Equipment Finance

Get Funding For Your Business Equipment & Assets

If you want to grow your business, we’ll help you get the tools you need.

Whether you’re a small or medium sized business, equipment and technology will be an imperative component of your everyday operations. If you require capital to invest in equipment to expand your business, we can step you through the advantages of popular types of equipment finance. Get in touch with the Southshore Finance team today to look at the best solution for your business.

What is equipment finance?

Equipment finance refers to a loan or lease that is used to acquire business equipment or other physical assets for all types of industries. Our equipment finance service covers everything from office equipment to earthmoving equipment and motor vehicles. As a business owner, receiving equipment finance ensures that your capital investments are much smaller up front. This leaves you with working capital to finance regular operations and explore any new business opportunities that may arise. Equipment financing options offered by Southshore Finance include:

As a business owner, receiving equipment finance ensures that your capital investments are much smaller up front. This leaves you with working capital to finance regular operations and explore any new business opportunities that may arise. In all circumstances, please involve your accountant to find the best solution for your business.

Equipment finance options offered by Southshore Finance include:

• • N Finance Leases

Under a finance lease, the ownership of the equipment rests with the lessor. When the lease expiries, you may make an offer to the lessor to acquire the asset at the residual amount. You may also return the good to the lessor.

When to consider: For businesses that may require the equipment for the full period of its useful life, but don’t have the capital to spend straight away.

• • N Operating Leases

Operating leases act as a basic rental agreement. Throughout the lease period, ownership of the equipment remains with the lessor. When the lease is over, the equipment is either returned to the lessor or purchased by your business for an agreed price.

When to consider: For business owners that don’t require the equipment for the full period of its useful life.

• • N Novated Leases

Novated leasing offers flexibility when procuring a vehicle as part of an employee’s salary package. Business employees may lease a vehicle during their period of employment, while their employer pays the rental directly from the employee’s salary.

When to consider: For business owners looking to finance a new or used car.

• • N Chattel Mortgages

Under chattel mortgages (traditional secured loan), the equipment is owned by your business. The interest component of payment is tax deductible, allowing you to claim depreciation deductions on the equipment. Benefits also include the fact that you may pay the loan down to zero over any term without the need of a balloon payment.

When to consider: For business owners looking to buy a business car, vehicle, or equipment with finance.

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When is equipment finance needed?

Whether you’re after a new oven for your restaurant, require a new vehicle for transport, or an upgrade of existing business assets, equipment finance will have you covered.

Equipment finance is a common option for small to medium-sized businesses at all stages of operation that have limited access to traditional funding. It offers an affordable way for you to access innovative equipment, technology, and machinery so that your business can reach its full potential.

What is required to get started?

Your business will need to meet some basic qualification criteria, such as having both your Australian Business Number (ABN) and Goods and Services Tax (GST) register for a minimum of 24 months.

To apply for equipment finance, you will need to supply proof of business registration, financial records, and the details of the asset you wish to purchase. You may also need to supply bank statements and cash flow forecasts, to prove the financial status of your business and help the process move quickly.

How Southshore can help with equipment finance

Using a finance broker for your equipment finance needs saves you valuable time and connects you with competitive prices. As one of Perth’s most established commercial finance brokers, our team will make sure you get the perfect business finance to purchase your business assets. For an obligation-free phone consultation, contact us today.

Equipment Finance FAQs

What are the benefits of equipment finance?

There are numerous benefits your business will receive upon equipment financing. Most importantly, the reduced upfront costs of new equipment can lead to increased cash flow. Additionally, equipment finance gives you the opportunity to expand your scope and embark on new jobs.

What types of equipment can be financed?

There’s a broad range of equipment that can be financed. This can include, but is not limited to.

• N Office printers
• N Office fit-outs
• N Heavy machinery
• N Earthmoving equipment
• N Industrial cleaning equipment
• N Commercial cooking appliances
• N Coffee machines
• N Medical equipment
• N Varied trade tools
• N Earthmoving equipment
• N Vehicles

Who is responsible for the equipment during the finance period?

This is established from the commencement of the agreement with the lessor. However, under many equipment finance agreements, the equipment lessor is responsible for the ongoing costs and maintenance, making equipment finance an appealing option for business owners.

What happens at the end of the finance period?

This is also established from the commencement of the agreement with the lessor. Prior to signing the formal agreement, take note of your options, which may include returning the equipment, refinancing the equipment, or purchasing it outright.

Contact Southshore Finance

If you’d like to know more about business finance, simply fill out the below contact form and we will get back to you shortly.

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