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Ultimate Guide to Equipment Finance

Chapter 2

Pros & Cons of Equipment Finance

Intro to Equimpent Finance

Credit Capital understands business

We know that machinery and equipment are long term investments in the success of your business. Without quick access to funds when you need it, the growth of your business can be severely hindered. Sometimes opportunities come along that can’t be passed up. You might have an opportunity to take on a large contract at work, the factory next door might have just come up for lease, you have a great opportunity to expand but you need capital to purchase new equipment and tooling. Without quick access to funds, you could be beaten to the punch by a competitor. In business, it’s much harder to play catch-up when you fall behind, rather than stay ahead of the game when you’re on top of your competitors.

Mining equipment
manufacturing equipment

Grow your business

Many brokers in the market don’t have the knowledge when it comes to equipment finance. A lot of brokers will treat an equipment finance transaction the same as a car loan. At Credit Capital, we have the knowledge and experience with equipment finance to get you the best deal each time. Unlike a car, your equipment is an income generator for you. Rather than focussing on what your situation is now, when it comes to equipment finance, we’re more focussed on projections and what your business will look like and how it will grow once you’ve got the new equipment you’re after. We understand the importance of getting your equipment finance deal approved in market leading turnaround times, so you can grow your business and take things to the next level.

All equipment considered

It doesn’t matter what you’re looking to get. If it is a tangible item, with value, that will be used in the operations of your business and allow for more growth we can finance it. Everything from tractors and bobcats, to harvesters and airseeders, all the way down to tooling like industrial drill presses and hydraulic metal fabrication equipment. We’ve done it all, we talk your language, Credit Capital will save you time and money when it comes to taking out equipment finance. Call one of our dedicated consultants today to find out more.

Advantages & Disadvantages of equipment loans

Advantages

Tax deductible

As this is a purchase used in the operation of the business, the interest on the loan, the GST, and depreciation of the equipment are all tax deductions for your business. Confirm with your accontant your exact entitlements.

Quick Approvals

Quick acccess to cash when you need it means you're business will keep running the way you want and growth wil never be hindered

Disadvantages

Obsolete

Not all equipment holds its value. By the time you've paid off the loan the equipment itself may be obsolete

Maintain working capital

Cash flow is important in the operation, success, and growth of your business. If you purchase equipment outright it could mean you're missing out on other opportunities to grow your business such as hiring more staff, purchasing stock, or even taking over a competitor.

Minimal paperwork

Depending on your business, and what equipment you're purchasing, we may even be able to do low doc financing.

Deductions can be limited

If the equipment needs to be depreciated, then you won't be able to claim the full amount each year. Confirm with your accountant your exact entitlements

How to apply for a equipment loan?

1. Find out your budget

Before approaching any lenders , the most important thing for you to know is how much you can afford each month for your equipment. 

2. What do you want

Whether you have a specific asset in mind, or just a set of requirements you needs to fulfill, everyone has different wants and needs when it comes to taking out finance. The more you can let us know about what you want or what you need, the better we are able to fulfill your dream and grow your business.

3. Prepare Documentation

When it comes to taking out finance, there is no such thing as too much documentation. We will always strive to make the process as smooth as possible with the minimum amount of documentation, however, the more prepared you are, the quicker we can make the process for you. Be prepared with IDs, business details, financials, and cash flow projections. The more prepared you are the more efficient we are.

4. Speak to a Professional and apply

Once you know the above, enquire online or call us directly and we can help you with the rest. If there’s anything above you need assistance with, not to worry, our devoted team can answer all your questions and find the deal that best suits your requirements. We can guide you along the way no matter how early, or late, in the process you are. We put your mind at ease and make finding the best deal easy from start to finish.

Book a free consultation with one of our experts today!

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