Commercial Equipment Loans

The right equipment is vital for business success. You may need equipment that includes the latest features to keep up to date with your competitors, you may want to purchase more equipment to grow your business.

Whatever your need for new equipment, our panel of experts can help you select the right commercial equipment loan for your needs.

How do I finance my equipment?

There are a number of options available to you to purchase equipment with finance.

Commercial Equipment Loan – In this situation, you will receive a loan for the Equipment purchased. The equipment or vehicle purchased becomes the security for the loan. You own the equipment straight away.

Finance Lease – With a finance lease, the lender purchases the equipment you need and then “rents” it to you. This has some flexibility for repayment terms over an agreed period. 

Hire Purchase – With hire purchase, the finance company purchase the asset and you make repayments until you own the equipment. Once all repayments have been made, ownership transfers over to your business. 

Comparing Commercial Equipment Loans – What to look at.

The Interest Rate offered – The interest rate offered is obviously an important consideration as this will directly impact how much you need to repay over the life of a loan. Our experts can help you find a competitive rate but also advise you about the security of fixed rates or whether you should look only at variable rates. 

Fees and Charges – Our experts will ensure that you fully understand all fees and charges that you may be liable for when choosing a finance product. We will help you understand all fees and charges and are aware of all fees – establishment fees, ongoing fees and early repayment fees. 

Flexible repayment options – If you need flexibility, our experts can help you choose the right loan, ensuring it fits your needs. 

Loan terms – Commercial equipment loan terms vary. Loan terms range from 12 months to several years. The longer the loan term the lower your monthly repayments although will end up paying more interest in the long term. Our experts can help you choose the right loan term for your personal situation. You may be able to set up balloon payments at the end of your loan to lower your monthly repayments. 

Tax Benefits – Commercial equipment loans may come with taxation benefits. Our experts can give you a brief overview of what some of these benefits may be but you will need to seek advice from your own accountant so you understand which finance option best suits your own need. Our experts can liaise with your accountants. 

If you are looking for a commercial equipment loan get in touch and speak with one of our experts today. Let us help you tailor a solution that:

Helps you maintain control of your costs

Offers you the flexibility needed in repayment terms

Gives you the maximum taxation benefits.

Get in touch so we can connect you with one of our experts today.