Compare business equipment finance options
Thinking business equipment finance?
No matter what your business does, you’re going to benefit from a convenient, accessible method of financing when you need equipment. Savvy specialises in helping thousands of Australian businesses just like yours to get the tools, machines, appliances, or even office equipment it needs to continue to thrive. Our expert asset finance consultants are always on hand to help, and we deal with more specialist lenders, so you can choose from a broader range of products and options designed to fit the way you operate. Whether that’s an asset lease or a loan, our expert business finance consultants are ready and waiting to ensure everything goes smoothly. So, when it’s time for business equipment finance, look no further than Savvy!
Effortless business equipment finance
Almost every business needs reliable equipment to succeed – and helping Australian businesses succeed is exactly what Savvy is here for. Each year we assist thousands of companies when they need to buy tools of the trade, hospitality equipment like commercial fridges, vehicles like trucks, cars and utes, and even fixtures and fittings for refurbs – and our helpful brokers make the whole process quick, simple, and effortless. We know that in order to succeed, you need to concentrate on what matters. When you’d rather be running your business than chasing up loans, filling out forms, and crunching numbers, you can trust Savvy to source the best value lenders and products that are designed specifically for your industry or sector.
Business equipment finance explained
What’s a business equipment finance residual payment?
A residual or balloon payment is a portion of the finance principal that you don’t repay during the term. Instead, the amount becomes due when the agreed period ends. At that point, depending on your circumstances, you can either pay down the residual amount or refinance it. Let’s say you have a five-year chattel mortgage with a 30% residual. After five years, you’ll have paid 70% of the borrowed amount back, but if you refinance the residual – let’s say over an additional two years – you effectively extend the chattel mortgage.
Companies use residuals because they’re an effective way to manage regular repayments during the loan term. Because they’re only repaying a percentage of the borrowed amount over the period of their finance agreement, repayments are lower. With a chattel mortgage, you can adjust the residual amount so that repayments are a lot more manageable than if you elected to repay 100% of the borrowed amount over five years. Leases don’t offer the option of adjusting the residual amount – because the ATO sets the percentage based on asset depreciation during the finance term.
What is low doc business equipment finance?
Low doc asset finance is a specialist product offered by lenders to businesses that don’t have up to date financials or tax returns when they need to apply for credit. Savvy partners with several providers who’ll consider low doc applications, and this is how they work:
Borrowing needs don’t always sync with the financial year, so many businesses out there find themselves short on up-to-date financial information when the time is right to apply for a loan or lease. With conventional asset finance, lenders will request:
- Your driver’s licence or equivalent ID
- You’ll need your ABN
- The lender will need to know the details of the equipment you’re financing
- An up-to-date tax return
- Accounts for the current tax year, including a P&L statement
Often, preparing returns and accounts lags behind the end of the financial year, and that’s where low doc asset finance comes in. Provider requirements differ, but some lenders will let you apply with alternative documentation, such as:
- Evidence of property ownership
- Personal financial details
- Lenders may as for personal guarantees that the loan will be repaid
- Lenders might request business bank account statements
- They may also want to see quarterly business activity statements
- You can help lenders assess your business by providing a cash flow forecast
- Some lenders may consider evidence of current orders and sales in conjunction with the above details
One of Savvy’s expert business equipment finance brokers can help you navigate a low doc finance application, and they’ll quickly assess your requirements before identifying relevant lenders and products.
Why choose Savvy?
Less time worrying about finance, more time worrying about the needs of your customers – that’s the Savvy difference
Your equipment finance application process
At Savvy, we start working for you the minute you contact us, and we just don’t stop until everything is in place!
Getting in touch with one of our expert business equipment finance consultants means getting the ball rolling. We’ll ask you a few simple questions, and once we know your situation, we’ll instantly start finding you the best lenders.
Have your business financials handy, so we can figure out which products are most suitable, and we can check you’ve got everything the lender needs to approve your lease or loan. Once we’ve done that, it’s time to get your application started.
Savvy’s expert consultants work hard to source only the ideal finance products for your business. We’ll select the providers who offer the products that suit your cash flow requirements from our extensive lender panel.
You don’t need to worry – our people will be there from the start of the process until the end. We’ll ensure your paperwork is in order and that funding for the equipment vendor ready, so there won’t be any delays.
At Savvy, we arrange everything, and once the lender has settled your finance amount, we’ll make sure the dealer is paid in good time so you can take delivery of your new equipment!
Savvy partners with an extensive panel of commercial lenders to bring you more equipment finance options. If you’ve had a couple of defaults in the past, several offer bad credit commercial loans, and one of our consultants can assess your situation before recommending the most cost-effective one. Bad credit business equipment finance tends to be slightly more expensive than regular products.