Businesses from Armadale to Warrnambool turn to Savvy for competitive equipment finance for their business. We help secure loans and leases – including tax-effective chattel mortgages and hire purchases – for all types of equipment including retail, wholesale, industrial, and even mining for the big boom in the new Goldfields. No matter your business and your requirements, you can drive more business with the right equipment finance. Our panel of over 25 lenders means you get the most competitive rates.
Getting flexible funding in business is always a top priority. We help Melbourne get the equipment finance with a minimum of fuss and maximum value. Our loan consultants are on hand to help you gain business finance for equipment, be it loans or leases for all types of industries and retail – even new businesses. We can put together loans and lease packages that adhere to your unique cashflow requirements such as seasonal or agribusiness. Talk to the team at Savvy to find a funding solution that’s tailored for your needs.
When business in Melbourne opt to buy their equipment, they finance using chattel mortgages. A chattel mortgage is a type of loan that gives a business ownership of the equipment immediately. The business can borrow more than 100% of the equipment’s value to fund insurance or extras, claim interest, depreciation, and GST, and the instant asset write-off.
A hire purchase is identical in practice and tax incentives to the chattel mortgage, with ownership resting with the bank or lender until the loan is paid in full. This classifies the “rent” as an operating expense instead of asset expense.
An operating lease gives a Melbourne business access to equipment of their choice for a set period, in exchange for a monthly (or regular) payment. At the end of the period, the business must hand the equipment back to the financier. This is optimal for businesses that need to upgrade their equipment regularly, such as IT equipment. Businesses also do not have to worry about maintenance and insurance costs, as these are borne by the lender. However, some lenders may require the equipment be kept in reasonable condition over the life of the lease.
A finance lease works in the same way as an operating lease but gives your business the option to buy the equipment at the end of the loan. Depending on the residual value of the equipment, a Melbourne business can take ownership by paying out this remainder. They can also hand back the equipment or start a new lease with new equipment. It’s the most flexible of the funding options available.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
