Getting Equipment Finance
1. Consultation with Your Finance Broker
Your journey to securing asset or equipment finance begins with an initial consultation. Whether you’re looking to purchase vehicles for your fleet, machinery for construction, tools for your trade, or technology to grow your business, your broker will take the time to understand your goals. They will explain the finance process, assess your current financial position, and outline loan options from banks and specialised lenders across Australia who understand your industry needs.
2. Financial Assessment
Your Finance Broker will conduct a detailed review of your financial situation, including your income, business performance, assets, liabilities, and credit profile. This assessment determines your borrowing capacity and the structure of finance options available to you. Your broker will explain key concepts like residual value, balloon payments, interest rates, and equipment depreciation, ensuring you understand how each impacts your business cash flow.
3. Exploring Finance Options
After assessing your position, your broker will compare finance products from a range of lenders. This includes chattel mortgages, hire purchase agreements, operating leases, and equipment loans. Your broker will also explain the benefits of each, such as potential tax deductions, ownership structures, and repayment flexibility, helping you find the right solution for your equipment needs—whether it’s for utes, trucks, forklifts, medical equipment, or agricultural machinery.
4. Pre-Approval Process
Gaining pre-approval provides confidence and clarity about your budget before committing to a purchase. Your broker will help you prepare the necessary financial documentation, such as business bank statements, BAS statements, or tax returns. Pre-approval allows you to negotiate better with dealers or suppliers, knowing exactly how much finance you can access.
5. Submitting the Finance Application
Once you’ve chosen the finance option that best suits your needs, your broker will handle the entire application process. They’ll collect all required documentation, prepare the submission, and liaise directly with the lender on your behalf. This ensures your application moves quickly and efficiently, allowing you to secure your new assets without delay.
6. Approval & Settlement
After approval, your broker will help you finalise the agreement and review all terms, including repayment schedules, interest rates, and ownership details. They will also coordinate with the supplier to ensure funds are released promptly so you can take delivery of your new equipment or vehicle. Your broker’s goal is to make the process seamless from start to finish.
7. Ongoing Support
Even after settlement, your Finance Broker remains available for ongoing support. They can help review your finance structure, explore refinancing options as your business grows, or assist when it’s time to upgrade equipment. Their role continues well beyond the purchase, ensuring your finance remains aligned with your business goals.
