Equipment Finance: What You Need To Know
All businesses require new equipment to operate, and eventually, make some profit. However, equipment doesn’t come cheap no matter what business you’re in. This is why equipment finance, an agreement where a lender agrees to buy the equipment you need to continue your operations, exists. It is available for all types and sizes of businesses and offers flexible choices to meet your business’s needs. Here at mhf Finance, we are determined to help your business succeed. We consider different factors such as your cash flow, balance sheet impact, and available credit lines to help you find a lender with the best-equipped finance offer so you can start your business right away.
Which Businesses Need Equipment Financing?
Any business that doesn’t have enough funds to acquire equipment can qualify for equipment finance. Here are some industries in Australia that benefit the most from this solution:
Equipment investments vary per industry and construction is on top of that list. Typical machines include rollers, loaders, and excavators to get projects completed.
Buying equipment outright is not a smart choice since it can affect your cash flow and cause unnecessary stress on your operations. Luckily, equipment finance allows many businesses to keep up with this demand and continue to move forward.
Equipment finance is especially helpful for those in this industry because of the advancements in technology. Examples are hand tools being replaced with CNC (Computer Numerical Control) machines with computer interface and software.
CNC machines help woodworking businesses improve their efficiency to gain profit immediately. When used for the said upgrade, woodworking businesses are investing not only for the present but for their future growth and productivity as well.
The farming industry is the most important pillar of any economy. There’s a variety of equipment needs for this industry including harvesters, tractors, and irrigation systems.
No matter what stage you’re in, your operations will greatly benefit from equipment finance to help you get the machines you need to run a farm. Farmers who embrace certain technologies to up their operations are seeing the benefits.
Providing your patients with the latest and modern technology and medical equipment is crucial in this industry. Having access to state-of-the-art technology is also essential for you to last in this field.
Optometrists, dentists, and clinicians are examples of professionals who apply for equipment finance. Whether you need to replace a surgical device or a quick boost in your diagnostic imaging equipment, this solution can help you as fast as possible without taking a lot of your business savings.
Why Should You Use an Equipment Finance Broker for Your Business?
What is the importance of having a good broker? Allow us to list some ways.
We know how busy and loaded your work schedule is. This is why we always go above and beyond to fit your needs. Whether it’s meeting with you at work, on the road, off-hours, or the weekends, we try to be as flexible as possible to meet your expectations.
Plus, we will take care of the whole process for you. We’ll take care of all the necessary paperwork and assist you from start to finish so you can sit back, relax, and watch as all the hard work is being done for you.
The Lending Market Constantly Changes
The number of equipment finance lenders in Australia has increased more than ever. It also means that terms and policies are ever-changing, and we can help by evaluating and assessing every lender thoroughly. This allows us to get the best business finance solution suitable for you.
And since we have access to several “low doc” (low documentation) finance options, you can get finance approval while only providing minimal information. This results in a painless application process if your business requires fast finance approval.
Spreading Your Debt Across Lenders
We do this to develop a history with several financiers. This helps you gain multiple approvals given you have good repayment history with lenders you’ve dealt with. It also helps keep the competition high and makes lenders fight for your business, and keep repayments and rates low.
Why Choose Us As Your Equipment Finance Brokers?
Making sure that all your business’s equipment and machines are up-to-date is important to increase productivity and improve the quality of your products and services. Acquiring essential yet expensive equipment upfront can greatly affect your working capital, but fortunately, there is a way to access much-needed equipment without spending your entire business’s savings.
We at mhf Finance are a team of experienced brokers with connections to several banks and other financial institutions. With access to this huge database, we can help you find the right lender that meets your criteria so you can start running your business ASAP. Simply contact us for a quick chat about your equipment finance needs.