Why Use Finance?
Finance can easily be used to purchase new or used equipment for your business. It can take the form of a lease, hire purchase or rental agreement depending on what suits your needs.
Equipment finance helps you obtain equipment now without you having to pay the full cost upfront. One of the great benefits of equipment finance is that the equipment you are purchasing can be used as collateral, so you will not have to use property as security.
When using the equipment as security for your loan, the amount you can borrow depends on the value of the equipment you are buying. The equipment type, age of equipment and the useful life are important factors in determining the amount of your finance approval. You can finance up to 100% of the value of the equipment.
Most equipment finance has fixed interest rates and a set term with regular monthly payments. The certainty of fixed monthly payments can help your business planning and budgeting. Another benefit of financing your equipment is that it frees up your capital to be used as working capital and towards your business growth.