Equipment finance through your Castle Hill Mortgage Brokers
If you're starting out in self-employment or have an established business with good growth then chances are you may need some new equipment.
The team at Mortgage Choice Castle Hill can help you work out the best finance options to fund this equipment. It could be anything from espresso machines for cafés to the latest tools for tradies.
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.
We understand small business
Mark from Mortgage Choice Castle Hill understands small business because he owns a small business himself! Watch our short video below to learn how our team can help you with your small business.
If you’re thinking about purchasing new equipment for your business, make sure you give us a call or book an appointment online.