Equipment finance/loans are designed to provide access to funds required to purchase essential specialised equipment for your business. Most equipment can be expensive and with other business expenses you must afford, it might be too costly to purchase it. Fortunately, equipment loans are aimed to help businesses to purchase the equipment you need while spreading the costs of the purchase.
Having access to over 35 different lenders, Smart Mortgage Finance can provide you with access to suitable commercial and business loan opportunities from leading lenders throughout Australia. We ensure that we provide you with the right lone, at the right time and at a rate with the right features that are appropriate for your business goals.
This type of finance is most commonly used by borrowers. As a secured business loan, the asset or equipment you need to purchase will be used as security for the loan. This loan will allow you to own the asset or equipment and claim any interest charges and depreciation of the asset as tax deductions.
There are also payment options such as balloon payment or fixed monthly repayments. Balloon payments are where the repayments will be small, but the loan will end with a payment that is significantly larger than the previous payments. Whereas, if you want to maintain a consistent cash flow, fixed monthly payments can be chosen.
Unlike the normal equipment loans, the lender can choose to purchase the asset on behalf of the customer and would own the asset until the equipment is completely paid off. The repayments are similar to loan repayments in small monthly instalments. This would allow you to grow your business without the need to invest the complete costs upfront. Not only would this add cashflow which can be reinvested into other aspects of the business.
If you are looking to use the equipment for a period longer than 36 months, it is recommended to choose an equipment loan to purchase the equipment in comparison to leasing. Unlike other loans, equipment loans do not tie up all your funds and usually doesn’t require additional security, allowing you to use your available funds to reinvest. The ownership also immediately transfers to your when the bank registers a goods mortgage over the asset.
Having a consistent cash flow is a constant concern for any business owner and purchasing equipment will only disrupt the cash flow. However, an equipment loan allows you to spread out the costs solving the cash flow problem. The recurring repayments aids in creating a clear forecast of future costs.Some lenders offer construction loans that are interest-only during the construction period and then revert to a standard principal and interest loan.wants
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