Can I get a Quick Quote and a Decision in Principle before ordering equipment?

Short answer

Yes — in most cases you can obtain a Quick Quote and a Decision in Principle (DIP) before you place an order for equipment. A Quick Quote gives an indication of likely terms and monthly costs, while a DIP is a provisional agreement from a lender that shows you are likely to be approved subject to checks and documentation.

What a Quick Quote and Decision in Principle mean for equipment purchases

A Quick Quote is an indicative estimate of finance costs based on a few key details such as the equipment value, business turnover and desired term. It is non-binding and intended to help you budget and compare finance options before committing to a supplier. A Decision in Principle (sometimes called an eligibility check or agree-in-principle) is a conditional statement by a lender or broker that, based on the information provided, the business is likely to be approved for a finance facility.

A DIP is not a formal contract and does not guarantee final approval, but it does reduce the risk of wasting time or deposits on equipment that may be difficult to fund. Lenders typically issue DIPs quickly for routine asset finance cases, often within hours or days depending on the complexity and size of the deal. Getting both a Quick Quote and a DIP helps you negotiate with suppliers and avoid cancellation fees or lost deposits when you place the order.

When lenders will provide a Quick Quote or DIP and the limits of each

Many lenders and brokers will offer an instant or near-instant Quick Quote online after you complete a short form with details about your business and the equipment. DIPs are commonly available once a broker or lender has enough information to run a basic credit and affordability assessment, which may include company turnover, director details and a soft credit search. For higher-value or specialist assets, lenders may ask for supplier quotes, photographs, or quotations to form a reliable DIP.

It is important to understand the limits: a Quick Quote does not lock interest rates or terms and may exclude fees or VAT treatment. Likewise, a DIP can be withdrawn if material information changes, if security requirements are different to what was assumed, or if underwriting checks later identify problems. Always ask whether the DIP will include a validity period and which conditions must be met for full approval.

Why getting a Quick Quote and DIP before ordering equipment is a good idea

Securing a Quick Quote and DIP before you sign for equipment protects your cash flow planning by revealing likely monthly costs and deposit requirements. It strengthens your negotiating position with suppliers because you can show you have an indicative funding solution, which may secure better lead times or price concessions. It also reduces the chance of incurring cancellation charges or losing deposits if funding cannot be obtained after you order.

For equipment tied to sustainability upgrades or energy-efficiency projects, a pre-order DIP can be especially valuable because lenders may offer targeted products with specialist terms. If your investment aligns with green objectives, consider viewing tailored options such as sustainability loans to access preferential terms or incentives; see our sustainability finance guidance for more information: https://bestbusinessloans.ai/loan/sustainability-loans/.

Typical documentation, checks and timelines for equipment finance

For a Quick Quote you usually provide a brief description of the asset, the purchase price, your preferred term and basic company details. For a DIP lenders often request company accounts, recent bank statements, the most recent management accounts and director ID. A soft credit search is commonly used for DIPs to avoid affecting personal credit scores, though some lenders will do a hard search at formal application stage.

Timelines vary: Quick Quotes can be immediate, DIPs can range from same-day to a few days, and full formal approvals often take 3–10 working days depending on asset type and lender workload. Specialist or high-value equipment may need independent valuations, inspection or supplier invoice verification which can extend the time to fund. If you need finance quickly, tell your broker or lender at the start so they can prioritise providers who offer fast turnaround for equipment finance and asset-backed lending.

How Best Business Loans helps you get a Quick Quote and a Decision in Principle

Best Business Loans does not lend money directly; we match UK businesses to suitable lenders and brokers using AI-driven matching and an established network. When you submit a Quick Quote through our platform we analyse your details and introduce you to providers likely to offer an appropriate DIP or indicative quote. Our service is designed to speed the early stages so you can secure a DIP before committing to equipment orders.

Start by completing our Quick Quote form with details about your business, the asset and the amount required. Our system will suggest funding types (hire purchase, finance lease, asset refinance) and connect you to lenders who can usually provide a DIP or indicative terms fast. There is no obligation and no fee to submit your enquiry, and you remain in control of which provider you progress with.

How to prepare for a Quick Quote and Decision in Principle

Gather the supplier quote, equipment specification, and estimated purchase price before you start a Quick Quote form. Have recent business accounts, bank statements and director details ready to speed the DIP process. Be honest about existing finance, credit history and business performance to reduce the risk of surprises during underwriting.

Frequently asked questions (FAQs)

Q: Is a Decision in Principle the same as final approval? A: No. A DIP is provisional and subject to full underwriting, documentation checks and sometimes asset inspection. Q: Will a DIP affect my credit score? A: Many providers perform a soft credit check for DIPs, but confirm with the lender or broker to avoid unexpected hard searches. Q: Can I order equipment based on a DIP? A: You can order, but you do so at your own risk until the finance is formally approved and paperwork is signed. Q: How long is a DIP valid? A: Validity varies by lender; typical windows are 14–60 days, so confirm the expiry when you get the DIP.

Steps to get started — quick checklist

• Complete our Quick Quote form with equipment cost, term and business details.
• Upload or have to hand supplier quotations and recent business accounts.
• Choose whether you want hire purchase, finance lease, or another asset finance product.
• Ask the lender if the DIP includes a validity period and whether searches will be soft or hard.
• Only place orders once you have clear next steps from the lender and understand any deposit risks.

Compliance, transparency and next steps

Best Business Loans acts as an introducer and does not provide regulated lending products directly. We aim to be clear and non-misleading about likely outcomes and cannot guarantee finance offers or terms. If your enquiry relates to consumer or regulated credit, or if you need regulated advice, please consult an authorised adviser or lender; our team can connect you to relevant specialists in the market.

Key takeaways

Getting a Quick Quote and a Decision in Principle before ordering equipment is normally possible and recommended for most UK businesses. A Quick Quote helps you budget, while a DIP shows likely approval subject to checks and reduces the risk of wasted deposits. Use an introducer like Best Business Loans to speed matching to lenders who offer rapid DIPs, and always confirm DIP validity and search types before committing to an order.

Ready to check your options and secure an eligibility view before you order? Complete our Quick Quote form to get matched with lenders and brokers who can issue a DIP or indicative terms quickly. There is no obligation, and our AI will help find providers most likely to suit your situation.