A good equipment financing company will be there to get you up and running in no time, but it just takes one bad experience at the equipment finance brokers for you to run into some serious financial strife. But with interest rates hitting record lows, now is the best time to upgrade your business equipment, or even think seriously about starting up a new venture with some flashy new toys. The catch-22 of equipment finance, is needing money to buy equipment that will make you money, and that first step is the biggest hurdle for many business owners. But here at Biziloans, we love someone who is keen to make their dream career a reality, and to do it on their own terms, which is why we have put together a few things for a budding business owner to think about when they’re preparing to apply for an equipment loan.
Many start-up businesses don’t have the financial backing to purchase the equipment outright- but they will, once they have the equipment. So by applying for an equipment finance loan, they are able to acquire the tools they need to create their own business, and then pay them off over a long period of time –making the costs much more manageable than paying one large sum. It’s also better suited to your needs than a standard business loan, as the equipment can be used against your loan as collateral- therefore reducing your overall financial risk, rather than using your assets- and it leaves you with the option to hold onto your savings for any emergency costs which may arise in your new business.
Trying to find the equipment finance option that’s right for you? It comes down to a few factors, such as the type of business you have and the equipment that this business will need. You can purchase almost any equipment, so long as it is for business purposes. The most common are
- computers and IT equipment,
- heavy commercial vehicles such as trucks and buses
- excavation equipment
- agricultural and farming equipment
- hospitality/kitchen equipment
- industrial equipment, such as production line machinery
- scientific and medical equipment
It’s also important to know your credit score, and to have some documentation about your credit history and your projected business plans. When you’ve got everything you need, make sure you contact a lender with easy, quick, and efficient loan options with the most competitive interest rates. Biziloans has a team of experienced consultants all across Australia, who are dedicated to finding the perfect loan package for your business. We don’t need GST registration, and we offer tax effective options with flexible terms to suit your cash flow, so you can rest easy knowing your business is getting the best possible start. Whether you’re a partnership, company, or sole trader; a food truck, a naturopath, or running an office from home; Biziloans has everything you need to take your business to the next level, with reliable advice and obligation free loan pre-approvals.