Equipment Finance For Business
- Low Doc Approvals up to $150k
- Borrow up to 100%
- Up to 7 years term loan
- Competitive interest rates
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What is an Equipment Finance?
Equipment finance is a business financing or commercial lease, allowing business owners to buy new equipment or replace and upgrade the old ones. One can borrow up to 100% of the equipment value over a fixed interest rate and loan term. The equipment in question must be strictly for business purposes. Equipment loan allows one to finance varied business assets, which include:
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Equipment (medical, engineering, printing, dental, etc.
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Machinery (forklifts, excavators, etc.)
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Vehicles (company cars, trailers, trucks, motorcycles, delivery vans, etc.)
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Electronics (servers, computers, appliances, copy machines, etc.)
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Construction and earthmoving equipment, etc.
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.
Eligibility
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Have an active ABN for the business
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Should be a tax resident of Australia
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Equipment to be used fully or predominantly for business purposes.
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.
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What are the Key Attributes of Equipment Finance?
Perfect for businesses seeking flexible financing options to expand business operations and increase productivity, equipment finance has distinctive attributes, such as;
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Utilization for buying equipment strictly
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It does not necessarily require a deposit
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The borrower can use it to either purchase or lease/rent business equipmen
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It offers financing respite to businesses with a bad credit history
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It has either a fixed or variable interest rate
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The borrower can either apply for secured financing or an unsecured financing
What are the Advantages of Equipment Finance?
Equipment finance has multiple benefits for businesses of all forms and stature. Let’s list a few of them for your understanding.
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It helps in increasing the working capital of a business. How? Well, investing in equipment can create a cash-flow deficit. So, instead of paying upfront, the business owner can get a loan, spreading the equipment cost over an extended period. It replenishes the working capital as the business benefits through more revenue from the equipment usage, while the owner pays affordable instalments towards loan repayment.
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With equipment finance, a business can buy or lease the best quality equipment, enabling them to profit from its usage through improved productivity.
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It enables businesses to keep other business lines of credit open, like overdrafts and other loan options. That is not possible if you utilize traditional loans and business lines of credit for buying or leasing equipment.
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Equipment finance through Broc Finance enables enterprises to get funding in as low as 24 hours.
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It is a form of scalable financing solution, quite suitable for small businesses and start-ups because it gives you the monetary leverage to spend on tools of trade without tying up the capital or causing a cash-flow deficit.
These above reasons make equipment finance product as one of the most sought-after asset finance solutions in Australia
How to Get the Best Equipment Finance Rates?
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:
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The total amount the borrower wishes to borrow
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Type of machinery or equipment
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Whether it will be a lease or a purchase
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Whether it is new equipment or used
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The trading history of the company applying for financing
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Monthly revenue and banking conduct of the borrower
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The term of the loan
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Business and personal credit history
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Whether the borrower has a real estate property backing
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.
How Broc Finance Can Help You?
Broc Finance has been actively serving the businesses of Australia, especially small to mid-level enterprises, start-ups, and new businesses, simplifying their financing issues by facilitating a wide portfolio of business financing solutions including equipment finance. As one of the fastest growing brokerage firms, we connect businesses like yours with credible and vetted lenders across Australia, enabling you to get loan approval along with the best loan terms and interest rates.
What makes us different from the rest? Well, we;
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Facilitate custom business financing solutions for all kinds of businesses.
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Ensure continued growth and cash flow for your business.
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Help you get access to funds as fast as possible.
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Guide you through the loan approval and funding process.
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Help you get a loan even with a low credit score and without any assets.
Broc finance strives to see businesses flourish across Australia by gaining access to seamless and hassle-free business financing.