What is an
Equipment Loan?
Reasons for an equipment loan.
Have you ever gone shopping for a forklift, or a utility vehicle and thought WTF?!? Running and operating a business can get ridiculously expensive. Your business heavily relies on having the right equipment and the right vehicle, although it may not be a good idea to put all your eggs in one basket. If you are expanding, financing is a must, there are no two ways about it. But how do you know you’re not getting stitched?
Why choose LoanOptions.
LoanOptions takes the hard part out of the search. Once you input your details and the Ai works its magic and synthesises your information, that hours worth searching is reduced to seconds! Being able to compare with open eyes, you can weigh the pros/cons and apply them to your situation. Comparing Equipment Loans shows you what works best for your own circumstances. More Options. More You!
Whether new or established, upgrade your business today with the right equipment loan.
Running a business is hard enough; growing it can be that much harder if you do not have the right financing in place. You don’t want to spend hours after your work day to look through financial product information to find what equipment loan suits you. Loan Options can help you with that search. There are, however a lot of benefits to getting an equipment loan.
No upfront deposit
When buying new equipment, you may not wish to put down a deposit, so you can keep that capital in the business and use it to cover operating expenses. Our diverse lender panel allows for many different lender options, some of which would not require you to put down any deposit and allow you to fund the asset in its entirety.
Tax-deductible
After speaking to your accountant, you might find that equipment financing may potentially make you eligible to deduct interest paid, fees paid and any depreciation incurred as a tax deduction.
You own the asset straight up
Time is money, and it’s definitely true when it comes to Equipment Financing. From the moment you sign on the dotted line, you get immediate ownership of the equipment, meaning you can start using it immediately.
Flexible repayment schemes
Flexibility is favourable when speaking about Equipment Loans. Depending on your cash flows, this could give you more room to move and choice on repayment terms.
Covers a broad range of products
There are multiple businesses that operate in the market today. Mobile weddings, Personal Paparazzi, meat delivery, and virtual dating assistants to name a few. At the same time, there is financing to suit every industry, business, and equipment required. Equipment loans don’t just cover tools and heavy machinery but commercial vehicles, farm and agricultural equipment, computers, laptops and renovations.
Running a business is hard enough; growing it can be that much harder if you do not have the right financing in place. You don’t want to spend hours after your work day to look through financial product information to find what equipment loan suits you. Loan Options can help you with that search. There are, however a lot of benefits to getting an equipment loan.
What is a finance lease?
If you’re fine with renting your equipment this could be for you. The obvious downside of this is that you don’t own the equipment, the lender does. The asset is leased to you for an agreed time period and the payments may be tax deductible.
A hire purchase
Under a hire purchase agreement, the bank buys the equipment or vehicle and rents it to you for an agreed time period. Interest rates are often fixed and are tax deductible. At the end of the agreement the asset belongs to you.
It’s easier to throw in the towel sometimes when it comes to the search to find the right equipment loan. Don’t disappear down the rabbit hole searching through endless financial product descriptions, interest rate offers and advertisements. The best way to find the right personal loan for you is to compare what is out in the market right now. Compare, Compare, Compare! Comparing your options will get you the best deal for your circumstances. You can also consider the below to give you a headstart when you start your search.
The Right
Interest rate.
Interest rates are vital, as they dictate the amount you pay on a loan in any given year. When you are looking to get a business loan, be sure to be smart about it, don’t be a dummy and go with the first loan you see.
Use LoanOptions to compare and find yourself (without any need to contact anyone else) the best loan for you! More Options. More You.
More Return (ROI).
Equipment can be a huge drag on every business's balance sheet. There is an opportunity however if you have a proper equipment financing solution in place, you can see your business grow and generate additional (ROI).
The saying you have to spend money to make money rings true. The money spent on your business whether its equipment, marketing or other growth opportunities could lead to additional revenue that offsets any interest paid. It allows for more rapid expansion when cashflow would otherwise not allow it. There are many options for Financing Equipment these days when it comes to structuring your finance, including Overdrafts, lines of credit, working capital loans and invoice/debtor financing. Talk to our Customer Service professionals at LoanOptions today!
We’ll tell you what you need to know, enquire with LoanOptions and take one step closer to getting your equipment loan.
Secret fees.
The devil is in the details, and it can be more than a pain if you do not read the fine print properly or if not all associated fees are brought to your attention as a borrower.
Ask yourself these questions:
Entry/Exit Fees.
Are there any entry or exit fees?
Late Payments.
What are the late repayment fees?
Early Payments.
Are there fees for paying your loan off early?
Added Costs.
Are there any other added costs that could come up?
Still have questions?
If you have any questions or enquiries,
visit our FAQ bunker or give us a call
More than 647 smiles, laughs & warcries
