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Equipment financing is a loan or lease specifically for buying business equipment. It lets you finance up to 100% of the equipment’s price, with set interest rates and repayment periods. This option is only for business-related purchases and can cover a wide range of assets:
It’s ideal for all business types, enabling affordable updates or additions to your equipment without a huge upfront cost.
To qualify, you need:
Broc Finance can guide you to the right loan to get equipment finance in Australia, offering good terms and rates.
This financing is a smart choice for businesses aiming to grow without financial strain.
Broc Finance stands out as a leading equipment finance broker, committed to propelling Australian startups and SMEs forward. We excel in connecting your business with top-tier equipment finance companies, ensuring you secure the best finance terms and interest rates.
Why Broc Finance?
Not always. Some loans, especially smaller amounts or for people with really good credit histories, don’t require security. But for bigger amounts or if the risk is higher, lenders usually ask for it.
A chattel mortgage is a common choice for securing equipment loans. Here, the equipment or machinery being bought serves as the security. Even though the borrower gets the equipment right away, the lender has a claim on it until the loan is fully paid. This setup helps borrowers use the equipment they need while still providing assurance to the lender.
With a guarantee, a third party steps in to back the loan. This could be a business owner or another company related to the borrower. They promise to take over the loan payments if the original borrower can’t pay. This extra promise gives lenders more confidence, knowing there’s another source of repayment.
Pledges are like chattel mortgages, but the assets used as security can be anything valuable—not just the equipment being financed. This could be stocks, other machinery, or real estate. It’s a flexible way for borrowers to secure a loan, using various assets they own.
A lien gives the lender a legal claim to the borrower’s property until the debt is paid. In equipment financing, this could apply to the financed equipment or other assets the borrower owns. It’s a legal assurance that the lender can recoup their funds if necessary.
Security agreements are contracts that spell out the security details. They list the collateral, when the lender can take it, and the rights of everyone involved. These agreements are vital for chattel mortgages and pledges, ensuring there’s a clear legal basis for the security.
All businesses require equipment in some form or another. It can be even the laptop you are working on. So, all businesses can benefit from equipment finance.
Yes, with Broc Finance by your side you can get equipment finance with bad credit. We will make sure to find a compatible lender ready to offer you the best terms and rates.
Yes, equipment finance can be used to upgrade the existing equipment of the company. Reach out to our experts for more details.
Contact us today and discover how our expertise can help your small business thrive.
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Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328