Equipment finance can provide the ideal alternative to buying equipment outright. At Lend Me, you can finance the equipment your business needs, allowing your business to grow and maximising your cashflow.
How does equipment finance work?
When you finance equipment, you pay an agreed rental payment over an agreed period of time. Because this is not a loan, you don’t pay interest on the agreement. Instead, you pay a fixed amount for the use of the equipment, over a fixed term.
At the end of the rental term, you have a number of options open to you. You can choose to extend the rental period, you can upgrade or replace the equipment you are leasing, you can make an offer to purchase the equipment at fair market value, or you can return the equipment with no further payments required.
You can also choose to upgrade your equipment or add more equipment to your agreement during the rental term. To do this, you can either adjust your rental payments to incorporate the added cost of the new equipment, or you can keep the payments the same and extend the term of the rental agreement.
If you need to cancel the arrangement before the end of the term, you can do so, but you would still need to cover the balance owing. It’s often more effective to upgrade the equipment instead, and adjust to a new rental agreement.
If you damage the equipment, it’s best to check the manufacturer’s warranty first to find out if it’s covered. However, you are responsible for repairs and maintenance and to keep the equipment in good working order and insured at all times.
Whether your business is small, medium or large in size, whether you require equipment for mining, aviation, waste, civil construction, materials handling, manufacturing, transport & logistics, rail, health or education, we can find the equipment finance solution for you.
We offer finance for a wide range of equipment. From finance leases and operating (rental) leases, to hire purchase and lease in escrow, to novated leases and chattel mortgages – we provide a diverse range of finance options so you can find the one that suits your business.
Call for a chat on 08 6234 6400 to see if we can help your business grow.