Business equipment finance
- Excavators, Forklifts, Harvesters
- Medical Equipment, Office Fit-Outs
- Construction and Heavy Engineering
Key takeaways
Borrow up to 100% of the equipment value
Loan terms up to 7 years
Competitive rates and low doc approvals are possible
What is Business Equipment Finance?
Business equipment finance is specifically designed to help business owners acquire the equipment then need to run and grow their business.
It allows you to borrow up to 100% of the equipment price (new or used), using the equipment as security against the loan. With set interest rates and repayment periods, this lending option can cover a wide range of business equipment purchases, while also potentially offering tax advantages (speak to your financial advisor).
This lending product is well suited to all types of businesses, from large and established businesses, to new start-up businesses.
Who qualifies?
To be eligible for business equipment finance, you generally need to:
- Have an active ABN
- Be a tax resident (Australia)
- Equipment must be for business use (mainly)
Book a meeting with our expert team to talk through your equipment finance needs, rates and repayments.
Nadine Connell
Business Finance Expert
Key benefits of
Business equipment finance
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Common Features of
Business equipment finance
Loan Rates and Terms
There are a number of factors that lenders consider when setting interest rates and terms for potential borrowers.
These can include:
- How much you want to borrow
- What type of equipment you want to buy
- Whether the equipment is new or used
- Whether you want to buy or lease
- Your business revenue and credit history
- The term of the loan
To find out what rates and terms are available to you, speak to our expert lending team, who can walk you through the different options depending on your unique needs.
We get you the best business finance
from our marketplace of 60+ lenders
Not just your business finance broker.
Your business partner for the long haul.
Over the past 15 years Nadine and Chris have had the privilege to help more than 3,300 Australian business owners realise their business goals.
Everyone’s situation and needs are unique. That’s why we offer personalised business finance brokering and planning services, designed to ensure you get the right type of business finance with the best rates and terms possible.
What’s more, as our client you’ll also get access to all the experience and knowledge of our team – helping you succeed long term. Together.
Why Work with Us?
We’ve had the privilege of helping more than 3,300 Australian business owners over the past 15 years, and we’d love to help you grow your trucking business as well.
Personalised service
We get to know you and your business, your goals and situation, and offer our expert advice on truck lending products that might best fit your needs.
Strategic view
We take a holistic view of your business goals, ensuring a decision to take on truck finance is considered against your financial situation and other needs.
Quick access
We work with lenders to ensure fast application processes and access to your funds. Expert help: We are here to guide you all the way through the process, making sure your application process runs smoothly.
Frequently asked questions
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How do lenders secure equipment for financing?
One of the most common ways an equipment loan is secured is with what’s called a chattel mortgage. With this approach, the asset (equipment) serves as the security on the loan, and the lender maintains a claim on it until the loan is fully repaid. The borrower benefits from getting access and use of the equipment right away.
Other ways to secure equipment for financing include things like personal guarantees (typically a third party) where someone other than the borrower promises to take over the loan repayments if the original borrower defaults.
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What types of businesses are best suited to equipment finance?
Every business owner can benefit from this type of lending – from sole operators to large established and expanding businesses. It’s often seen as a smart way to get the equipment needed for growth while preserving working capital, and potentially getting tax benefits at the same time (talk to your tax advisor).
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Is security always needed for equipment financing?
Typically yes, especially for larger loan amounts. There might be some exceptions for business owners with stellar credit scores who are seeking smaller amounts. We can help you determine what’s needed.
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What if I have bad credit?
Talk to our lending experts, we can potentially help you find a compatible lender based on your unique circumstances.
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What are the common types of equipment that businesses finance?
Heavy Machinery:
- Tippers and dump trucks
- Semis and prime movers
- Excavators, diggers & loaders
- Concrete trucks, mixers and pumps, agitators
- Pallet trucks, crane trucks, car carriers
- Livestock carriers
- Mining equipment finance
- Earthmoving machinery
- Tractors other agricultural farm machinery
Transport:
- Delivery vans
- Commercial wagons and utes
- Forklifts
- Semi-trailers
- All commercial trucks
Office and IT:
- Computers, servers & IT equipment
- Business software
Medical equipment
- GPs
- Dental
- Veterinary
- Surgical
- Aged Care
- Optometrist
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Why use Smart Business Plans instead of just talking to my bank directly?
There are many benefits to working with us over your current lender, including:
Better options. Your bank can only offer you their own lending products. We can get the best lending products from almost all the lenders on the market, including loan types you may not have even considered, but may be a better fit than a traditional loan.
Massive time savings. For you to connect with every lender and find the best lending products for your unique circumstances would take months of hard work. We do that for you.
Better rates and terms. Even if you end up going for a loan with your current lender, we can sometimes negotiate terms and rates for you that are better than what you could get yourself.
Experience. We work for you, not the bank. We present your interests, sharing our experience, expertise and advice along the way, so you get the best possible outcomes.
It’s our goal to have you become a life-long Smart Business Plans client.
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How much does it cost to use your services?
Our initial consultation calls are free. Our business loan and asset finance brokering services are generally free, as we are compensated by the business lender. In some unique situations if a fee for our services was required, this would be communicated to you in advance, and you’d have the opportunity to consider if you’d like to move forward or not. We will never impose a fee or cost for our services that are not communicated to you up front.
We also offer our clients the option of having us support your business loan application by writing your bank loan business plan and cash flow projections (when required by the lender). The fee for this service will be provided if you choose to select this option.
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How do I apply for equipment finance?
Easy! The best thing to do is have a free Zoom or phone chat with us. From there we can work together to get your business funding if there’s good alignment between what you need, and what we do.
Book a Zoom meeting w/ Hubspot diary
Or call 1300 262 098 to discuss your needs
Have a question? Just ask!
One of our lending specialists will be in touch
