Having the right equipment for your business is imperative if you want to grow and stay competitive in an ever innovative market place.
Of course, it can often be hard to pay for any new equipment using savings or business profits.
Business equipment, regardless of whether it is a new piece of technology, an upgraded piece of equipment, or the latest computer software, can be very expensive to buy.
Thankfully however, your local Mortgage Choice mortgage broker can help you finance all of your equipment needs so that you can grow your business and lead the pack.
Here are three key reasons why you should finance your business equipment.
Keep your business running and growing
By financing your business equipment, you can significantly reduce the initial expense you would have to fork out if you were to buy the equipment outright. Also, you needn’t worry about dipping too much into the company profits or savings and instead pay for the equipment in a time frame that suits you and your bottom line.
Better yet, there is no need for you to save a deposit and no GST is paid on the loan or the repayments. Unlike leasing equipment, you have ownership of the equipment from the start of the loan. This means you can get on with the important task of successfully managing and running your business.
Does your business have periods of strong productivity followed by a slowdown? If that is the case, you won’t need to be concerned about not being able to afford the repayments. You broker will be able to tailor your commercial loan around a cash flow forecast for your business. This will stop you from stressing about how you will repay the loan during seasonal fluctuations. The structure of your repayments can be structured monthly, quarterly, half-yearly, annually or via another negotiated time. Payments can also be structured according to the predicted decrease in the equipment’s value and lifespan.
Depending on your equipment finance situation, you may be able to earn tax benefits. Your broker and accountant will be able to help you with this.
As you can see, there are many reasons why financing your business’ equipment needs may be the best choice for you, your profits and your company.
So, what are you waiting for? Pick up the phone and speak to your local broker today.