Starting a new business comes with many expenses, and one of those expenses is purchasing the equipment you will need to run your business effectively. If you do not have the capital to purchase this equipment, you may have to look for alternative options.
At ZEP Finance, we are a team of equipment loan specialists on the Gold Coast, and we have a clear idea of the options that you have available to you in terms of equipment financing.
What Sort Of Equipment Does Equipment Loans Cover?
There are a wide variety of equipment loans available to new business owners. Some of the most popular forms of equipment include expensive items such as trucks, computers and machinery.
What Are The Other Options Available To Me?
The most popular option for new business owners needing to purchase equipment for their businesses is to take out either an equipment loan or a business loan, which are in fact, very similar.
The other option that you have is to lease equipment. Leasing equipment is a good option for vehicles and trucks. But remember that in the case of leasing, you will never get to actually own your equipment as you will essentially just be borrowing it.
What Are The Advantages Of Equipment Loans?
While we did mention that equipment loans can be similar to business loans, they have their own advantages in that equipment loans do not require nearly as much documentation as business loans and are therefore easier to access.
You are also able to secure an equipment loan even if you have other outstanding debts. This is because the equipment itself becomes an asset for security against the loan.
Are There Any Disadvantages To Equipment Loans?
The main disadvantage is that you cannot do away with your equipment until you have repaid your loan, and you also need to be responsible for all of the costs involved in repairing and maintaining your equipment.
That being said, we believe that equipment loans are still the superior option for your equipment financing needs.
Looking for a great equipment loan on the Gold Coast? Allow ZEP Finance to compare equipment loan options for you to find the option that best suits your needs. Get in touch with us today!