The floods which are currently affecting vast areas across the east coast and inland regions of the country have caused extensive damage to business assets, machinery, and equipment. The situation is dire for many business owners that are seeking to get back on the feet and back to business as quickly as possible. A situation that highlights the importance of being able to access the finance required to purchase equipment – quickly and efficiently. Quickly, but while at the best business loan interest rates available and without paying a premium for expedited loan approval and application processing services.
Business Finance can provide such a service and is ready to assist both businesses impacted by the current flood situation and other businesses that require ‘fast finance’. Others may include those that have taken on new projects and need special machinery to handle the job; received a welcome but unexpected large customer order and need to upscale production rapidly; have experience failures or breakdowns with essential equipment and need it replaced immediately; you may be heading to a machinery auction and want your loan sorted before attending, and many other scenarios.
Selecting the Appropriate Source
Commercial loans and business finance are available through a number of sources and selecting the best way to go can mean a significant time differential. Time is an important factor in sourcing commercial loans, both the time you may have to spend on the process and the time the entire process may take.
To save your own time and potentially expedite the process, using a finance broker is a smart option. Our brokers work closely with our customers to address their specific needs and ensure their best interests are the key focus of the financial solution.
The benefits of using a business finance broker are probably best highlighted when compared with the alternative. The alternative being handling the entire process yourself. That can involve making contact with multiple banks and finance companies to get several finance quotes to compare. Then, having made your choice as to the best option, go back to the chosen one and start the application procedure.
If you’re dealing with a floor or other disaster situation or you have urgent issues to address in your business, do you really have that sort of time to spend on sourcing commercial finance quotes?
In comparison, our finance brokers have direct industry-level channels to access multiple banks and non-bank lenders as well as data resources to know which lender is currently making equipment financing at the cheapest rates. So one call or email to brief our brokers and they go to work to handle the process for you. Promptly responding with a quote and on your acceptance, dealing with the loan application process and settlement for you.
The bottom line – saving you time and ensuring a time-saving process. Both essential to accessing equipment finance quickly.
Business Finance Options for Equipment
There are a number of different commercial finance facilities available for the purchase of business equipment.
- Chattel Mortgage or Equipment Loan
- Equipment Rental or Rent-to-Own
- Equipment Leasing
- Commercial Hire Purchase
There are variations across these loans in regard to how GST is treated, how an income tax is realised, ownership of the equipment over the finance term, suitability to accounting methods, and other specifics. It is strongly advised that businesses consult with their own accountant or financial advisor in selecting the appropriate loan type as that is not the role or responsibility of the finance broker or lender to advise on. Knowing that information in advance may contribute to speeding up the overall loan acquisition process.
There should be no time differential in sourcing and arranging one type of finance over another.
Tip: have a general conversation with your accountant at some stage about business loans and commercial finance. Know what accounting method they use to prepare your business account and ask what would be the best loan product for your business to purchase equipment and vehicles.
Eligible Equipment Acquisitions
If you need finance quickly, you will want to ensure the lender you approach actually provides finance for the equipment you are purchasing. Some finance companies will specialise in consumer loans, not business finance while others may focus on the home mortgage market.
Business Finance provides finance solutions for a wide range of equipment for essentially all types of business in all industry sectors. Our connections extend to non-bank lenders that specialise in heavy vehicle loans and heavy equipment and machinery finance deals. Lenders that specialise present the prospect of cheaper interest rate loans and greater flexibility around finance terms and conditions.
So if you need finance quickly for business equipment of any type, whether it be machinery for use in agriculture and construction, medical equipment, or general business equipment such as IT, tech, and software – knowing who to approach and what to request can be the fastest way to a prompt finance solution.
For fast solutions, contact 1300 000 033
DISCLAIMER: THE SPECIFIC PURPOSE IN PROVIDING THIS ARTICLE IS FOR GENERAL INFORMATION ONLY. IT IS NOT INTENDED AS THE SOLE SOURCE OF FINANCIAL INFORMATION ON WHICH TO MAKE FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADVICE OR GUIDANCE AROUND THEIR SPECIFIC FINANCIAL CIRCUMSTANCES ARE RECOMMENDED TO CONSULT WITH A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPTED IN REGARD TO ANY MISREPRESENTATIONS OR ANY ERRORS RE ANY DATA, SPECIFICS, POLICIES AND OTHER INFORMATION AS SOURCED FROM OTHERS.