Business Equipment Financing
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Business funds are often tied up with overheads, invoices, wages and rent. Business equipment finance can help your business get the capital it needs without affecting cash flow and stabilise your business, ultimately helping its future growth. This type of business loan can help you purchase or lease assets critical to your business’s day-to-day running and upgrade necessary equipment that impacts your business’s success and output.
There are many benefits to equipment finance loans:
By purchasing more efficient machinery or adding another vehicle to your fleet, you may create more structured processes that allow you to increase capacity.
Purchasing new equipment can be a difficult decision for many business owners. It’s a catch 22, you need the money to buy new equipment, but you need the equipment to generate cash flow.
Business equipment leasing is an excellent option because you won’t have to worry about it depreciating in value. Additionally, as the lessee, you aren’t tied down to the equipment. You can choose to upgrade whenever you want. This can be an attractive option for heavy machinery or if you’re in an industry where using the most state of the art machinery has a competitive advantage.
When considering financing or leasing equipment, the value of the equipment should be taken into account, along with any tax benefits you may receive. To help make your decision, ask yourself how long you will need the equipment, whether it is necessary to own the asset and whether you can afford any maintenance costs associated with it on top of your loan repayments.
What qualifies as Commercial Equipment Financing?
An asset is a loose term given to any equipment or vehicle your business may require to run. An asset could be adding a new vehicle to your fleet to deliver more stock, or it could be upgrading machinery so you can increase productivity. Commercial equipment financing allows you to purchase or lease that asset, and covers basically all industries and equipment. If it has a serial number chances are you can finance it. You can apply for a business loan for everything from mining equipment to computers for your office.
Other types equipment finance may include:
Medical and dental equipment
Heavy machinery and mining equipment
Restaurant and cafe equipment
Fitness equipment for gyms
Farming and agricultural equipment
Renewable energy equipment
Small Business Loans
A standard business loan you can take out to help purchase an asset you need for your business. This type of loan can be either secured or unsecured and may come with a lower interest rate. A business loan allows you access to a larger sum of money and increased cashflow, while using an asset as security against the loan.
What Equipment Loan Should You Apply For?
Like with any other type of loan, there are several options of finance available to you. The type of finance you choose entirely depends on the type of equipment you wish to purchase or lease. Generally speaking, expensive equipment that a business will use for many years can be purchased with finance. On the other hand, lower-valued assets may be more suited for leasing. A Crest Lending broker will help guide you on the finance options available to you so get competitive rates and aren’t paying unnecessary fees.
Business Equipment Finance Gold Coast
At Crest Lending we are experienced in finding business equipment financing options no matter the size of your business, From large companies to local small businesses we can provide you with an option that suits the growing needs of your business.
Spend more time working on your business and less time stressing about growing it with the help of Crest Lending’s equipment financing. We will work closely with you through the whole process making sure you get the equipment finance solution that’s right for you and help equip your business for success.