Business Vehicle And Equipment Finance

It’s a common question for small business owners; how do you get your hands on the equipment or vehicle you need to grow, while still keeping the all-important cash flow and working capital?

Specialising in vehicle and equipment finance, My Money House understands how critical it is to get the vehicle or equipment your business needs in time. It can make or break the success of your business. The good news is that we are here to help.

Whether you’re looking to expand your operations or replace outdated machinery or vehicles, we offer a range of equipment finance solutions to help you achieve your goals. We can help you secure the capital you need quickly and efficiently.

Benefits of Vehicle and Equipment Finance

Choosing the right business equipment finance gives you a lot more benefits other than just preserving your day-today funds:

Equipment can generate immediate income.
Equipment Finance preserves working capital.
Repayments let you budget more accurately.
Loans are often secured by the asset so usually you don’t have to put your house on the line.
There could be potential tax advantages to consider.

What Can Be Financed?

Virtually, any plant, vehicle, or equipment that can help generate income for your business can usually be financed. Some examples are as follows:

Motor vehicles.
Commercial vehicles.
Plant and machinery.
Agricultural equipment.
Computers, photocopiers and phone systems.
Medical and dental equipment.
Office equipment.
General business equipment.

What Types of Business Equipment Finance Are There?

There are many different business equipment finances available with some more popular than others. It is important to discuss with your professional advisers such as your Accountant which product may be appropriate for your business needs.

These options include Commercial Hire Purchase, Chattel Mortgage, Finance Lease, Novated Lease, full maintained Novated Lease and Operating Lease. The more commonly used options are Chattel Mortgage, Finance Lease and Novated Lease. We can help you evaluate the key benefits and differences for each product.

1. Chattel Mortgage

The equipment belongs to you from the beginning and the lender has a ‘charge’ over the equipment that secures the loan until the final payment has been made. The borrower holds title to the goods and there may be taxation benefits. So it’s important to get the right advice from an appropriate Professional Adviser such as an Accountant on how this could best work for you and your business.

2. Finance Lease

The lender (lessor) purchases the equipment outright. The borrower (lessee) gets to use the equipment for the term of the lease in return for lease/rental payments. Under this business equipment finance, the borrower (lessee) traditionally doesn’t need to outlay any working capital and may also be eligible to claim a tax deduction. You should consult your Tax Adviser about potential tax deductions when considering a finance lease.

3. Novated Lease for Vehicles

A Novated Lease is a three-way agreement between an employee, their employer and a finance company. The word “Novation” refers to the substitution of a new contract in place of an old one. In other words, the employer agrees to take on the employee’s lease obligations. The employer makes the monthly lease payments out of the employee’s pre-taxable income.

How My Money House Can Help?

My Money House specialises in financial solutions, whether you are looking for equipment or business vehicle finance. Our expert team can help you secure the required capital as soon as possible so your business can continue to grow smoothly and rapidly.

We understand that every business is unique, meaning your equipment or business vehicle finance needs won’t be the same as your neighbour’s. So, the first thing we do is understand your business goals and current financial situation. With this information, we can help you secure the best possible financial solution.

Secondly, whether you are applying for equipment or business vehicle finance, our experts guide you through every step. We can help you with the paperwork and application process, spell out how the loan terms work, and maximise your borrowing potential.

With My Money House, you get more than just vehicle and equipment finance; you get a partner committed to your success. Our no-nonsense approach helps you get the loan quickly so you can focus on what matters most – growing your business.

Simplify Your Equipment and Business Vehicle Finance!

We know how hard it can be for some business owners to get the capital they need in time. After all, vehicle and equipment finance can be complicated, especially if you don’t have a background in finance. But with My Money House on your side, you wouldn’t have to worry about a thing.

Our experts will help you every step of the way, from understanding your loan options to the application process. Reach out today, and let’s discuss how we can support your growth.