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Business equipment financing

A business equipment loan is a way to finance machinery and other types of equipment used in your business. It can cover any type of equipment for your business, including office furniture, heavy machinery, medical equipment, and construction equipment.

How do equipment loans work?

Equipment loans, like other types of business loans, provide you with money upfront that can be used to pay for your business equipment. You repay the loan over a set period of time along with fees and rates.

With Oceania Finance, you can borrow up to $500,000 for secured equipment finance. Your finance options will have a loan term of 5 years at a fixed interest rate.

Where to get a commercial equipment loan

There are several options for business equipment loans in Australia. To get a business loan you could:

• Apply online (or in branch) with a direct lender – most major banks and private lenders have online applications for equipment loans.
• Go through a finance broker – brokers are experts in finance negotiation. Instead of stock standard terms and conditions, an equipment finance broker can help you get a loan tailored to your individual needs and financial circumstances.

How to get equipment financing

Most major private lenders and banks will have an online application you can use to apply for your business equipment loan. Here’s the general process for applying for equipment finance online:

• Complete online application form – Once you’ve chosen the right loan for you, get your documents ready and fill in the online form.
• Provide further information – You may be contacted for further documentation or information before you receive an outcome.
• Sign the loan agreement – If you’re satisfied with the loan offer, sign the agreement and the funds will be transferred directly into your selected bank account or directly to the dealership (where relevant).

At Oceania Finance, the process of getting a loan for equipment purchase is simple. Simply fill out the enquiry form and we’ll contact you for some more information. Once one of our expert finance brokers has assessed your application and identified potential lenders, they’ll take care of the application process for you.

How do you qualify for equipment financing?

Eligibility and document requirements will depend on the loan and lender. But at a minimum, you will need to supply:

• Your ABN/ACN
• Personal identification
• Business verification

Equipment finance options for your business

You have several options for equipment finance in Australia. Here are some options to consider and compare when deciding on the best finance option for you:

• Finance lease – you can get a loan to lease equipment or machinery for your business. Depending on the equipment required in your industry and your own business needs, you may elect to pay the remaining money for the equipment and take ownership at the end of the lease. Otherwise, you return the equipment and/or take out a new lease or purchase new equipment.
• Hire purchase – often you will pay a deposit for new or used business equipment and pay off the remaining balance in installments. Once you make the final payment you take ownership of the equipment.
• Novated lease – if you are getting business vehicle finance, you can opt for a novated lease. This is where the employer takes responsibility for making repayments and paying other costs associated with the loan. And the employee ‘salary-sacrifices’, giving up a part of their wages to cover the cost of the loan.
• Chattel mortgage (asset finance) – a standard finance option for business equipment where the asset/s you purchase is used as security for the loan. You receive the total amount needed for the equipment upfront and pay off the loan over a set period of time.
• Low doc business vehicle loan – an ABN or low doc business loan is a flexible option that can suit businesses that don’t have the paperwork required for standard vehicle loan applications.

Loans for every business

Need a business loan for another reason? We offer a wide range of options at Oceania Finance. Learn more below:

• Cash flow loan
• Truck finance
• Trailer finance