Businesses need to invest in equipment from time to time as part of their growth process. If purchasing machinery, computers, vehicles, or other equipment seems to be too expensive for your company, equipment financing options can help ensure that your business goals and growth will not have to suffer. Our experienced team can guide in choosing and applying for the right equipment financing option based on your business size and your requirements.
What Does Equipment Financing Cover?
Equipment financing can provide you up to 100% funding on both used and new equipment that can add value to your business. These loans can have interest rates ranging from 8% to 30% and the repayment terms can be up to the entire life of the equipment.
We at Mid-Atlantic Commercial Capital, LLC can assist you in applying for equipment financing through our vast network of lenders that include private investors, government funding agencies, collateral lenders, and special types of lending businesses that may be difficult to access for others.
Apply for financing for the following types of equipment:
- Vehicles including cars, vans, utes, motorcycles, trucks, buses, trailers, and all-terrain vehicles
- Construction equipment including excavators, forklifts, loaders, scissor lifts, and bulldozers
- Agricultural equipment including tractors, cultivators, trowels, sprayers, seeding equipment, tillage equipment, and hay/sillage equipment
Other types of equipment include computer systems, manufacturing machinery, fit-outs, graders.
Eligibility Requirements for Equipment Financing
When you apply for equipment financing for your business, you can expect us to help you get a fixed interest rate on the credit. The loan term can range from 12 months to 60 months or it can also depend on the life of the equipment. Usually, the asset is the only security that you will need.
Some of the basic eligibility conditions are as follows:
- Must have an active ABN
- Must be registered for GST
- Must meet a minimum annual turnover of $75,000
- Must be 18 years or older and be an Australian citizen or permanent resident
- Business and residential address must be within Australia
- Equipment must be used for business applications
The list of eligible equipment can vary from one lender to another. This is where we can help you find the right lender depending on your requirement.
There are certain limitations on the total purchase price of the equipment. Generally, this limit comes to $150,000 inclusive of all the costs including taxes and insurance. However, the limit can vary based on your business turnover and size.
We can also assist you in qualifying the equipment supplier before forwarding your application to the lender. The lender must meet some of the following requirements:
- Must be registered for GST
- Must have ABN
- The equipment’s supply must be the normal course of business
When buying from a private seller, it is possible to apply online. Still, we will require you to meet certain additional requirements before your application can get approval.
If you need more information about equipment financing for your business, it is recommended to contact us today. Feel free to call us at (540) 825-9800 or send us an email at firstname.lastname@example.org.