Finding a lender to finance various business equipment

Share your concerns & ideas about commercial property loans in Australia.
boogeyman
Posts: 5
Joined: Sun May 29, 2016 9:13 am

Finding a lender to finance various business equipment

Postby boogeyman » Sun May 29, 2016 11:13 am

Hello everyone here at the HLE forum!

I own a fairly large hotel and I'm planning on investing in some equipment for the long term so I don't need to get them leased everyone they are needed. I'm also thinking of leasing them out instead if I won't be using them so it's all planned out well I suppose. The thing is, I'm not planning on buying just one type of equipment - we could end up buying different ones that include office, earthmoving and printing equipment among others.

So can anyone tell me whether or not we can find a lender than can finance these equipment?

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Otto Dargan
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Re: Finding a lender to finance various business equipment

Postby Otto Dargan » Mon May 30, 2016 9:10 am

Hello boogeyman.

Welcome to the forums.

It can be a bit tricky to find equipment finance business loans and run your business successfully at the same time.

That's because it takes more than simply comparing rates and terms to secure an equipment finance product that can meet your personal and business goals.

Lenders generally accept the following for equipment finance:
  • Cars, trucks, buses and utilities.
  • Forklifts, cranes and similar equipment.
  • Computers and office equipment.
  • Printing, medical and manufacturing equipment.
  • Industrial plant equipment including those for the mining and forestry sectors.
  • Civil equipment such as concrete pumping and quarry equipment.
  • Earthmoving equipment such as trenchers and excavators.
However, please note that a single may not be able to offer finance for all of the above equipment so applying with the right lender is key. Also note that if you're planning on investing in other equipment such as gaming equipment or arboricultural equipment, they too can also be financed through some lenders.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

boogeyman
Posts: 5
Joined: Sun May 29, 2016 9:13 am

Re: Finding a lender to finance various business equipment

Postby boogeyman » Mon May 30, 2016 11:42 am

That's okay. I don't mind dealing with two or three lenders because I'm confident that we can get approved with them because of the success of our business. Hey Otto, I didn't find any good business loan interest rates anywhere though. Can you provide me with some resources for this?

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Otto Dargan
Mortgage Specialist
Posts: 7654
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Finding a lender to finance various business equipment

Postby Otto Dargan » Mon May 30, 2016 3:27 pm

Hi boogeyman,

Banks and lenders don't always advertise their lowest business loan interest rates, which is probably why you had difficulty finding any good rates. This is generally because interest rates on most business loans are negotiated based on different factors such as loan size and business strength.

However, you can check out our website for the most competitive business loan rates on offer, where lenders have set pricing.

There are also bank bill business loans available that you can consider. They are a cheaper way to borrow for your business especially if you’re a large business borrowing a big amount, which is usually considered to be over $5 million.

A bank bill loan will allow you access to wholesale pricing and you’ll have a cheaper interest rate that’s only a margin above the Bank Bill Swap Bid Rate (BBSY). The BBSY is the rate at which the bank borrows money.

Please note that business loans are assessed case by case and personal situations and business situations will always be unique with each application. This is why the given interest rates may not be completely applicable to you.

You can discuss your business loan needs and personal situation with one of our equipment finance specialists directly by calling us on 1300 889 743. You can also complete our free online assessment form if you'd rather have one of us contact you within 24 hours instead.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

boogeyman
Posts: 5
Joined: Sun May 29, 2016 9:13 am

Re: Finding a lender to finance various business equipment

Postby boogeyman » Tue May 31, 2016 10:15 am

Your website is really informative, Otto. Thanks. I'll check out a few more things and when I make a decision, you will be the first to hear from me. Talk to you soon. Cheers.

fedup
Posts: 5
Joined: Fri Jul 31, 2015 6:21 am

Re: Finding a lender to finance various business equipment

Postby fedup » Tue Jun 21, 2016 4:16 pm

I applied for equipment finance with a certain lender and was proposed a business loan agreement that I don't really like. Can the terms on my agreement be negotiated? I'm asking because it seemed like the bank implied that I take it or go...

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Otto Dargan
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Posts: 7654
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Finding a lender to finance various business equipment

Postby Otto Dargan » Wed Jun 22, 2016 9:58 am

Hi fedup,

Unless you're in a really bad position financially or you have multiple bad credit records, you should be able to negotiate the terms on your business loan agreement. You can haggle the interest rates, fees and even the annual review requirements on your agreement.

The banks tend to imply as such because they don't want you to negotiate a better deal because it would hamper their profitability. However, you may be able to negotiate things if you push on a bit harder especially if you take the help of a mortgage broker.

Our mortgage brokers can help you highlight your strength as a business owner and negotiate the terms of your business loan agreement with the bank even if you've already applied for equipment finance.

You can check out our website or simply give us a call to learn more.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

fedup
Posts: 5
Joined: Fri Jul 31, 2015 6:21 am

Re: Finding a lender to finance various business equipment

Postby fedup » Thu Jun 23, 2016 9:36 am

Yeah, I do get why it seemed like like now. Thanks for all your help. I'll call you guys tomorrow to discuss my situation in detail. Bye.


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