All types of businesses occasionally need to spend money on new equipment if they want to continue providing their customers with the highest standards of service possible. Whether you are running a newly-opened retail outlet or a well-established manufacturing company, there will come a time when you have to consider replacing old equipment with new, in order to maintain efficiency and productivity across the board.
Equipment loans are the most obvious solution at times when major purchases are being considered but with so many different business loans for equipment available, how do you know which is best for your needs? The easiest way to ensure that you make the right choice when evaluating a loan for equipment is to enlist the help of an independent specialist. Let the team at Universal Finance help you to identify the perfect loan solution for your business.
We have been helping businesses across Australia to obtain competitive loans for equipment since 1999. As ASIC Credit Licensees and a full member of the Mortgage and Finance Association of Australia (MFAA), we are able to extend our credit services to companies in all areas of the country.
If you would like us to help you find the best business equipment loans for your specific requirements, call (03) 9088 8369 now. In the meantime, you can find more information about these types of loans below.
A commercial equipment finance loan is a type of loan designed to help all types of companies obtain the equipment they need for their business activities. Newly formed companies often have to spend a substantial amount on equipment in order to meet their customers’ needs while more mature organisations will eventually reach a point where existing equipment needs to be upgraded or replaced. In order to maintain a healthy cash flow, most such companies elect to finance their purchases with an equipment loan for business purposes.
Equipment loans are sometimes also referred to as goods loans or chattel mortgages and they usually include the following terms and conditions:
Depending on the types of business loans for equipment you are considering, you may also come across loans that include a balloon payment at the end of the loan period. A balloon payment is a final payment made in one lump sum. The purpose of a balloon payment is to lower the monthly payments.
The interest rate on equipment loans for business will depend on a number of factors, including your company’s financial health, the amount you wish to borrow, the term (the time over which the payments are spread) of the loan in question and the equipment on which the loan is to be secured.
When compared to the alternatives – applying for an unsecured loan or taking money from your current account – equipment loans have much to recommend them:
We firmly believe that a loan for equipment is often the best solution when a company needs to acquire new fixed assets but there are a couple of factors you should consider before applying for one:
After evaluating the pros and cons for yourself, we are sure you will come to the same conclusion as our team of specialists: equipment loans are often the easiest and most convenient solution when funding for new capital asset purchases is required.
Thanks to our direct accreditations with more than a hundred lenders in Australia, we are able to find competitive loan packages for all types of commercial organisations and all types of equipment purchases. We are also able to quickly understand our customers’ needs, thanks to our long experience, which means you’ll find us very easy to talk to. From the moment you first contact us, through to the signing of your business equipment loan agreement, our team will be at your disposal, ready to provide you with any assistance or information that you may need.
If you would like more information about the various different types of equipment loans we can arrange or you would like to request a quotation, please don’t hesitate to call or message us right now.
If you are ready to apply for a loan to buy new equipment for your business in Australia, we recommend using our quotation request form to get the ball rolling. Once we know a little about your circumstances and your requirements, we can help you to find a loan for equipment that represents a good deal for your business. If you are not sure how much you should borrow or encounter any difficulties when completing the form, please feel free to get in touch with us for personal assistance.
How difficult it is for you to obtain a business equipment loan will depend on several factors. These factors may include the type of equipment you wish to purchase, the total value of this equipment, the state of your company’s finances and the number of years over which you would like to spread the payments. However, we don’t just deal with prime lenders such as major banks and credit unions but with unconventional lenders and private investors too. Companies that have previously been unsuccessful when applying for loans are often able to find the credit they need with Universal Finance.
The sum you are able to borrow will also depend on a number of factors, including the type and value of the equipment you wish to buy, the state of your corporate cash flow and your projected turnover for future years. We have access to major lenders who are willing to offer very substantial business equipment loans to Australian companies; we also have access to smaller institutions that specialise in lower value loans. Whatever size loan you are looking for, we will help you to find a competitive deal.
Yes. A loan for equipment can be used to purchase any type of equipment that your company may require. Whether you need to invest in production machinery for a new factory or computer equipment for your offices, we can help you to find a willing lender. Some lenders may have their own preferences, with regard to the type of equipment they lend money for, but with our extensive network we are sure to be able to find a bank, credit union or private investor that can meet all of your needs.
Companies and individuals with poor credit histories undoubtedly encounter more difficulties when attempting to borrow money for capital purchases. However, as a finance company with years of experience in the arrangement of bad credit loans, we are often able to help such customers find the business equipment loans they need. If you have a less than perfect credit history, please don’t let that stop you requesting a business loan quotation from Universal Finance right now. We will almost certainly be able to help you.