How to finance business equipment

Running a business is never easy. Running a large business that requires expensive, often complex equipment, is even more difficult. While your business may be doing well and you can see great potential for it, you need new equipment to scale up and grow your revenue. An equipment loan is the solution.

What if I can’t afford to purchase equipment

Many business owners cannot afford to buy equipment for cash. Luckily, this doesn’t have to prevent you from growing your business, as there are other solutions. A business loan for your required equipment is your best option.

How to finance business equipment

It’s not that difficult. You just need to apply. This does not guarantee that you will receive your loan, but if you are a legitimate business with legitimate needs, then chances are your request for equipment finance will be well received.

Many lenders offer a simple online application which can take less than five minutes to submit. The lender will ask for your financial reports and other proof of your business’s financial statements that they use to decide.

Benefits of obtaining business finance

Buying big ticket items like equipment for your business can suck up a large part of your available capital, making it difficult to run your business because of insufficient cash flow.

Keep your overheads down and your business running efficiently with a business loan for your big- ticket equipment items.

Types of industries that often require equipment finance

  • Construction
  • Marine
  • Agriculture
  • Transport
  • IT

Common items that companies often need to finance

  • Computer and office equipment
  • Office furniture
  • Workshop tools
  • Construction equipment
  • Plant
  • Manufacturing equipment

Equipment finance calculator

If you want to know what your monthly costs could be, use this finance calculator as a guide.

Benefits of an equipment loan for your business

  • An equipment loan for your business might qualify you for a tax deduction on the interest repayable.
  • Don’t need to wait to upgrade your equipment.
  • Get the latest technology available, but only if it will benefit your business.
  • No major outlay of capital.
  • Maintain good cash flow within your business.
  • Choose between fixed and variable interest rates.
  • Easier to scale your business up or down.
  • Depreciation on your equipment is generally tax deductible.
  • Makes it easier to adapt to fast changing market conditions.

If you require or are considering equipment finance for your business, then contact us for the best way forward.

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