Equipment Loans in Melbourne
Need equipment for your Melbourne business and looking for finance options, Contact RealLoans Melbourne now.
Whatever your business needs are, whether its medical equipment, civil constitution equipment, printing equipment finance or any other commercial equipment finance, contact us.
Expert Melbourne broker at your service
Talk to an expert broker
We have Melbourne’s one of the best equipment finance brokers that provide every customer a personalised service depending on their individual needs.
With many lenders available, RealLoans finance brokers will provide you with the loan option that is best suited for you.
Easy Loan Approval
Mortgage Broker at RealLoans will guide you throughout your loan process and ensure you have a quick easy loan approval.
We will ensure that your loan application process is smooth and we will keep you informed throughout the process until the settlement.
Types of Equipment loans available in Australia
It’s the most popular equipment loan in Australia. In this you own the equipment and bank provides a loan secured by the asset.
The interest rate and the repayments are fixed during the term the loan.
You have the option of balloon payment, that is to be paid at the end of the loan term. With balloon payment you can reduce the monthly but you will have to pay interest.
In Finance Lease, Bank purchases the equipment at your request and rent it to you for an agreed period.
Once this period ends, you return the equipment to the bank. A lease must have a residual value.
Your business can usually claim the lease payments if the asset is used to produce income.
A hire purchase is an agreement between your business and the Bank to buy equipment over an agreed period of time. The Bank buy the equipment at your request and give your business possession and use of it in return for regular payments.
When the final payment is made, ownership of the equipment is transferred to your business. Your business can usually claim the interest on payments and depreciation if the asset is used to produce income.
Eligibility for Equipment Finance
If you are
- Aged 18 years or over
- Eligible to work in Australia
- An individual, sole trader, sole owner of your company or someone authorised to apply for finance and credit for a business
- Financing equipment that will be used by a business purposes.
And your business has:
- Been trading for more than 12 months
- A good credit rating and is not going through the process of bankruptcy
Fees and Interest rates
With Competitive fixed interest rates and repayments for the term of the loans.
Balloon Payment option is available.
Let our Equipment finance broker get you right loan in Melbourne.
Equipment Finance FAQ
A popular car finance option for employees. The Bank make a lease arrangement with your employer so you can finance a car for personal use through salary sacrifice. Payments are taken from your pre-tax salary by your employer. You can choose to pay monthly or quarterly over a term of two to five years. The Bank owns the car and you can offer to buy it at the end of your lease agreement. Take out a minimum $20,000 loan with no maximum amount. If you move employers, the lease and vehicle move with you (if your new employer agrees).
A balloon payment is an amount due at the end of your loan. Balloon payments are sometimes referred to as a final repayment amount. While not all business car loans will have a balloon payment, they are a popular option.
Balloon payments can be helpful if you need to reduce your loan repayments, making your regular repayments lower. This helps you get the vehicles your business needs without tying up cashflow.
While having a balloon payment will reduce your monthly repayments, you’ll be left with a lump sum to be paid at the end of the loan. You’ll also end up paying more interest over the life of the loan.
This means your loan won’t be fully paid off by your monthly repayments as you’ll still need to pay the lump sum leftover to close out the loan.
A residual amount is the lump sum due in addition to the final repayment. Your residual amount is part of the remaining balance due at the end of your loan term. It’s based on fixed percentages set by the Australian Tax Office (ATO) to work out the value of your car or equipment at the end of your loan.
Depending on the repayment amount and the amount you borrow, loan terms generally range from 1-7 years.
If you’re purchasing a used or second-hand vehicle – the loan term may be shorter depending on the age of the vehicle. Remember, the longer the loan term – the more interest you will pay.
Yes, the minimum loan amount is $15,000.
We work with a wide range of commercial lenders to suit all needs including Macquarie, Pepper, Westpac and Metro Finance just to name a few.
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