if this is of interest, please ask for a quote on this option.
Conditional sale:
At the end of the agreement, you automatically take ownership of the equipment.
Finance lease:
At the end of the agreement, there is no option to purchase the asset. The agreement can usually be extended, you may be offered the option of selling the asset on behalf of the lender, or the asset can be returned to the lender. You do not get title. Leasing is a service which means that VAT is paid on each rental throughout the life of the agreement (and not on the capital cost of the asset at the start of the agreement as with Hire Purchase).
In deciding which option to select, relevant factors may include:
For more details of these factors, see the Government’s Leasing and Asset Finance advice https://www.gov.uk/business-finance-explained/leasing-and-asset-finance
Suitability of asset finance
In certain instances, approval for the funding of business assets might be subject to personal guarantees / indemnities. By giving a personal guarantee and indemnity you might become liable instead of or as well as the customer. TrinityCap Financial Solutions will always promptly advise you if personal guarantees / indemnities are a condition of sanction and we always recommend you seek independent legal advice before entering into a guarantee and indemnity
Our remuneration
We do not directly charge you for helping you arrange your asset finance facility. We are remunerated by way of an introductory commission payment payable by the funder. The nature of this commission payment and the effect on the interest rate you might pay will vary from funder to funder and is dependent upon a number of factors including (but not exclusive to) asset type, product chosen and customer circumstances and credit status.
You are entitled, at any time, to request information regarding any commission payment which we may have received as a result of placing your finance with a funder. This information will be available from your contact at TrinityCap Financial Solutions within 48 hours of your funding being approved and you can request it by emailing or telephoning your contact at TrinityCap Financial Solutions directly.
Treating you fairly
We always aim to treat you fairly. This means that we will always endeavour to:
Privacy policy
We pay a data protection fee to the ICO under the Data Protection Regulations and abide by the requirements of the regulations. Our ICO reference number is ZB913049. We will use the contact information you provide to us to obtain quotations and arrange finance with lenders. Our notice will be provided together with this document and our full privacy policy can be viewed on www.Trinity-Cap.co.uk
Before or after you enter into any agreement with a funder, to help make credit decisions, the funder will make a credit search with a credit reference agency. If you are a company or partnership they will also make enquiries about the principle director(s) or partner(s) with a credit reference agency.
Each funder we use has their own privacy policy that explains how your data will be processed and shared. Full details of the use and disclosure of your information by the funder is contained within the terms and conditions of any agreement which you should read before signing.
You do not have to provide any information against your will, but this may affect your ability to obtain finance.
ComplaintsIf you have a complaint about our service, please contact us directly using any of the following methods
Call Us: 07538 333 482Email us: Nick@Trinity-Cap.co.uk
All complaints received are treated with confidentiality and in accordance with requirements of data protection legislation.
We will acknowledge your complaint and deal with it quickly for you and in line with our Complaints Policy which is available at www.Trinity-Cap.co.uk
You may be entitled to refer a complaint against us to the Financial Ombudsman Service if you are not satisfied with our response. The contact details are as follows:
The Financial Ombudsman Service, Exchange Tower, London E14 9SR Website – http://www.financial-ombudsman.org.uk/E-mail: complaint.info@financial-ombudsman.org.ukTel: 0800 023 4567
TrinityCap Financial Solutions