Being able to offer finance (third party)

[dmcniven]

Afternoon - I am hoping someone could maybe help with this.

We are a plumbing & heating company. We have been running as a limited company since 2011. We are wondering how we would, if possible, be able to go about offering finance options to customers to pay for expensive heating systems?

Obv through a thirs party!

Thanks
For all input

 

[Ian J]

It's called vendor finance and quite a few finance companies offer this type of finance.

A Google search will bring up any number of companies specialising in this type of finance

 

[dmcniven]

Many thanks for your help!

 

[Moneyman]

its called retail or vendor finance and is relatively easy to get sorted provided you have the right sort of product.

 

[businessfunding]

I'm assuming you are selling to Jo Public, nort specifically to business?

If so your primary product would be personal loans or potentially secured loans - so you need to look for a broker or provider who specialises in these areas.

You will be on the edge of the Consumer Credit Act, so might need to be licenced.

It isn't my area at all, but past experience suggests that you might be better - depending on values - to get set up with merchant facilities & encourage them to pay by card rather than involving yourself in the loan process.

 

[Swisaw]

Why don't you, yourself, provide this financial service to your customers. You can get wholesale finance for yourself and pass it to your customers on retail basis.

 

[PaulThompson]

You will need to be licensed to do this, at the moment it's run by the OFT but will transfer to the FCA in April 2014.
You'd need to register with the OFT and once they have your application I think you can start selling the finance.
Hope this helps.