Many businesses can increase their sales but may need help to meet the increased demand. New or additional machinery may be purchased using finance, boosting output and earnings without draining financial reserves. Whether you are looking to finance new or used commercial equipment, Business Finance Loans has you covered with a range of business equipment loans to suit your needs and budget.
Please fill out our short online form to obtain genuine, individualised offers for Business Equipment Loans from our vast panel of lenders, or use our convenient Business Loan Calculator to get an idea of your monthly payments.
Keep cash flow where needed most by purchasing your commercial assets entirely through a Chattel Mortgage or exploring alternative leasing options. Don’t worry; it won’t affect your credit score or make you obligated to do anything. We at Business Finance Loans recognise that you may need assistance understanding your options, and our team is here to help you with all the information you need.
What are Business Equipment Loans?
Obtaining the necessary tools and machinery could be a monumental challenge for many enterprises. Equipment Financing is needed in this case. It’s a loan designed specifically to assist businesses with purchasing machinery. They usually lease it from a financial institution/lender using the equipment as security for the loan.
This allows them to start up, maintain, or grow their business with little initial investment. The initial investment is covered by Equipment Financing, often called Asset Financing. Hire purchases, Equipment Leases, Collateral Mortgages, and Rentals are the conventional methods of financing machinery and tools. Lenders in financing leasing and commercial hire purchase arrangements will own the equipment you buy.
Then, after the period is over, the lender will transfer ownership to you or you might be given the option to purchase the machinery outright. Some forms of Equipment Financing require that the equipment be kept in working order and insured against loss. If you miss payments, the ender may repossess the equipment.
What Can You Use Business Equipment Finance For?
We offer access to lenders from whom you can get equipment finance online in minutes. You can use this equipment finance to purchase:
- Heavy machinery for industrial businesses (construction, agriculture, manufacturing, farm) or modern industrial kitchen equipment
- Office equipment, including laptops, computers, printers, and other office equipment
- Technology, such as high-tech servers and computing equipment
- Scientific and medical equipment
Factors To Consider While Choosing Business Finance Loans
Earlier, we discussed the many forms of equipment financing available; which is right for your organisation and its specific equipment needs is ultimately up to you. After the loan is paid, the equipment will legally belong to the borrower. There are many factors to think about before settling on a new equipment loan:
- For how long will this machinery be required?
- After what amount of time will it be outdated and need a change or an upgrade?
- How fast do you see technology changing your field?
Types of Business Finance Loans
The different types of business equipment loans include the following:
- Chattel Mortgage – When a borrower gets a loan to buy an asset, the debt is called a “chattel mortgage,” and the borrower becomes the legal owner of the item. In the event of default, the assets will be used as collateral.
- Operating Lease – Like commercial hire buy, except the lender retains ownership of the asset after an operating lease. Borrowers also have the option of purchasing the asset at a predetermined price. Such a financial leasing arrangement works well for businesses whose assets are prone to rapid depreciation or obsolescence.
- Commercial Hire Purchase – In a commercial hire purchase arrangement, the lender buys the machinery and then leases it to the company in exchange for periodic payments. Equipment remains their property until the final payment and any accrued interest has been paid.
Convenient Equipment Finance Online In Mins
You can get the business finance loans you need via multiple online resources, but as a business owner, time, convenience, transparency, and security are of the essence. We’re the best place to look for business equipment loans online since we make it easy for you. Getting a Line of Credit Loan in Australia is straightforward when you gain access to over 60 vetted lenders via our user-friendly and efficient website.
