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Equipment & Motor Vehicle Finance
Equipment & Motor Vehicle finance has been around for a long time. It is typically used for a new earth mover, machinery, semi trailer or a piece of medical imaging equipment with the loan secured by the equipment or vehicle. Often on 100% finance as a Chattel Mortgage, commercial Hire Purchase (CHP) a lease or a rental agreement. With options like a balloon at the end of the loan term.
The equipment is normally the security so no equity or property needed. Loans can be up to 100% of the value of the equipment/vehicle leaving working capital in the business. And that applies to new and used equipment/vehicles.
Other examples of what can be financed are medical equipment, yellow goods, catering equipment, farm & agricultural equipment, computers, air conditioning, catering equipment and more. In general terms, if it has a serial number, it can be financed.
A few things that are new: the broad range of acceptable equipment, the choice in lenders / types of finance and how the interest rates have come down. It is also a lot more accessible for start ups and businesses that do not have financials up to date (Low Doc options).
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