Adding an MOT bay or kitting out a workshop for in-house fleet servicing is one of the clearest cases for asset finance. It is a planned, mostly single purchase — a class 4 or class 7 test lane, a brake roller, a headlamp tester, a two-post or four-post ramp, an emissions analyser, diagnostic kit, or a tyre changer and wheel balancer — and the equipment starts earning the moment it is signed off and in use. A Credicorp loan lets a garage or transport business put the kit to work now and pay for it as it brings in test fees and saves on outsourced servicing.
Why a single Slice drawdown fits this purchase
An MOT bay fit-out or a fleet servicing rig is normally a defined cost you can quote up front: the equipment, plus installation, calibration, and any DVSA approval work. Because it is one lump sum rather than a rolling spend, Credicorp Slice is usually the right shape — you draw the amount once and repay over an agreed term. If you expect to phase the buy, or to keep dipping into funding for consumables and follow-on kit, Credicorp Flex may suit you better. We cover the trade-off in choosing Flex or Slice for an asset purchase.
Will the bay pay its way?
The strongest case for borrowing is when the equipment increases what you can charge for or saves a cost you currently pay out. Before you commit, estimate the realistic extra income — MOT volume at your local test fee, plus the repair and retest work an in-house bay pulls through — or, for a transport operator, the saving from servicing your own fleet instead of paying a third party. Set that against the cost of the funding over your term at the rate shown in your offer.
- Factor in DVSA approval, site requirements, calibration, and staff training, not just the headline kit price.
- Match the repayment term to the working life of the equipment — a ramp or test lane should outlast the loan comfortably.
- Check warranty, servicing, and recalibration intervals so an unexpected breakdown does not leave you paying for an idle bay.
- Keep a small reserve for tyres, fluids, and consumables once the bay is trading.
Buying outright versus financing
Paying cash for a full bay can swallow the working capital you need for stock, wages, and quieter months. Spreading the cost keeps that headroom intact while the equipment earns. If you are weighing the two approaches, equipment finance versus buying with a loan walks through the comparison, and using a loan to buy equipment covers the general points that apply to any workshop purchase.
How we lend
Credicorp lends only to UK limited companies and LLPs for business purposes — not to sole traders or individuals — and we are a lender, not a broker. The loan is to the company, and we do not take personal guarantees from directors. Credicorp Slice funds a single MOT bay or servicing fit-out as a lump sum; Credicorp Flex suits phased or ongoing spend.
As an exempt business lender, Credicorp sits outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS protection do not apply. If you want to talk a purchase through, get in touch before you apply.
See also: Can business finance help bridge a short-term cashflow gap?, Bridging a late CIS or VAT refund, Bridging an R&D tax credit claim.