Yes, LNDR offers financing for used equipment. Our equipment loans are versatile and can be used for various purposes, such as purchasing new or used equipment, refinancing existing equipment, or funding expansions and upgrades. Additionally, we can provide loans against equipment that your business already owns, allowing you to free up cash flow. Contact us to learn more about our equipment loan options.
With an Equipment Loan, you can finance the purchase of new or used equipment without having to make any upfront payments or deposits. This type of loan is also suitable for businesses that want to upgrade their machinery or expand their operations. By financing new equipment or machinery, you can start generating additional business revenue and reap the benefits of the assets you’ve acquired. In fact, many of our clients have found that the revenue they generate far exceeds the costs of repaying the equipment loan.
Typically, an equipment loan is secured by the equipment being financed. This means that if you take out a loan to purchase a piece of equipment, that equipment will serve as collateral for the loan until it is paid off. However, we also offer an equipment line of credit that does not require security over the equipment purchased. To learn more about our small business lending options, speak with one of our specialists today.
There is a range of options when looking at equipment finance. The 5 main types of equipment finance are:
- Chattel mortgages
- Operating leases
- Hire purchases
- Finance leases
- Fleet leasing
- + many more
Understanding the different types of equipment loans available is important in making an informed decision that suits your business’s unique circumstances. It is recommended to seek independent advice before deciding on a particular type of equipment loan. However, if you would like to learn more about the features and benefits of each type of equipment loan, we are available to assist you.
Equipment finance is a type of loan that provides you with the necessary funds to purchase the equipment your business requires. The lender will hold the equipment as collateral until the loan is fully paid off. This type of financing can be used for a variety of purposes, including buying new or used equipment, refinancing existing equipment, and expanding business operations to generate additional revenue.
To apply for an equipment loan, in most cases you would need to provide the below information/documentation. Although different lenders will have different requirements they will require from the borrower, the below is what most lenders will require you to provide.
- Complete the LNDR online application form (<7 minutes)
- Details of the goods to be financed (or the amount you want to borrow if you haven’t decided yet)
- 2 forms of ID (Usually a license and medicare card)
The above is the minimum requirement, some lenders may ask for more. Feel free to reach out to the team at LNDR to find out more.
There are both advantages and disadvantages to financing equipment.
Advantages of equipment financing include:
- Maintaining cash flow: Financing equipment means you can acquire the equipment you need without having to pay for it all upfront. This helps preserve cash flow, which can be used for other important business expenses.
- Expanding operations: Equipment financing can help you grow your business by providing you with the funds to purchase equipment needed for expansion.
- Keeping up with new technologies: Financing equipment allows you to keep up with the latest technologies and stay competitive in your industry.
- Tax benefits: Equipment financing may offer tax benefits such as deducting the interest on your loan repayments and depreciation of the equipment.
- Keeping working capital in the business: Financing equipment means you can keep your working capital in the business, rather than tying it up in equipment purchases.
Disadvantages of equipment financing include:
- You don’t own the equipment outright: Until you pay off the loan, the lender has a claim on the equipment. If you default on your payments, the lender may repossess the equipment.
- Interest, fees, and charges: When financing equipment, you will have to pay interest on the loan, as well as any fees and charges associated with the loan. This can add up to a significant amount over time.
At LNDR, we focus on providing our clients with a range of options for equipment loans. Unlike lenders, we don’t push you to choose a specific loan product. Instead, we provide you with all the facts and let you choose which option is best for you. Our goal is to work for our clients and provide them with the information they need to make an informed decision.
This is why it’s important to have LNDR on your side.
Yes, you can certainly apply for 100% of the cost of your new equipment. Lenders look at so many different factors when applying for any loan and an equipment loan is no different. At LNDR we can apply with lenders for a “no deposit” equipment loan which means the lender will not require you to put down a deposit and they will fund the entire purchase amount. This means that there will be very little upfront commitment which makes it easier on the business cashflow. Call LNDR to speak to an equipment loan specialist to find out more.