The way you structure the finance for business equipment can have a considerable impact on your business cashflow. Almost all business assets can be financed such as;
- Motor Vehicles
- Medical and Dental Equipment
- and much more..
Some of the different types of Vehicle and Equipment Finance include:
A Chattel Mortgage or Equipment Loan is a secured loan agreement in which you borrow funds to purchase equipment. You provide the security for the loan by way of a mortgage to the financier over the equipment financed.
A Hire Purchase arrangement is an agreement where your financier owns the equipment during the hiring period. When you pay the final instalment, ownership is automatically transferred to you.
A Finance Lease provides 100 per cent finance for the acquisition of equipment to be used for business purposes.
When ownership is not the main motivation, a Rental Agreement may suit. Repayments are usually fully tax deductible.