Business Equipment & Motor Vehicle Finance

Business Equipment & Motor Vehicle Finance

Equipment finance can help you purchase assets without eroding your working capital. It is a popular form of finance for businesses that want to better manage their cash flow.

Various types of equipment finance are available, including hire purchase, finance leases and equipment loans.

  • Hire purchase will suit a business that wants to eventually own the assets outright, although the finance provider owns the equipment until the contract is paid out. A deposit is usually not required.
  • An equipment finance lease is similar to a hire purchase arrangement, but rather than making payments with the goal of owning the equipment, the business negotiates a new arrangement at the end of the lease contract, and either continues leasing the existing item or opts to lease a new item. This enables a business to have access to the latest equipment without constantly spending capital.
  • Another option is an equipment loan (sometimes known as a chattel mortgage), which is a fixed interest loan secured by a mortgage over the asset. This arrangement has some tax advantages, in that GST is not paid on loan repayments.

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