Business success depends on reliable plant and equipment. We know that when you need new equipment, time is often of the essence. Because of this, AAA Finance offers a quick and easy application process with most equipment loans approved within 24 hours. This means you can get the gear you need - when you need it!
- What can be purchased with equipment finance?
- What finance options are there?
- No doc equipment finance
- Low doc equipment finance
- Full doc equipment finance
- Business line of credit
- How do I apply?
- Get pre-approved
- Business loan calculator
- Why use AAA Finance?
- Equipment Finance FAQ's
What can be purchased with Equipment Finance?
The list is virtually limitless with regards to what can be purchased using an equipment loan facility.
- From huge earth moving machinery, mining equipment, farming hardware and industrial machinery to smaller items such as office equipment, lawn movers and shade sails - the list is endless! If the item has a serial number, then it can be used as security for an equipment loan.
- New or used equipment. Whether you prefer a tried-and-true used model or its showroom equivalent!
- Buying privately or from a dealer. You have the option to buy from a farmer around the corner or continue your relationship with a dealer - the choice is yours.
What Equipment Finance options are there?
We provide 4 equipment loan options to ensure our customers are offered a comprehensive loan solution. In most cases we can secure finance against the asset being purchased through a no doc, low doc or full doc chattel mortgage. A chattel mortgage is when the asset (chattel) purchased through an ABN is used as security for the finance (mortgage). Depending on the age of the business ABN and whether financials are available would determine what type of business loan – no doc, low doc equipment finance or full doc. If the asset is not able to be secured against a loan, usually due to age, we offer a business line of credit facility.
1. No Doc Equipment Finance
For businesses who are at least 2 years ABN and GST registered whose director/s are homeowners, with previous credit history. Usually, no documentation to prove income is required, however, you will need to sign a declaration stating an estimate of net profit and gross turnover.
2. Low Doc Equipment Finance
For business who are at least 2 years ABN and GST registered. Low documentation is required to prove income, usually interim figures are used. This could be in the form of BAS, bank statements, accountants’ letter or profit and loss statement from accountancy software such as XERO or MYOB.
3. Full Doc Equipment Finance
For business who are less than 1-year ABN. Full proof of income is required. This may be an up-to-date tax return and/or interim figures as above for a low doc equipment finance loan.
4. Business line of credit
This type of business facility provides an ongoing line of credit to a predetermined amount. This can be used when the age of the asset is older than lender requirements. Most lenders want the age of the asset to be less than 15 years old at the end of the loan term. So, if you are looking at a 15-year-old bulldozer chances are that you will not be able to use the asset as security for the loan. A simple business line of credit facility could be the solution.
How do I apply for Equipment Finance?
Your ability to grow your business is not limited, so why should your options for finance? We are committed to ensuring that - no matter what you need - we are the finance provider that will help you get it. AAA Finance can provide you a solution for any equipment your business may require.
To ensure you can quickly and easily apply for a loan while keeping your business going, AAA Finance offers multiple contact options so you can talk to us in a way that suits you. To have a conversation with our finance experts call (07) 5493 122 and find out what we can do to help. Alternatively, fill out our contact form online. One of our friendly business experts will be in contact with you promptly.
A pre-approved equipment loan means that you know you are approved up to a particular amount for a particular asset class. Before ordering the new piece of equipment or negotiating with the neighbour for their tractor you can have your finances sorted. Having a pre-approval can also help when negotiating a purchase price.
Business Loan Calculator
Adding to our range of expert advice is our easy to use business loan calculator which lets you estimate your monthly finance repayments. The calculator also includes a balloon payment function. So, no matter how you want to structure and repay your equipment loan, you can get an estimate of your finance repayments.
Why use AAA Finance?
AAA Finance and Insurance prides itself on quick and easy equipment finance solutions. Our experienced AAA Finance experts will take the time to get to know you and your business. This ensures that we can best represent you to our large panel of lenders. We will emphasise your strengths to help get your equipment loan approved at a competitive low-cost interest rate with a tailored loan package to suit your needs.
AAA Finance is proud to be an 100% Australian owned and operated business. We support Australian owned companies which in turn protects Australian jobs.
Equipment Finance FAQ's
Equipment financing is when a business or self-employed individual uses finance to purchase business related equipment.
Engaging the services of an experience finance broker who has access to a range of lenders will ensure the best outcome for your business. AAA Finance are the experts in equipment loans with access to over 40 different lenders.
There are several lenders that finance heavy equipment. An experienced finance broker, such as AAA Finance, will help your business access the right lender to suit both your individual circumstances and the type of equipment to be financed.
Loan terms range from 1 to 7 years when financing heavy equipment.
We understand that a business needs dependable vehicles and equipment. If these assets are compromised it can cost time and money to put things right. Because of this, AAA Finance and Insurance also offers a range of Insurance products to protect your asset, your loan and your credit rating.
The Queensland Government has put together a guide to machinery and equipment safety. It is everybody’s responsibility to ensure safe operation of all equipment to make sure that all workers make it home safe each night.