Frequently asked questions  

Deciding the right path for your business and its financial requirements can be daunting. 
We have constructed this dedicated support page which covers some of the most common questions clients ask when considering a new finance product 

What is a personal guarantee? 

This is a commitment from you personally to make up any payments your business is unable make. 

Are personal guarantees taken? 

If personal guarantees are required then you will be informed at the time of credit approval. 

What happens at the end of the term, do I own the goods? 

Hire Purchase – you will pay an option to purchase fee to own the asset/s. The option to purchase fee will be illustrated on your Indication of Costs and on the finance agreement you sign. 
 
Lease –  
1. Where funds have been provided by Performance Finance directly: 
At the end of the term, we abandon title of the asset/s for a single fee. On receipt of this fee, we take no further financial interest in the asset/s.  
This fee will be illustrated on your Indication of Costs and on the finance agreement you sign. 
 
2.Where funds have been provided by other lenders: 
Following the final payment of the agreement, 
Performance Finance will raise an invoice to you for a title transfer fee. In order for the title of the asset/s to be passed to you, a payment will be required.  
The title transfer fee will be illustrated on your Indication of Costs.  

What happens if I sell my practice? 

You have a couple of options here: 
 
1. The owners apply through ourselves to have the agreement transferred to them. 
 
2. You sell the equipment as part of the sale and settle the finance agreement in full.  
You keep anything left over from the sale. 

Can I settle early? 

Yes, you can settle any time. 

What is the cost of settlement? 

Funders do not charge a fee for early redemption. 
All lenders will provide a small discount for settling early however please note interest is not apportioned pro-rata. 
 
1. Where funds have been provided by Performance Finance directly: 
A 25% discount on the outstanding interest owed will be applied to the settlement amount. 
 
2.Where funds have been provided by other lenders: 
Individual lender rules apply, we can obtain a settlement quotation on your behalf for consideration. 

Does the interest rate change? 

Once you have signed your finance documents the rate is fixed and repayments will not change. 
If rates increase between credit approval and signing our finance documents, then it’s likely your rate will increase also. 
PLEASE NOTE: The processes for all parts of the finance journey can vary subject to whether an  
agreement is with Performance Finance directly or an external lender. 
Require assistance?  
Speak to one of our expert advisors on: 01536 52 96 96 or contact info@performancefinance.co.uk