Whether you’re running an office-based business and are in need of equipment such as printers, copiers, computers and other office supplies, work in construction and looking to buy some light/heavy machinery or something else, it’s important to think about the most beneficial way to pay for it all.
Financing your new business equipment has myriad tangible benefits that may help your business not only survive - but thrive. Here are what we believe to be the top 6 reasons to choose business equipment financing.
Reason 1. Stay up to date with the latest technologies
In most industries, it’s imperative that you’re operating with the latest tech in order to maximise your output. It’s not cheap to buy the latest and greatest gear, but equipment financing opens the doors to those businesses that might otherwise not have the extensive capital on hand to buy outright. Plus, leasing can allow you to update to new tech once your leasing term ends with relative ease and at a low cost.
Reason 2. Maintain your cash flow
Purchasing equipment for your business upfront can cause huge fluctuations to your budget and leave you with cashflow issues (to say the very least!). However, when you finance your new equipment, you know exactly how much you’re paying each month which allows for easy budget predictions and helps you maintain a consistent cashflow.
Reason 3. Maintain your working capital
Particularly for small and medium-sized businesses, paying for equipment upfront can be a big risk if it leaves you with little capital - should there be any unexpected expenses that hit your business, without enough working capital in the bank it might be disastrous.
Opting to finance lets you keep your capital in the bank, giving you peace of mind to know that if anything happens, you have the financial means to work through it.
Reason 4. There are several types of financing available
Depending on your particular needs, you have the freedom to choose between several different types of equipment financing including asset leasing, chattel mortgages, equipment rental and cashflow funding.
If you’re interested in financing some new equipment for your business, there are a few questions you need to know the answers to so we’re able to match you with the right type of financing, including:
- Is it additional or replacement?
- Which brand/model do you want/need and why?
- Considered used or refurbished equipment?
- Is this equipment required every day, intermittently, or maybe seasonally?
Reason 5. Tax benefits
Each of the aforementioned types of equipment financing comes with its own taxation benefits. The majority of businesses may be able to claim things like depreciation and interest paid, plus other potential deductions on the repayments themselves. Be sure to speak with your accountant about what you’re able to claim specifically.
Reason 6. You can get approval quickly
The sooner you get new equipment, the sooner your business can increase its output - perhaps exponentially so. And financing can really help speed up the entire process.
For example, when you choose to work with us here at Stratton Finance the process is not only super-straightforward but also lightning fast:
- Get a free quote for your equipment finance (60 seconds)
- Apply for the financing (5 mins)
- Chat with us so we can get a bit more info (10 mins)
- Get approved (between 1 and 24 hours)
- Sign the contract (24 hours)
- You’re approved and can buy your new equipment
So if you need some new equipment quickly we’ll help you secure financing in 2 days or fewer, giving your business the means to really thrive.
Speak with us today about equipment financing
If you’d like some more information or would like to chat about which type of equipment financing would work best for your business, we’re always here to help. Call us now on 1300 787 288 or message us online and you’ll hear back from us soon.
Our team of finance brokers has an extensive amount of experience working with businesses of all types and sizes across Australia, and the reviews we receive from our customers speak for themselves - check them out here.
Disclaimer: Nothing in this article should be assumed as personal advice. You should consider whether the information is appropriate to your needs, and where appropriate, seek advice from a professional financial adviser.