At some time in their operational life, most business owners will need to invest in equipment. It may be to start a new business, to upgrade production facilities, replace ageing and obsolete machinery, to pivot to a new product line or expand facilities to allow for growth. But business equipment, no matter how small, can be a hefty impost on the bank balance.
So sourcing cost-effective equipment finance is a critical aspect of business operations for many business owners.
Finance is available from banks and lenders for a wide range of business equipment include: farm and agricultural machinery finance; engineering and manufacturing machinery finance; medical equipment finance; aviation and aeroplane finance; truck and heavy equipment loans; gym and fitness equipment finance; loans for beauty, hairdressing and personal services business; loans for computers, IT and software installations; loans for fit-outs, furniture and general business equipment; finance for warehousing and storage equipment; lathe loans; crane finance; forklift and lifting equipment loans; building and construction equipment finance; civil construction and earth moving equipment loans; drilling equipment finance; catering and hospitality equipment loans; in fact finance is usually available to cover the purchase of just about any equipment a business requires. Subject of course to individual lender guidelines.
There are a few main types of commercial finance facilities available for the purchase of business equipment:
Deciding which is the right finance type for your business and the equipment you are purchasing is best made in discussion with your accountant.
Depending on exactly what equipment you are purchasing will depend on where you can source finance. Some banks offer equipment finance, some finance companies offer generic business loans and there is a range of lenders, some accessible only by finance brokers, that specialise in finance for particular industry sectors.
Using the services of a finance broker is the preferred option for many businesses. A professional broker will have access to a large number of banks and lenders so they can assess the various options and present you with the best offer. They’ll do the negotiating, the searching and paperwork, to save you time, hassle and usually money!
We know finance brokers that specialise in equipment finance. If you would like their contact details, please get in touch with us.