Equipment Finance
Equipment Finance Solutions for Your Business Growth with Cresco Finance
Regardless of whether you’re launching a new business or expanding an existing one, acquiring new equipment is often essential. At Cresco Finance, we specialise in providing tailored equipment finance solutions to help you secure the necessary tools for your business’s success. Our team is committed to making the process of obtaining equipment finance straightforward and efficient, ensuring you can focus on what matters most – growing your business.
Why Choose Equipment Finance?
- Versatility and Flexibility
Equipment finance is not limited to obvious purchases like trucks, forklifts, or refrigerators. It can also be used for less apparent needs such as solar panels, accounting software, telephony systems, and IT infrastructure. The primary requirement is that the investment must aid in equipping your company to operate more efficiently or expand its capabilities. - Cost-Effective Solution
Rather than making a significant upfront investment, equipment finance allows you to spread the cost over time. This helps manage cash flow more effectively and ensures you can continue to invest in other areas of your business.
Types of Equipment Finance We Offer
Commercial Hire Purchase (CHP)
A Commercial Hire Purchase (CHP) is an arrangement where the financier owns the equipment during the hire period, but the business uses it. Once all terms of the agreement are met, typically when the final payment is made, ownership transfers to the business. This financing option is ideal for businesses looking to acquire equipment without an immediate capital outlay. CHP agreements can be structured with or without a final balloon payment, and repayments are fixed for the duration of the agreement. An upfront deposit or trade-in can also reduce rental commitments.
Chattel Mortgage
A Chattel Mortgage is similar to a CHP but offers specific GST benefits. Under certain conditions, the entire GST portion can be claimed in the first BAS period after purchase. This arrangement is flexible and can be tailored to your financial needs, offering a cost-effective way to finance equipment while taking advantage of tax incentives.
Equipment Finance Lease
An Equipment Finance Lease allows a business to use equipment for a set period while making regular lease payments. Unlike a CHP, at the end of the lease term, the business can negotiate a new lease for the same or different equipment. This option is perfect for businesses that need access to the latest technology without committing to ownership. It ensures you can stay competitive by always having up-to-date equipment.
What is the Interest Rate on Equipment Loans?
Interest rates for equipment loans vary based on several factors, including:
- The type of financing solution chosen
- The asset’s type and age
- The terms and conditions of the agreement
- Your credit score
- The duration your business has been operating
Typically, interest rates on equipment loans range between 2% and 20%. A better credit score can help secure more favourable interest rates.
Can I Get an Equipment Loan with Bad Credit?
It can be possible to obtain an equipment loan even with bad credit. While a higher credit score can simplify the loan application process and provide more options, those with poor credit can still find suitable financing. However, you may face higher interest rates and stricter conditions. Lenders might require a larger upfront contribution, use of the equipment as collateral, or other security measures. It’s crucial to assess whether you can afford the costs and are comfortable with the associated risks.
How Soon Can I Get Equipment Finance in Australia?
Compared to property finance, equipment finance applications have a faster turnaround. With Cresco Finance, you can typically get approved within a few days, often at competitive rates. Our streamlined process ensures you receive timely funding to meet your business needs.
Document Requirements for Equipment Finance
To ensure a smooth application process, you’ll need to provide certain documents, including:
- Proof of Identity – Valid identification documents, such as a driver’s license or passport.
- Proof of Income – Recent pay slips, tax returns, or other documents verifying your income.
- Business Financials – Financial statements, including profit and loss statements, balance sheets, and cash flow statements.
- Bank Statements – Personal and business bank statements to provide a comprehensive view of your financial situation.
The Cresco Finance Advantage
Expert Guidance
At Cresco Finance, our team of experts is dedicated to helping you find the best equipment finance solution for your business. We take the time to understand your unique needs and financial situation, ensuring we recommend the most suitable financing options.
Tailored Solutions
We offer customised equipment finance solutions designed to meet the specific needs of your business. Whether you’re a startup or an established company, we have the expertise to help you secure the financing you need to grow.
Efficient Process
Our streamlined application process minimises paperwork and reduces the time it takes to get approved. We aim to make securing equipment finance as straightforward and hassle-free as possible.
Investing in the right equipment is crucial for the growth and success of your business. Cresco Finance is here to help you navigate the complexities of equipment financing, providing tailored solutions that meet your unique needs. Whether you’re looking to purchase new machinery, upgrade your IT systems, or invest in other essential equipment, we have the expertise and resources to support your business goals.
Contact Cresco Finance today to discuss your equipment finance options and take the first step towards securing the tools you need to drive your business growth. With our professional guidance and tailored solutions, you can focus on what matters most – growing your business.
We are partners in achieving financial growth and property ownership.
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