Quick summary — what this page covers

This page explains the documents lenders and brokers typically require to run an asset finance eligibility check (for purchases and refinancing of plant, machinery, vehicles and specialist equipment). It covers who needs what, a detailed checklist of core documentation, product-specific requirements (HP, lease, refinance, sale & leaseback), common pitfalls and how to submit files safely to get the fastest response.

What is an asset finance eligibility check?

An eligibility check is an initial review carried out by lenders or brokers to confirm whether they are likely to fund your asset purchase and at what indicative price. It is not a full application and normally does not involve a hard credit search. Lenders use the documents you provide to assess commercial viability, cashflow impact and the asset’s value. A complete eligibility check produces indicative rates, likely loan term, estimated monthly payments and any additional information lenders will require to progress to a formal application.

Submitting documents to run an eligibility check via UK Business Loans will not, in itself, affect your credit score. If you proceed to a full application, some lenders may perform a credit check then.

Why accurate documents speed up your eligibility check

Well-prepared documentation helps lenders and brokers make quicker, better-informed decisions. When you supply clean, consistent records you reduce follow-up questions and help brokers match you with the lenders who specialise in your asset type and sector.

• Faster responses — lenders can give indicative quotes within hours when paperwork is complete.
• Better pricing — clear accounts and forecasts can produce more competitive offers.
• Fewer surprises — full documentation reduces the risk of last-minute conditions or declines.

Who needs which documents? Quick guide by business type

Different business circumstances affect what lenders ask for. Below are common scenarios (UK Business Loans typically arranges asset finance for limited companies, growth businesses and SMEs for deals from £10,000 upwards).

• Established limited companies — last 2 years’ statutory accounts, latest management accounts, director ID, recent business bank statements.
• Established SMEs with seasonal cashflow — management accounts covering seasonal peaks/dips, 6 months of bank statements, VAT returns.
• Start-ups / early-stage companies — business plan, 12–36 month cashflow forecast, supplier quotes, director personal finances where relevant.
• Transport, agriculture, fleet users — vehicle history, mileage/hours, operator licence details and contracts of use.

Core documents lenders commonly require for an asset finance eligibility check

1. Basic business & contact details (must-have)

Company name, company registration number, trading address, SIC / description of business activity, contact name, email and telephone. Lenders use this to verify identity and sector fit.

2. Proof of identity and address for directors / owners

Certified/clear scans of passport or UK driving licence, and a recent utility bill or council tax statement (usually within 3 months). These meet KYC and anti‑money‑laundering checks and speed onboarding.

3. Company accounts and management accounts

Last 2 years of statutory accounts for established businesses; latest management accounts (monthly or quarterly) and an up‑to‑date P&L and balance sheet. Lenders check profitability, trading trends and ability to service repayments.

4. Business bank statements

Usually 3–6 months of business bank statements. Lenders review cashflow, unusual deposits/withdrawals, overdrafts and how the business manages working capital. For director‑led security lenders may request personal statements too.

5. VAT returns and HMRC details

Recent VAT returns if VAT-registered, and company UTR where required. Some asset finance providers lend against VAT-inclusive values; VAT status matters for taxation and finance structuring.

6. Asset quotations and supplier invoices

Two supplier quotes where possible or a pro‑forma invoice showing asset description, model/serial numbers, price, delivery lead time and supplier contact details. A formal invoice or purchase order will be required before drawdown.

7. Asset details: specs, age, mileage, photos, serial numbers

For used vehicles/machinery provide make, model, year, hours or mileage, photographs, service/maintenance history and serial numbers. Condition and age directly influence loan‑to‑value (LTV) and residual expectations.

8. Purchase agreement / purchase order (if in place)

Any signed contracts, order confirmations, deposit receipts or purchase agreements confirming the transaction helps secure a conditional offer.

9. Insurance and maintenance arrangements

Evidence of existing insurance cover or a statement of intent to insure. For specialist equipment, provide maintenance/service contracts — lenders often require insurance and maintenance as conditions of funding.

10. Existing finance schedule and creditor details

Outstanding lease/hire purchase schedules, loan agreements and a summary of creditor balances. Lenders assess total debt exposure when determining affordability and security requirements.

11. Business plan and cashflow forecast (for early-stage or growth asset purchases)

12–36 month cashflow forecast showing how the asset will generate revenue or cost savings. For growth-driven purchases this is crucial to obtain competitive terms.

12. Director/shareholder personal financial information (when required)

Recent payslips, personal bank statements, or details related to any proposed personal guarantees. Lenders commonly request this for smaller businesses or where personal security is part of the deal.

13. Vehicle-specific documents (if applicable)

V5 logbook (where applicable), MOT certificates, service history, O‑licence or operator licence details for commercial vehicles, and any PSV/PCO documentation where relevant.

14. Equipment-specific documents (if applicable)

Installation contracts, commissioning certificates, calibration certificates or warranty details for specialist machinery or medical/IT equipment.

15. Proof of deposit or trade-in valuation

Evidence of deposit funds or independent valuations for trade‑ins to define LTV and required finance amount.

16. Other supporting documents

Supply chain contracts, client contracts that will use the asset, broker introductions, or letters of intent. Anything demonstrating the asset’s role in revenue generation helps underwriters assess risk.

Tip: Save each document as a clearly named PDF or JPEG (e.g., “Accounts_2023.pdf”, “SupplierQuote_Excavator.pdf”) — it speeds processing and avoids confusion.

Get a Free Eligibility Check — attach any of the documents above to speed up lender quotes.

Documents required by asset finance product (HP, lease, refinance, sale & leaseback)

Hire Purchase (HP)

Purchase invoice, proof of deposit, last 2 years’ accounts or latest management accounts, director ID and business bank statements. HP leads to ownership at the end of the term so lenders verify the borrower’s repayment capacity and the asset’s end‑use.

Finance Lease / Operating Lease

Supplier pro‑forma, maintenance and insurance arrangements, detailed usage expectations and anticipated residual value. Lenders focus on return condition and residuals for leased assets.

Refinance

Existing finance agreements, up‑to‑date settlement figures from the current funder, recent valuation and recent service/maintenance records. Lenders will compare the current rate and term to the proposed structure.

Sale & Leaseback

Evidence of ownership, independent valuation, recent statutory accounts and contracts showing the asset’s importance to business operations. Lenders evaluate liquidity benefit vs ongoing lease cost.

Get Quote Now — tell us which product you’re considering and upload any available paperwork.

Documents that cause delays or rejections — common pitfalls & how to avoid them

• Missing or outdated director ID or mismatched names/addresses — ensure names match Companies House and bank accounts.
• Incomplete or unsigned supplier quotes — ask for pro‑forma invoices with supplier contact details.
• Unreadable or cropped bank statements — send full, legible PDF statements.
• No proof of deposit or trade‑in valuation — provide bank confirmation or formal valuations.
• Poor quality photos or missing serial numbers for used assets — include multiple clear images and service logs.

How to avoid delays: collate documents in advance, label files clearly, and submit everything in a single upload when possible.

How UK Business Loans uses your documents (privacy & process)

When you submit documents with your enquiry they are used only to assess eligibility and to match your request with suitable lenders and brokers. We share files securely with a small number of selected partners who have a legitimate need to review them. UK Business Loans acts as an introducer — we do not lend or provide regulated financial advice. Your personal data is processed in accordance with our Privacy Policy and GDPR; we minimise data sharing and only provide material necessary to obtain quotes.

Your initial eligibility check will not affect your credit file. If you choose to proceed, a lender or broker may perform credit and identity checks as part of a full application.

How to get a free eligibility check from UK Business Loans (step-by-step)

1. Click Get a Free Eligibility Check and complete the short enquiry form (takes about 2 minutes).
2. Upload any documents you have (quotes, accounts, bank statements). Upload isn’t mandatory but it speeds responses.
3. We match your enquiry to specialist lenders and brokers and you’ll receive a call or email — often within hours and typically within 24–48 hours when documents are complete.

Our service is free and there’s no obligation to proceed. We commonly arrange asset finance and equipment funding for deals from around £10,000 and upwards.

FAQ — quick answers (structured for featured snippets)

Will submitting documents here affect my credit score?

No. An initial eligibility check via UK Business Loans does not affect your credit file. Lenders may run credit checks only when you progress to a full application.

What if I only have a supplier quote and not an invoice?

A supplier pro‑forma quote is usually sufficient for an eligibility check. A formal invoice or purchase order is normally required only before drawdown.

How long does an eligibility check take?

Often you’ll receive indicative feedback within hours; typically within 24–48 hours depending on lender workload and how complete your documents are.

Can I apply with less-than-perfect credit?

Yes. Some lenders specialise in imperfect credit profiles. Submitting thorough documentation improves the quality of matches and increases the chance of a positive outcome.

Do you charge for this service?

No — UK Business Loans’ service is free for UK businesses to use. Any fees charged by lenders or brokers will be communicated directly by them.

Where can I find more guidance on asset finance?

For product-specific guidance and to compare options, see our dedicated asset finance information and speak to our network via a quick enquiry. For examples of asset funding options check an asset finance overview like this asset finance page: asset finance.

Ready to get a fast, no‑obligation eligibility check?

Upload what you have now and we’ll match your business with the lenders or brokers most likely to help. The more complete your documents, the faster and more accurate the quotes you’ll receive.

Get a Free Eligibility Check — takes 2 minutes. No obligation. Free.

UK Business Loans is an introducer. We do not lend or give regulated financial advice. We connect businesses with lenders and brokers who will provide offers and terms; any offer of finance will be provided by the lender or broker directly. Read our Terms & Privacy before submitting personal data.