No matter your industry, iCREDIT Equipment Finance in the Gold Coast is here to support your business by offering cost-effective financing solutions for a wide range of equipment needs. From yellow goods and concrete pumps to machinery, IT equipment, gym gear, and catering supplies, we’ve got you covered. Our financing options extend to various sectors, including civil equipment, commercial equipment, healthcare, manufacturing, construction, and mining.
Equipment finance is the term used for various loan facilities used for business’ to purchase assets. Equipment Finance covers assets such as motor vehicles, trucks, yellow goods, machinery or any other equipment required by a business. You can use equipment finance to purchase new or used equipment, through retailers (dealer) or private sales.
For most businesses, using equipment finance can save you having to use available cash, overdrafts or mortgage redraw facilities. Equipment Finance can offer taxation benefits as well which can range from claiming the GST from the purchase, the interest payable on the loan through to claiming the repayments as a deduction.
The loan term for equipment finance is dependent on your business needs and budget. Generally, most terms range from 1 to 7 years and offer different repayment types such as: Straight monthly repayments, Balloon / residual payments or even irregular payments such as quarterly payments to coincide with BAS.
If you’re purchasing an asset for business use, by providing as much information as possible will give you a greater range of lenders and loan products to choose from. A good credit rating and up to date financials or bank statements will help secure a suitable equipment loan answer.
As everyone’s business is unique, so are the interest rates offered by lenders. Factors such as the asset type, age and your overall application profile determines what interest rate you will be offered.
Most commercial lenders will finance tractors for ABN holders. Some lenders will have age limits on tractor loans and may prefer customers to be looking at new or near new assets.
If you’re purchasing equipment or assets for your business, you have a choice of loan products available. These include:
Rent To Own
Business Overdraft
Unsecured Business Loan
All loan products offer different benefits and disadvantages, so it’s important to make sure you are entering into an equipment loan that’s suitable to your business structure and needs.
For more information on what product may be suitable for you, contact our finance consultants on 1300 350 118
