Equipment & Business Loans | Mortgage Choice Gladesville
No matter whether you’re just starting out in self-employment, or you have an established business enjoying strong growth, chances are at some stage you’re going to need new equipment.
Choose the right arrangement
Various types of equipment finance are available, including hire purchase, finance leases and equipment loans.
Hire purchase will suit a business that wants to eventually own the assets outright, although the finance provider owns the equipment until the contract is paid out. A deposit is usually not required.
An equipment finance lease is similar to a hire purchase arrangement, but rather than making payments with the goal of owning the equipment, the business negotiates a new arrangement at the end of the lease contract, and either continues leasing the existing item or opts to lease a new item. This enables a business to have access to the latest equipment without constantly spending capital.
Another option is an equipment loan (sometimes known as a chattel mortgage), which is a fixed interest loan secured by a mortgage over the asset. This arrangement has some tax advantages, in that GST is not paid on loan repayments
Your local Mortgage Choice broker in Gladesville can guide you and give you the information you need to find the right equipment finance package for your needs.
We offer a wide choice of lenders to find you a great deal on equipment finance for your business. Call us today on1300 552 118 to book in a visit to discuss your needs.