We are an introducer — not a lender or financial adviser. Submitting an enquiry is free and will not affect your credit score.

What happens after I submit an asset finance enquiry? (Asset finance enquiry UK — timeframes & next steps)

Short answer: After you submit an asset finance enquiry to UK Business Loans we quickly review and match your details to appropriate lenders and brokers. A matched lender or broker will usually contact you within hours to 48 hours, provide indicative offers within a few days, and — if you choose to proceed — move to formal application, credit checks and documentation before funding or delivery (typically from 1 week to several weeks depending on the asset). Submit a quick enquiry to start a free eligibility check: Get Quote Now — Free Eligibility Check.

Quick timeline: what happens and how long it takes

• 0–4 hours: Enquiry received, automated matching and a quick quality check by our team.
• 4–48 hours: Matched lenders/brokers contact you to clarify details and request any basic documents.
• 1–7 days: Indicative offers / indicative terms (rates, deposit, term) are supplied for comparison.
• 3–21 days: Formal application, documentation checks and any credit searches (timing varies by provider).
• 1–6+ weeks: Contract signing, deposit payment, settlement and asset delivery or finance drawdown.

Times are ranges — deals with straightforward credit profiles and new assets are usually fastest. Complex cases (large sums, specialist machinery, imperfect credit or bespoke valuations) take longer.

Step-by-step: what to expect after you submit an asset finance enquiry

Step 1 — We receive and review your enquiry (within minutes)

When you click “Get Quote Now — Free Eligibility Check” and complete the quick enquiry we immediately receive your details. Our system performs an automated review to check the asset type, requested amount and basic eligibility markers. A member of our team may perform a short manual check to correct or enrich your submission.

Important: submitting an enquiry is not a formal loan application and does not affect your credit score.

Step 2 — Matching you to the right lenders and brokers (hours)

We match your business requirements to lenders and brokers in our panel based on the asset (vehicles, plant, machinery, specialist equipment), sector, size of finance (our partners typically arrange deals from £10,000 upwards), desired term, deposit level and the business profile. The aim is to identify partners most likely to provide a competitive and relevant response.

Step 3 — A lender or broker will contact you (usually within hours–48 hours)

One or more lenders/brokers that we’ve matched you with will contact the person named on the enquiry. Contact is normally by phone or email during working hours. Expect them to:

• Confirm the finance purpose and the asset details (make, model, age, supplier).
• Ask about the company (turnover band, time trading, VAT status) and affordability.
• Explain indicative rates, expected deposit, maintenance or balloon/residual options.

Pro tip: answer the initial contact promptly to speed up the process and get indicative quotes sooner.

Step 4 — Indicative offers and comparisons (1–7 days)

After a short fact-find your matched partners typically provide indicative offers. These are non-binding summaries showing likely APRs, repayments, deposit and any special terms. The difference between an indicative and a formal quote is that the former is based on the details provided; the formal quote follows a full application and documentary checks.

UK Business Loans’ role is to connect you with providers — we don’t provide financial advice. You’ll be able to compare different structures (hire purchase, finance lease, operating lease) and choose whether to progress any of them.

Step 5 — Formal application, checks and documentation (3–21 days)

If you accept an indicative offer you’ll be asked to submit documents for a formal application. Typical documentation requests include:

• Company registration number and recent accounts (last 1–3 years) or management accounts
• Business bank statements (usually 3–6 months)
• Proof of ID and address for directors (if required)
• Supplier invoice or quote for the asset and details of any deposit
• VAT registration and confirmation whether the business is VAT registered

Once submitted, the lender may run credit and affordability checks. Some checks are soft (no credit footprint) while formal applications can trigger hard searches — your broker or lender will advise when a hard search is needed.

Step 6 — Approval, contract signing and funding/delivery (1–6+ weeks)

On approval you’ll receive contract paperwork from the lender or broker. Signing and returning contracts and arranging any deposit draws the deal to completion. Funding or settlement depends on the asset type — e.g., vehicle dealers often wait for settlement to release a van, specialist machinery may require supplier inspections and longer lead times.

Remember: timing may be influenced by supplier delivery, asset preparation, and whether the asset requires valuation or installation.

What can slow things down?

• Incomplete or missing company documents
• Complex credit histories or disputed credit items
• Bespoke or specialist assets that require further inspection or valuation
• Lender backlog during busy periods

What information you should have ready

Having these ready when you submit or immediately after speeds up responses:

• Company name, registration number and correspondence address
• Approximate annual turnover and time trading
• Asset details (type, new/used, make, model, cost and supplier)
• Expected deposit and desired term
• Contact details for the director or authorised signer
• Recent bank statements and management accounts (if available)

You can upload documents when requested by the matched lender or broker to avoid delays.

Typical timelines by asset type (guidance)

• New vehicles (cars/vans): 3–10 business days
• Small equipment / standard machinery: 1–3 weeks
• Fleet finance: 1–4 weeks (depending on fleet size)
• Construction plant / specialist machinery: 2–6 weeks (may need surveys)
• Specialist medical or catering equipment: 2–5 weeks

Simple deals with a clear business and clean documentation move fastest.

What lenders will check and what you can expect

Lenders and brokers typically perform the following checks:

• Identity and ownership checks for company officers.
• Credit checks: soft searches during initial discussions; hard searches when you submit a formal application (we’ll make this clear).
• Affordability and turnover verification: to ensure repayments are sustainable.
• Asset checks: invoice, condition (for used items), and in some cases valuations.

Possible outcomes: approve, approve subject to conditions, decline or refer to a specialist lender. If your credit history is imperfect, brokers on our panel often know which specialist lenders are more likely to help.

How UK Business Loans protects your information

By submitting a form you consent for us to share your details with selected lenders and brokers who may contact you about suitable finance options. We only share the information needed to secure a quick, relevant response. See our Privacy Policy for full details. Submitting an enquiry is free and will not affect your credit score.

Common scenarios & FAQs

How quickly will a lender contact me?

Usually within a few hours during business hours, and almost always within 48 hours. Busy periods or complex enquiries take longer.

Will submitting an enquiry affect my credit score?

No. Submitting an enquiry to UK Business Loans does not affect your credit score. Lenders may perform credit checks only when you progress to a formal application.

Is there a cost to use UK Business Loans?

No. Our introducer service is free for businesses. We earn a fee from lenders/brokers only if you proceed and complete a finance agreement with them.

Do I have to accept any offer?

No. You are free to compare offers and decline them. Submitting an enquiry does not commit you to any agreement.

Can I get finance for used equipment?

Yes. Many lenders offer finance for used assets; terms depend on asset age, condition and type.

What if I have imperfect credit?

We work with a wide panel of providers and brokers. If one lender declines, other specialist lenders or broker solutions may still be available.

What is the minimum loan size?

Our partners typically arrange asset finance starting from around £10,000 and upwards.

Is an enquiry the same as an application?

No — an enquiry is a short information submission that helps us match you to suitable providers. Formal applications only happen if you choose to proceed with an offer.

Ready to get started?

If you’re ready to compare asset finance options and receive a free eligibility check, complete our short enquiry form — it takes a couple of minutes and won’t affect your credit score: Get Quote Now — Free Eligibility Check. We’ll match you with lenders/brokers who can provide relevant quotes and next steps.

Related resources & links

• Home
• How UK Business Loans works
• FAQs
• Privacy Policy
• Terms & Conditions
• vehicle finance options
• equipment finance
• Learn more about our specific products: asset finance

About UK Business Loans

UK Business Loans connects UK companies with lenders and brokers to help secure asset finance, equipment and vehicle funding. We’re an introducer — not a lender or financial adviser — and our service is free to use. Our experienced team helps match your business to the right providers so you can get a quick quote and move forward with confidence. For more detail see How UK Business Loans works.

1. Does submitting an asset finance enquiry affect my credit score?
No — submitting an enquiry to UK Business Loans is not a formal application and won’t affect your credit score; lenders only run credit checks if you progress to a formal application.

2. How long after I submit an asset finance enquiry will a lender contact me?
Matched lenders or brokers usually contact you within a few hours and almost always within 48 hours during business hours.

3. What happens after I submit an asset finance enquiry to UK Business Loans?
We review and match your details to suitable lenders and brokers who will contact you with a fact‑find and indicative offers, and if you choose to proceed you move to formal application, documentation and credit checks.

4. Is UK Business Loans a lender or financial adviser?
No — UK Business Loans is an introducer that connects you with FCA‑regulated lenders and brokers and does not lend money or provide financial advice.

5. Is using UK Business Loans free and who pays any fees?
The service is free for businesses — UK Business Loans receives a referral fee from lenders or brokers only if you proceed and complete a finance agreement.

6. What documents should I have ready for an asset finance application in the UK?
Typical documents include company registration details, recent accounts or management accounts, 3–6 months business bank statements, director ID/address, and the supplier invoice or quote for the asset.

7. Can I get finance for used equipment or vehicles through UK Business Loans?
Yes — many lenders on our panel will finance used assets, though terms depend on the asset’s age, condition and type.

8. What is the minimum loan size for asset finance arranged via UK Business Loans?
Our partner lenders typically arrange asset finance starting from around £10,000, with larger and specialist facilities available above that level.

9. Will lenders perform credit checks and what’s the difference between soft and hard searches?
Lenders often run soft searches during initial discussions that don’t affect your file, and hard searches when you submit a formal application which may be visible to other lenders.

10. How long does asset finance typically take from enquiry to funding or delivery?
Timing varies by asset and complexity, with indicative offers usually in 1–7 days and final funding or delivery commonly within 1–6+ weeks depending on the asset and documentation speed.