Equipment Finance Loans For Business

Whether you’re buying a car, truck, trailer, excavator, crane, or any other type of equipment for your business, either used or brand new, there’s always a suitable equipment finance product to meet your needs. In many cases, equipment loans are approved overnight and the application process is as simple as a couple of digital signatures and a quick chat over the phone. Usually the equipment you buy, the GST, and the cost of the loan is tax deductible, but you should seek advice from your accountant and your finance broker to make sure the loan type and structure gives you the best combination of tax benefits, cash flow, and funds for working capital in your business.

Equipment loans are generally secured against the asset your buy, which helps to keep interest rates low and keeps any equity you hold in property available for future residential or commercial property investment needs. Our Equipment finance specialists are the best in the game and it’s important to us that we make sure your loan product and structure is designed to meet the ongoing needs of your business and cash flow requirements.

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Our Equipment Loan Promise

Our Equipment Loan specialists are the best in the game and whatever equipment you may need for your business, chances are, you need it fast. We have access to some of the most competitive lenders with a broad range of credit appetites and the fastest turnarounds. Our mission is to get you the best possible rate, the best loan terms, the fastest approval, and a seamless customer experience.

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Sunshine Coast Brokers That Care About Your Business’ Success

If you’re seeking an equipment loan, most likely this won’t be your first, and it probably won’t be your last. We see our clients as ‘clients for life’. Our business model is much different to most of our competitors who work in this space. We don’t believe in the ‘Churn and burn’ mentality. We want to be the brokers you call for your next loan, whether it be for another piece of equipment, or maybe even a commercial shed? We know through experience that by delivering the best possible products and services, and providing genuine care in helping your business to grow, we’ll be the first number you call when you need your next loan… And don’t worry, we’ll be here for you every step of the way.

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Documents Required By Commercial Equipment Lenders

Private Lenders, like any other lender, will need to verify your financial position and identify all individuals associated with the loan and any related properties.

  • ID: In most cases, a driver’s license and Medicare card will do the trick
  • Statement of position: A lot of the time we won’t even need this, but a basic statement of position can help us to recommend the right product and negotiate a better rate with the banks.
  • Rates Notice: Property owners are looked at favourably and sometimes banks will want to see a rates notice to prove that you own property. Don’t worry, if you can’t find one, we can run a title search for you instead.
  • Tax Invoice: You’ll need a Tax Invoice from the supplier in order to settle your loan. Banks are very picky with how these need to be set out. We’ll liaise with your supplier to make sure that the information on your invoice aligns perfectly with the bank’s requirements.

If you’re a property owner and buying new, dealer supplied goods, then chances are you won’t have to provide much at all. Don’t worry, if not, we’ll let you know what we’ll need during our first chat.

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The Mortgage Brokering Process for Equipment Finance

Getting a home loan isn’t always a walk in the park—it can be a bit of a process, but if you team up with one of our mortgage brokers, we’ll have your back every step of the way, making sure you’re on the right track from the get-go.

  • Initial Chat: We’ll start by finding out a few things about your business and financial position, as well as the asset you wish to purchase and whether it’s new or used. We’ll also give you an indication of the expected interest rate and fees based on your chosen loan term and structure.
  • Signatures and verification: We’ll ask for copies of your ID and request a digital signature. In some cases, we may need to see your financials, but don’t worry, if these are required, we can do the legwork and chase your accountant for these.
  • Submitting for approval: Next, we’ll submit your loan for approval. Typically, the approval process takes less than 24 hours, but for more complex assessments, this could take a few days. We’ll be able to give you an indication of the expected approval turnaround during our initial chat.
  • Signing Documents: Once your loan is approved, you will need to sign your loan documents. The digital era has made this very easy and generally this can be done from your phone.
  • Settlement: Once settlement occurs, we’ll provide confirmation of payment to the vendor or dealership. A PPSR charge is registered against the Asset for your loan. Time to collect your new equipment and put it to work.

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Equipment Finance Support

When you’re applying for your first home loan, the whole finance process can be overwhelming. So here’s how we keep things simple for you.

  • We know your business can’t run to its fullest potential without the equipment you need. Every day without your equipment is costing you in productivity and revenue. Our team of Equipment Finance experts are here to get the job done FAST!
  • We have an ‘Eyes wide open’ approach. We’ll give you all the facts up front and communicate with you regularly throughout the process. No smoke and mirrors or last-minute surprises.
  • We’ll make sure that your loan structure is aligned with the expected value of your asset over its life span, as well as the cash flow requirements of your business.
  • We do the legwork for you to keep the process simple. Whether this be working with your accountant, liaising with the bank, or providing proof to the dealer that your funds have been transferred. Your time is more valuable in running your business. We’ll take care of the finance work for you, and we’re bloody good at it!
  • We’ll be here for all your future finance needs. Cars, equipment, property, cash flow support. You name it; we do it, and we’ll remember you so that you don’t have to provide new documents and tell your story every time. No exceptions!

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How Can Equipment Finance Help Grow Your Business?

Most businesses rely on some form of equipment to function. Whether it be a copy machine for the office, an excavator on site, or a truck to cart your gear. Buying and financing these goods can give you more control over the use of the equipment, provide tax benefits, and improve cash flow when compared with other options, like renting or hiring.

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Why Work With Finance Brokers When Securing Equipment Finance?

The bank or the Dealership won’t tell you if there’s a lender out there with a better deal. We have access to almost unlimited lenders, loan types and loan structures to make sure that you get the right loan, the first time. We’ll do the legwork for you, to make sure the process is seamless, and we don’t charge you expensive ‘Dealer origination fees’ or ‘Brokerage’. We remember our clients so that you don’t have to tell your story to us every time you need us, and we’ll be here for all your finance needs as your business grows.

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Types Of Equipment Loans

Vehicle Finance

Your Finance Broker should be your first point of contact when you’re looking to purchase a new or used car. Why? We can arrange a finance pre-approval for you to ensure that you walk into the car dealership with the power to negotiate.

Car dealerships often advertise 0% finance offers, but these 0% finance offers can take away your ability to negotiate on the price of the vehicle. The discounts and rebates that car manufacturers regularly offer disappear to allow the dealership to make up for the interest lost on the deal.

But if you’ve secured the sharpest car loan through a Finance Broker, then you can walk into the dealership and negotiate the lowest possible sale price on the vehicle. It’s a win-win scenario.

Farming & Agriculture

We can help you to finance traditional farming equipment including tractors, sprayer units, harvesters, processing equipment, irrigation systems and more. We also have experience in securing competitive loans for modern AgTech solutions such as farming drones, autonomous vehicles, and alternative energy sources.

Seasonal trends within the farming industry can make it difficult for farmers to find a suitable finance solution – but don’t worry, we’ll work with you to secure a loan product that suits your cash flow.

Construction Machinery

Talk to us about your construction project and we’ll help you find a loan product tailored to your needs. For a one-off short term construction project, leasing is a cost-effective solution. However if you’re looking to loan the machinery to others for a fee, or can write-off the deductions over years rather than months, purchasing is a better option.

We have experience in securing heavy machinery loans for all industries including rail, mining, aviation, shipping and more.

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Truck Finance & Trailer Loans

Allow us to help you to purchase your next truck or trailer! We can secure market leading loans for trucks, prime movers, vans, commercial utes, buses, trailers and more.

We can help you to understand your loan options. A chattel mortgage / commercial loan may allow you to claim tax, depreciation, and other benefits.

Whereas a finance lease could be great if you are running a seasonal business, working on a short-term project, or think your business will grow very quickly.

Hospitality & Catering Finance

We’ve been assisting Sunshine Coast cafes, bars and restaurants to understand their finance options for many years.

From commercial kitchen equipment to a full fit-out, our team are able to offer both traditional and alternative finance options for small businesses in the hospitality and catering industries.

COVID-19 has challenged this industry in particular, but we’re here to help your business to recover and grow.

Gym Fit-outs Finance

Looking to open your own gym? Or perhaps social distancing rules require you to rethink your fit-out?

We’ve seen some fantastic COVID safe restructures in the past few years – from individual workout cubes, to implementing new technology to assist with check-ins and online classes. Whatever challenges you’re facing, we’ll do our best to help you to adapt.

From Jiujitsu to Barre and Bike, we will finance RPM bikes, treadmills, pilates reformers, free weights and more.

 

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Customer Reviews & Comments

Read our recent customer Google reviews. Customer Reviews don’t lie!

Thea Hambuechen
12/4/2024

It has been a pleasure dealing with Luke and his team. During the process Alicia and Shayna have been very informative and kept in contact regularly to make sure we knew what was happening every step of the way! We will definitely be using Loanright in the future and highly recommend. Thank you again for helping us purchase our first home.

Kimberley Priest
12/4/2024

Have had the best experience working with these guys to purchase our investment property. Great application system, so quick and easy, and all questions answered promptly along the way. Highly recommend!

Daniel O’Dea
12/4/2024

Brett and Alicia came highly recommended from a work colleague. I had previously gone through a pre approval process with another broker (which will remain unnamed). The difference was night and day. Being a first home buyer I had no idea what I was doing. Both Brett and Alicia were so accomodating and answered all my silly questions and walked me through EVERYTHING step by step. We had my pre approval through in about a quarter of the time of the last brokers!! Once I found the home I wanted to buy it was literally the easiest thing in the world. They will be getting all my business.

Tim McGary
12/4/2024

OMG!! These guys are next level good. They have just settled our new home loan and we had another guy that took 4 weeks and did nothing. We then called these guys after a friend said they were amazing. They got us a home loan approved from start to finish in 35 days and I have just been released from a personal bankruptcy a few months back. We were unconditional on our purchase contract by the time we met these guys so they had to do everything perfectly and super quick. They did it with ease and the customer service and follow up and friendly attitude was totally incredible. I couldn’t recommend them anymore if I tried.

Adrian Chrisanthou
12/4/2024

Thanks so much Brett for your professionalism and tenacity in regards to getting my deal done with loanright. I look forward doing business with you in the future as I found the experience seemless and timely. Keep up the great work Brett and team

Alyshia Judd
12/2/2024

I had a fantastic experience with Alicia. Super friendly, warm and knowledgeable 10/10.

Ashley Pearce
12/3/2024

Luke and the team helped us with a refinance and we couldn’t be happier with the result. I would highly recommend the Loanright team to anyone.

Mellissa Lambert
17/1/2024

We’ve used the expertise of Luke, Shayna and the Loanright team on two separate occasions now, I must say their service is second to none and they get the job done In record time. No question was too silly, they always have time for us. Would use again and recommend in a heart beat to anyone else needing brokerage assistance. Many thanks.

Cassie McKee
12/4/2024

Luke and Shayna were awesome during the process of us buying our first home. So many things can be confusing during the process for first time and they were always happy to talk us through things no matter how small. Held our hand through the process and were able to get us into our first home. Very glad we found them. Highly recommend Loanright

Rosalyn Taylor
12/4/2024

Brett and Alicia were a fantastic team to work with. Efficient, knowledgeable and supportive. They made the process so much easier than it could have been. Highly recommend!

Felipe Prado
12/4/2024

We trust the Team at Loanright with our financial guidance. Throughout the whole process they make sure you are informed in time, accurately and with all the transparency you could ask for. It really sets you at ease that they have your best interest in mind. Their customer service is prestine and always available for you to ask any questions you may have. Thank you Loanright Team!

Tegan Shingles
12/4/2024

Sam & Shayna have been fantastic throughout my whole processing of purchasing my new home. No question went unanswered and both have always been a pleasure to talk to.

FAQ’s About Business Equipment Finance

Can I get finance for used equipment?

Yes. Depending on the age of the asset, certain banks may limit the loan term and offer a less competitive rate, which could ultimately increase your ongoing monthly repayments. However, you may not need to use the asset every day, and by spending less on a used asset you may still get the same business outcomes with lower overall costs for the asset and your loan.

How fast is the loan approval process for equipment finance?

Generally speaking, Equipment finance applications for new assets are approved within 24 hours, however, the approval process varies depending on the bank you approach, the age and type of asset you purchase, how long your business has been trading, and whether or not the director owns a property.

What is a ‘balloon payment’?

Balloon payments are common on Equipment loans and help to reduce the monthly repayment on your loan. The idea of a ‘Balloon Payment’ is that the bank reserves a portion of debt that you don’t have to pay down until right at the end of your loan term. This structure can ultimately cost you more interest over the full life of the loan, however, given that the interest cost is generally tax deductible, many businesses opt for this structure to reduce their monthly repayment and improve cash flow for other ongoing business costs.

Are there early termination fees on an Equipment Loan?

Yes. Early termination fees on equipment loans are calculated using the ‘Rule of 78’. Essentially, the longer you have left on your loan term and the higher the balance at the time you pay out your loan, the higher your early termination fee will be. If you are predicting that you may finalise your loan early, we can structure your loan in such a way that these fees are minimal by your expected payout date.

Do I need to be registered for GST to qualify for an Equipment loan?

No, but registering for GST can open up your lending options and may allow us to access better interest rates and faster approval turnarounds. Registering for GST is generally quite simple so if you aren’t registered already, we’ll let you know if it helps to do so.

Do I need to be trading for 2 years to get an Equipment Loan?

No. Generally 1 year is enough, but in some cases even 6 months is enough. If you’ve only been trading for a short period of time we may need to rely on projections and forecasing. It helps if this has been accountant prepared and if you’re trading in an industry you already have experience in.

My financials are not up-to-date, can you still help me?

We have access to ‘Low Doc, No Financials’ products, so we may be able to assist you even if your financials are not up-to-date.

Can I purchase from a private seller?

Yes. There are a few extra steps we need to take when you purchase from a private seller (as opposed to a dealership). We need to liaise with the seller to confirm proof of ownership and check there is no existing finance against the asset. A PPSR check is also required to ensure there are no existing security interests registered against the asset.

What loan terms are available for business assets?

Business asset finance terms generally range from 12 months to 60 months in Australia.

What is a residual or balloon payment?

Some lenders will offer borrowers reduced repayments in return for a one-off lump sum – called a residual or balloon payment – that the borrower has to pay at the end of the equipment finance loan.

What will the interest rate be?

The interest rate depends on many factors, including the economy, the strength of the applicant, the age and cost of the asset and other lending criteria. We will find you the lowest rate available for your specific circumstances.

Can I finance 2nd hand assets?

Yes, we can assist you to finance used equipment. The age and type of the equipment may impact the term and structure of the loan – but contact us today and we’ll let you know what your options are.

What type of finance products are available?

Some of the products we can assist you with include Chattel Mortgages (also known as a Commercial Loan or an Equipment Loan), Finance Leases, Operating Leases (also known as a rental), Commercial Hire Purchases (also known as Hire Purchase or CHP) or Novated Leases.

How long does it take to have my loan approved?

Loan approval can take anywhere between two to ten business days, but more often than not we can secure you an approval within 48 hours!

How do I apply for equipment finance?

You can get started online, or give us a call on our Sunshine Coast office on  1800 115 626.

Get In Touch With A Broker Near You

If you’d like more information about how to use finance to grow your business, then reach out and our commercial finance team will happily assist. Whether you’re in the market for vehicle finance, or specialist equipment, we have 100+ lending partners to choose from. You’ll be tapping into Australia’s largest network of banks and lenders.

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