Ready to expand your business’s potential with new equipment? On the Gold Coast, an equipment loan would highly benefit your cash flow while reaping the benefits of new equipment!
In this blog, we discuss all the things you need to consider and get ready before taking out an equipment loan.
Prepare All The Documents You Need To Apply For The Loan
Getting all your documents ready before applying for a loan will speed up the loan process immensely. Some documents you will need to have at hand are:
- Documents outlying the cost of the equipment you want to buy
- Bank statements
- Tax statements
- Business financial statements – You will need to prepare business financial statements such as cash flow statements, a balance sheet and other relevant documents.
- Other paperwork – You may need additional documents ready, such as proof of ownership and any licensing you need to operate the equipment or insurance policies.
Work Out All The Additional Costs Of Your Equipment
When taking out an equipment loan, be sure you are getting enough to purchase or lease the equipment and have enough cash flow to pay back the loan in a reasonable timeframe. It is also important to find out about the warranty on the equipment and what the return policies are.
In terms of getting a big enough loan, it is essential to know all the additional expenses that will come with purchasing equipment for your business. These additional expenses include:
- Insurance
- Training and hiring costs to operate the new equipment
- Maintenance
- Storage
Get Familiar With The Benefits Of Getting An Equipment Loan
While there are additional costs that come with buying new equipment, there are also extra benefits that come with it too. Some benefits include:
- Better cash flow – your business does not have to be running at a loss to repair equipment or buy or lease new equipment. When you get an equipment loan, you can avoid paying for the equipment all at once and rather pay in smaller, realistic instalments.
- Expand your business’s capabilities – with new equipment, you will be able to grow your business and increase future potential sales.
- Less collateral risk – unlike other loans, where you may need to put up collateral on assets that you already own, such as your house or car, an equipment loan uses the equipment as the collateral. Therefore, an equipment loan is less risky than other loans.
- Potential tax benefits – In some cases, you will be able to claim back the purchase price of new equipment.
Ready to reap the benefits of an equipment loan for your Gold Coast business? Contact us at ZEP Finance to find out how we can help you today!

After studying business and finance at university, Zain initially expected to pursue a career in finance. However, his passion for property and the experience of buying his own home led him to mortgage broking. He began his mortgage brokering career in 2009 and founded ZEP Finance in 2010.