Types of Equipment Finance
There are a range of commercial finance facilities available to businesses for the purchase of a wide range of equipment. These include: Commercial Hire Purchase, Equipment Rent to Own, Equipment Leasing and Chattel Mortgage.
These loan products have varying treatments of tax deductions, of GST, balance sheet entries and are structured to suit either a cash accounting or accruals accounting method. It is advised that businesses consult with their accountant as to which particular loan product would best suit their accounting methods.
Subject to lender guidelines and individual applications, finance is available for all sized businesses in all industries. Sole traders, owner-operators, SMEs and large corporations. Finance can be extended for the purchase of farming and agribusiness machinery, manufacturing equipment, heavy civil and construction equipment, mining equipment, general business equipment including IT, furnishings and other assets, medical and health centre equipment, gym and fitness equipment and many, many others.