Key benefits of sourcing financial help
Showman’s finance can help to start a new business or help you expand an established fairground ride, making your operation more attractive for customers. It can also:
- Support future growth – You may not want to make a major investment straight away, preferring to make a series of smaller investments to replace ageing rides or invest in newer technology.
- Limit risk – Showman’s finance gives you the flexibility to choose the level of funding, keeping it manageable without overstretching your budget.
- Flexibility – At Park Insurance, we know that your income can fluctuate throughout the year. To help you manage your finances, we can source showman’s finance that includes seasonal repayment structures and flexible terms.
Types of financial products available to showmen and ride operators
There are a variety of fairground finance options available, each with its own benefits.
- Hire Purchase
– This allows you to select and use the assets you need and pay for them over an extended period, usually up to five years. With seasonal adjustments available, HP gives you more time to pay, which means that you can choose to own the asset outright after the final payment. Instalments are based on the purchase price, deposit, charges and repayment term.
- Finance leasing
– Similar to HP, but with a longer-term contract, and you do not own the asset at the end of the contract. Rather than buying an asset, you ‘rent’ it. This means there’s no big upfront financial outlay (as there would be if you buy outright), and that you can customise your payments to match your financial position, especially useful during off-season periods. At the end of the lease, you may be able to continue renting the asset, arrange for it to be sold (with any agreed share of the proceeds handled in accordance with the lease), or return it, depending on the agreement.
- Operating lease
– Rental payments are typically influenced by the anticipated residual value of the asset. If you don’t want to purchase equipment outright, an operating lease lets you use the assets for a lower monthly rental. It may suit new start-ups that cannot afford a large initial outlay on equipment.
- Refinancing
- If you already own assets, refinancing, also known as capital release, allows you to release money tied up in existing equipment by effectively ‘selling’ it to the finance company. You can continue to use the asset while repaying the finance under agreed terms. Once the finance is repaid, ownership arrangements are governed by the finance agreement.
Park Insurance – offering you more
At Park Insurance, our unique position in the industry allows us to act as brokers for some of the UK’s most respected insurance and finance providers. With over 30 years’ experience and a reputation within the industry for providing fair, impartial advice to all our clients, we keep your interests at heart. Our connection to the entertainment industry gives us unique insight into our clients' needs, enabling us to source competitively priced financing and insurance solutions tailored to your business.
Contact us today for more information on ride finance and fairground finance options available now.
NB Finance is subject to status and lender approval.
How much cover should I get for my stock?
It is advisable to take out the full replacement value of all the stock you hold at any one time, rather than its retail value.
Will my stock be covered whilst the goods are being delivered?
If you add Goods in Transit cover to your package, you can then protect your goods while they’re being delivered. Depending on the value of the goods you send, you may need higher limits or additional cover.
What if I sell on third-party platforms?
E-commerce retailer insurance is suitable for businesses that sell goods via third-party platforms such as Etsy and eBay.
Protect your online business with Park Insurance
For over 30 years, Park Insurance has worked with businesses of all sizes, providing cost-effective insurance for online retailers and high-street outlets. Our position as a preferred broker to some of the UK’s largest insurance providers means we can find cover that fits your business model. You can use our online Get A Quote button for an instant, no-obligation quote, or talk to one of our professional advisors, who will be happy to work with you to create a tailored insurance package. Call us today.