Small Business Equipment Loans

Compare different loan offers with Savvy to find the best one for your small business to purchase equipment.

Last updated on June 16th, 2022 at 04:36 pm by Thomas Perrotta

Compare small business equipment loans

When you’re running a small business, buying the equipment you need with the funds you have available can sometimes be a challenge. With Savvy, you can find and compare a range of loans for business operators to help you find the one which best suits your needs. Start comparing offers and apply today.

site-logos OnDeck Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $10,000 $250,000 6 to 24
Months
3% $0
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Lightning business loans up to $150K can be funded in as fast as 2 hours - simply provide 6 months of recent bank statements.

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site-logos Lumi Unsecured Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $500,000 3 to 36
Months
2.5% $0
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Boost your business with fast hassle-free funding from Lumi. Apply online in five minutes without harming your credit score and get funds in as quickly as 24 hours. For a limited time: Business Loans with No Repayments for the first 6 weeks. T&C apply.

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site-logos Lumi Lux Rate Reducing Business Loan
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $200,000 $500,000 12 to 48
Months
3.50% $0
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Lumi Lux™ is an innovative rate-reducing business loan that rewards customers with good repayment histories and no contractual breaches throughout their loan term by dropping interest rates by 25 basis points (0.25%) every six months

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site-logos Valiant Finance Business Loan Broker
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $1,000,000 3 to 60
Months
$0 $0
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Valiant is Australia’s leading business loan broker with a network of over 80+ lenders. Apply for a business loan between $5,000 and $1 million and get approved in as little as 24 hours.

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site-logos ebroker Unsecured & Secured Business Loans
  Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee Annual Fee  
site-logos $5,000 $3,000,000 6 to 360
Months
$0 $0
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Compare, find and match fast to over 80 bank and non-bank lenders accessing much needed working capital from a unsecured business loan.

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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.

You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.

The features and benefits of small business equipment loans

No asset security required

Perhaps the most important factor for small business loans is that security isn’t required, as we partner with lenders offering small unsecured business loans which are more accessible.

Choose a comfortable repayment term

You get the power to decide your loan term to ensure your business is capable of comfortably supporting its repayments, with potential periods ranging from three months to five years.

Borrow from $5,000 and up

Unsecured finance is highly flexible when it comes to the amount you’re able to borrow, with minimums of $5,000 and a maximum of up to $500,000 available with some lenders.

Buy any type of equipment

There aren’t any restrictions on how you use the loan, only that it must be for business purposes, which means you can buy any equipment you like, large or small.

Secure an affordable loan

With a great deal of competition in the market when it comes to business finance, you can take advantage with a loan offering a low interest rate and low or no fees to boot.

Make additional repayments and save

Many lenders also enable you to pay above and beyond the minimum required amount to help you maximise your overall savings should your business become able to do so.

Why so many Aussie car buyers choose Savvy

How to compare small business equipment loans

Your small business equipment loan questions answered

Am I able to use my loan for other expenses aside from the equipment purchase?

Yes – unsecured business loans can be used for any number of purposes in addition to the purchase of your asset. You can request to borrow any amount you’re capable of borrowing, regardless of whether that’s more or less than the cost of the machinery you’re looking to buy. You might want to cover other expenses in addition to the equipment, such as fitting out your shop or adding to your business’ overall cashflow.

Should I look at equipment finance for my small business?

Equipment finance is another option when it comes to purchasing business equipment. This is a secured loan which utilises the asset itself as collateral for the finance deal, meaning the size of your loan will be tied to the cost of the equipment. By doing this, you can access lower interest rates and potentially longer repayment terms of up to seven years. However, these loans are less flexible in terms of what they can be used for, limiting themselves to the purchase of the asset only. If you don’t have an eligible asset available, you’ll likely need to apply for a standard business loan as a self-employed owner

Can I lease my equipment instead?

Yes – there are a range of different leases available if you’re not wanting to commit to the purchase of your equipment. Leases are less expensive, as you’re not covering the cost of purchasing the asset in your payments, and come with added benefits such as up to 100% of your repayment being tax-deductible. Savvy can help you find out more about different lease types and secure a great deal for your business.

What factors affect my loan’s interest rate?

There are a variety of individual variables which could impact your interest rate, such as:

  • The size of the loan you’re after
  • Your proposed loan term
  • Your business’ current cashflow and available revenue
  • Your business’ trading time
  • You and your business’ credit scores
Are equipment loans available if I have a startup business?

Yes – you can still get an equipment or machinery loan if you’re a new business. However, equipment loans for a startup business are generally more difficult to obtain, as they’re seen as being riskier than a loan to an established business. As such, you’re likely to find that these loans come with more restrictions on borrowing and higher interest rates, as well as requirements for business owners to meet (such as experience running a business in the past).

Will seasonal income impact my business’ approval chances?

Not really – seasonal businesses are as eligible to borrow as any other business. Provided you’re capable of maintaining your repayments all year round, there shouldn’t be too many issues taking out a loan. Some lenders will be able to provide you with a specialised seasonal payment plan which skews a greater proportion of your repayments away from your off-season months, but this isn’t always the case.