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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.
Have questions? Speak to our experts!
The business owner can use it to buy new and used equipment (locally sourced or imported). As you can see, the importance and need for equipment finance span across industries. The kind of business applying for financing can be a local printer (printers), a café (cappuccino machine), a dentist (tools of dentistry), or a manufacturing unit (heavy machinery). Equipment finance ensures that the business owner stays within a budget when spending on tools of the trade they need temporarily. It requires a smaller capital investment, unlike buying the equipment upfront.
If you are interested in applying for equipment finance in Australia, Broc Finance can help you connect with the perfect lender, ready to offer you an adequate loan against favourable terms and interest rates. Reach out to our experts for more details on equipment finance in Australia.
Perfect for businesses seeking flexible financing options to expand business operations and increase productivity, equipment finance has distinctive attributes, such as;
This financing is a smart choice for businesses aiming to grow without financial strain.
Equipment finance has multiple benefits for businesses of all forms and stature. Let’s list a few of them for your understanding.
These above reasons make equipment finance product as one of the most sought-after asset finance solutions in Australia
The equipment finance rates vary from one business to another. The finance brokers and the lenders usually assess the creditworthiness of the borrower before setting an interest rate. Multiple factors can determine a borrower’s creditworthiness or loan risk. Some of the tell-tale factors influencing the equipment finance rate are:
For further details on getting the best equipment finance rates in Australia, reach out to our experts at Broc Finance. They will walk you through the needful.
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.
Our mission is to enhance your business’s success and growth by providing streamlined access to comprehensive financing options. Partner with Broc Finance, and let us be the catalyst for your next big leap in business with the right equipment finance solution.
Being a small business owner, many of our clients are not sure of right loan product for their businesses. Our lending specialists understand their needs and recommend tailor made options.
Unlike business loan marketplace websites which use AI based algorithms to match your requirements, we provide obligation free personal consultation as every business is different and an AI based algorithm may not provide them the optimum solution.
We endeavour to achieve the optimum business loan solution for our clients at the most competitive pricing possible.
We understand the essence of time so don’t believe in wasting our customers time by giving false hopes. Transparent and clear communication is in our DNA.
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.
1. Chattel Mortgages
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.
2. Guarantees
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.
3. Pledges
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.
4. Liens
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.
5. Security Agreements
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.