Many companies can boost sales, but some of them could require help meeting the higher demand. Financing the acquisition of new or extra equipment helps increase productivity and revenue without depleting cash reserves. Business Finance Loans offers a variety of equipment loans to meet your demands and budget, regardless of whether you are seeking to finance new or old commercial equipment.
Just fill out our quick online form to receive accurate, tailored quotes for equipment loans from our extensive network of lenders. You can also use our business equipment loans calculator to estimate your monthly payments.
Purchase business assets with leasing solutions or a chattel mortgage to keep cash on hand where it’s required most. It will not affect your credit rating or require you to do anything. We at Business Finance Loans realise you may need some guidance in figuring out your alternatives, so we’ve assembled a team to provide you with all the details you want.
What Are Equipment Loans?
It may be pretty tricky for many businesses to get the essential equipment. In this situation, funding for necessary equipment is required. Specifically, you might use the loan to finance equipment acquisition for your business. Typically, they will lease the required machinery from a bank or other lending institution and use it as collateral for the lease.
This makes it possible for individuals to start, operate, or expand their businesses with little capital. Equipment finance, also known as asset financing, helps with the initial outlay of funds. Traditional means of funding machinery and tools include hire purchasing, equipment leases, asset mortgages, and rentals. The equipment you acquire will legally belong to the leasing company or the lender.
What Can You Use Equipment Loans for?
We can connect you with lenders to finance equipment for your business in a stress-free and convenient way. You can use equipment loans to buy:
- Technologies, including the latest computing equipment and services
- Medical and scientific instruments and equipment
- Equipment used in large-scale commercial kitchens or the construction, agricultural, manufacturing, or farming industries
- Equipment used in the workplace, such as desktop computers, laptops, and printers
Aspects To Keep In View While Selecting Equipment Loans
Earlier, we went through the many existing equipment financing options; ultimately, it is up to you to decide which option is best for your business and its unique equipment requirements. Equipment will be considered the borrower’s legal property after the debt is paid in full. Before committing to a new equipment loan, you must consider numerous aspects.
- How long will we need to keep this equipment running?
- What is the time frame until it becomes obsolete and requires an update?
- Just how quickly do you anticipate technology altering your industry?
Types Of Business Finance Loans
Every business has different needs, which also means that when you need finance to grow your business, you must find suitable commercial loans. Access to a vast pool of vetted lenders ensures you can find loans that work best for you and your business. We have an easy online application process that takes only a few minutes.
Before making your decision, you can connect with various lenders and compare their loan terms and conditions. Most lenders require you to meet some essential eligibility criteria, and you can get all this information on our website during the application process The different types of business equipment loans include the following:
- Commercial Hire Purchase – The lender purchases the equipment and then leases it out to the business for a certain length of time in return for fixed monthly payments. The equipment will remain their property until the complete payment and any interest have been made.
- Operating Lease – The difference between an operating lease and a commercial hire purchase is that in the latter case, the lender keeps the asset once the lease term ends. The asset may be purchased by the borrower at a specified price. A financial leasing structure like this is useful for companies whose assets depreciate or become obsolete quickly.
- Chattel Mortgage – A “chattel mortgage” is a loan used to finance the purchase of an asset, with the borrower taking title to the asset after the loan is paid off. The property will be pledged as collateral in the case of a default.
Finance Equipment For Your Business Through Online Lenders
When you use our simple and effective online platform, accessing over 60 pre-screened lenders offering equipment loans in Australia becomes a breeze. Feel free to look around our simple website, check the loan calculator, and examine the many lending options available. You can pick and choose from these alternatives until you locate the ideal one for your situation.