Getting new trucks or heavy machinery for your business doesn’t need to be a challenge. Thanks to Loantec’s equipment financing, you have options to secure business assets without needing to pay cash upfront. This makes managing finances easier and gives you more opportunities to capitalise on your cash flow to grow your business.
To help you understand your equipment financing options, we’ve put together this guide which covers the different ways you can finance your business machinery and assets. Whether it’s a simple equipment loan for a single truck, or a hire purchase agreement for a whole fleet, Loantec’s Finance Technicians have a solution to fit your needs.
Probably the most common financing option, an equipment loan is a fantastic choice if you need a simple solution that gives you ownership of the asset straight away.
These work like a house or car loan; with the machine or asset you purchase acting as security against the loan. In some cases, the interest you pay and the depreciation of the asset are tax-deductible.
An equipment loan means you won’t have to pay upfront for a new piece of equipment for your business. Or use an existing machine as security. Of course, if you’re unable to make the repayments on the loan, the lender will be able to seize and sell the asset to recoup the costs of the loan.
You’ll generally be able to tailor an equipment loan to suit your cash flow. You can usually choose from a selection of repayment options and terms.
The Finance Technicians at Loantec are experts at sourcing the best equipment loans on the market. With access to more than 40 different lenders across Australia, we’ll get the best deal for your needs. Fill in our pre-qualification form to discover our commercial finance options today.
An alternative to equipment loans is using hire purchase to secure your asset over a longer period. As the name suggests, this is where you essentially hire the machine from the lender over an agreed-upon period. The main difference compared to an equipment loan is that you do not own the machine outright until you make the final repayment.
Hire purchases are a popular equipment financing option when you don’t have a great credit rating. As similar to equipment loans, the lender can choose to sell the asset. However, one important thing to note is that, with hire purchase, the lender (or owner of the machine) can choose to sell it at ANY point in time. Or before you have made a third of the total payments in the case of a motor vehicle. This is obviously a risk you will need to consider when looking at your financing options. Of course, once you’ve made the final repayment you will 100% own the machine and the lender can’t go and sell it.
Another benefit of hire purchase is that they generally have very flexible repayment schedules and interest rates. You can often get better terms if you have a deposit or asset to put against the purchase as well!
With more than 30 years of finance and lending experience, Loantec’s Finance Technicians have the skills and experience to help find the right hire purchase financing for your needs. Whether it’s for a single forklift or you need a fleet of delivery vans. Our team will find the best possible finance for you.
A Complete Range of Equipment Financing Options Across Australia
Getting the right equipment and machinery for your business is easy thanks to Loantec’s equipment financing options. Our Finance Technicians have access to a huge panel of lenders and can find the right solution for your needs.
Whether you’re after a hire purchase agreement, a lease agreement, or want a more traditional equipment loan, we have options to suit every situation.
Thank you so much to Tammi for helping us consolidate our smaller debts and re-finance our car at much lower interest rate! Amazing work. Thanks for making the whole process so easy and the great communication. Will definitely be recommending Loantec to our family and friends!
We were lucky enough to have Tammi help us through the process and she did an amazing job, she made every step straight forward and explained the process extremely well I can’t recommend Tammi and loan- tec everything highly enough.
Would like to say a big thank you to Tammi and the team at Loantec they helped us consolidate our outstanding debt to put us in a better position for the future.
100% recommend this company they made the whole processes very easy and uncomplicated.
Kacie-Leigh Maree Moylan
Equipment financing is a fantastic way to improve business cash flow and ensure you have the machinery to get your work done. Don’t lose potential business trying to scrape together the cash to buy a new machine. Affordable equipment financing is the best way to ensure your business keeps operating while you get your cash flow sorted.
If you’re ready to discover your equipment finance options, fill in our pre-qualification form or contact Loantec today. Our Finance Technicians will assess your financial situation and determine how we can help you best. From there, we will find the best finance deal possible and work to get you approved as quickly as possible.