NatWest’s asset finance division Lombard has launched a digital service allowing businesses to receive instant agreement to fund assets up to a maximum of £250,000.
The assets include cars, vans, machinery and technology with the new function being available through Lombard’s website.
The service allows customers to create a personalised quote across any one of 40 asset classes with an instant decision at the end of a quick application process.
The lender will offer the service for assets that include cars, vans, commercial vehicles, agricultural equipment and construction machinery through to more specialist requirements including technology assets.
Head of asset finance, product and positions at Lombard Craig Leyland said: “Our customers now have the ability to originate, fulfill and manage their asset finance requirements through the channel of their choice, and feedback continues to be positive.
He added: “This is a great example of how we are accelerating our digital agenda to make it easier for our customers to do business with us in a safe and secure way.”
The service is thought to be the first of its kind in the asset finance market. Other providers typically give indicative quotes, while Lombard’s service is the first to provide a personalised quote and an instant credit decision across a range of assets.
Any device can be used by businesses to access the service with Lombard supplementing the new option with a one-to-one webchat and telephone support provided their team of relationship managers in Lombard Business Direct.
NatWest released their latest UK Automotive PMI report in which registered below the 50.0 no-change threshold for the second month running in May which signaled the sharpest downturn in business conditions across the UK automotive sector for over six years.
The study said the downturn in sector output, order books and employment was amplified by a payback from extended production schedules in March.