Business Equipment Finance & Machinery Loans On the Sunshine Coast
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.
Get Accounting Advice Before You Upgrade
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 Sunshine Coast’s best when it comes to understanding business loans, and it’s important to us that we make sure your loan product if affordable. Many of our brokers have a long history in business banking and their business finance experience means that we can access better business lending opportunities. Your finance structure will be designed with repayment to meet your ongoing business needs and cash flow requirements. View our frequently asked questions at the bottom of the page for more information about repayments.
Our Machinery & Equipment Loan Promise
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.
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.
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.
Business Equipment Finance Support
Operate At Capacity
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 alligned with the expected value of your Asset over it’s 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!
Documents To Provide the Lender
- ID – In most cases, an Australian Drivers 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.
Commercial equipment finance can help your business grow
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.
Why work with a broker 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.
Equipment Finance FAQ's
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.
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.
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.
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.
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.
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.
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.
The benefit of a balloon payment is that it can lower your repayments. However, on the other hand, you end up paying more interest on an equipment loan with a balloon payment as you’re paying interest on the value of the balloon payment.
Contact us today for an obligation-free quote.
It depends how busy the banks are, and how complex your loan application is. We follow up the lender if there is any delay to make sure your application is assessed as quickly as possible.
Types Of Equipment Loans
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.
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.
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.
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.
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.
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.