FAQs

A finance broker has access to a broad network of lenders, including specialist lenders that provide finance only via the broker network. This means you are more likely to find a finance solution that meets your individual preferences.

At Lumos Business Finance, we pride ourselves on offering not just financial solutions but also a five-star customer experience. With over seventeen years’ experience of working in the finance broker industry we are committed to providing a professional service with a personal approach, for all our clients.

We do not charge you a fee for the services provided. We receive a commission from the lender for arranging the funding.

There are a number of benefits for asset finance compared to buying outright. Financing assists with cashflow and provides enhanced access to the newest vehicle and up-to-date equipment. You may be able to claim tax deductions on the interest and depreciation of your asset, depending on what kind of asset you finance.

Lumos Business Finance serves organisations across various industries and of varying sizes. From startups to established enterprises, our solutions are tailor-made to meet your individual needs.

This will depend on various elements such as the value of a vehicle, the lender's policy and any specific credit criteria. While many lenders ask for a deposit, we may be able to accommodate finance agreements with zero deposit.

We would typically require the following:

• Valid Driving Licence and Passport
• Proof of income (typically 3 months bank statements and a P60 or Tax Return)
• Proof of address (bank statement or utility bill dated within 90 days)

Credit facilities can often be arranged within 24-48 hours, although in some cases may take longer depending on what information is requested by the underwriter.

The total amount you can borrow does not have a limit. As brokers we are able to support a range of requirements for business funding, of all types & sizes.

The interest rate you pay will depend on a range of factors. The biggest factor will be the Bank of England's base rate, but the rate set by the lender we introduce you to will be important too. There are factors which can affect this. These include the asset, age of your business or profitability; we can talk you through all of this.

Finance companies are happy to provide settlement letters to show the balance outstanding, enabling finance agreements to be settled early. Customers can request settlement letters direct from the lender, or alternatively Lumos Business Finance can also request settlement letters on your behalf allowing you to maintain one point of contact throughout your customer journey.