Vehicle and Equipment Finance
Providing Vehicle Finance & Equipment Finance Broker Services for your Business
Need some new equipment for your business? Perhaps you’re looking to replace or expand your vehicle fleet? No problem. Whiteroom Finance has access to a range of finance providers and can help you with the right equipment finance for your business.
Our team understands your business is unique and will work with you to find the best funding structure to suit your needs. We can help you with equipment financing options, including:
- Chattel mortgage
- Novated lease
- Finance lease
- Hire purchase
- Operating lease and rentals
Financing your equipment purchases means you can preserve your cash for working capital and pay off the purchase in line with the asset’s depreciation term. In many cases, you won’t need to provide a deposit or additional security.
Your loan can be structured with seasonal payments, balloon/residual payments, and flexible repayment terms. We can help you coordinate insurance, settlement, and delivery of your new equipment. In some cases, we can even help you source the equipment through our network of contacts.
Managing your Business Fleet
If you run a fleet of vehicles, your needs may be very different to someone purchasing standalone assets. Your assets might depreciate more quickly or need to be turned over more regularly to preserve their value. The team at Whiteroom Finance can help manage this asset replacement program by tailoring a solution to meet your vehicle finance needs and your budget. Whiteroom Finance can even help you with insurance for your assets. Speak to Whiteroom Finance today about:
- Insurance premium funding
- Pre-approved funding
- Master limit facilities
- Fleet management
Whatever you are hoping to achieve with your business fleet, Whiteroom Finance can help.
Vehicle and Equipment Finance F.A.Qs
Most businesses need to acquire capital equipment in the normal course of operating. This equipment could include computers, vehicles, trucks and trailers or any other form of specialised equipment. Without equipment funding businesses would need to use their own cash for the purchase. The need to acquire equipment for many businesses occurs during periods of growth where cash can be stretched and paying thousands up front can be challenging.
Generally, the asset being purchased is the primary security for the loan, and the loan itself is structured in a way for repayments to align to that assets “useful life”.
When a lender provides equipment funding, the loan amount will generally be limited to the purchase price (including upgrades/ad-ons), though costs such as delivery and commissioning can at times also be funded. This means that the debt will not exceed the value of the asset, and deposits may not be required.
What can you finance? Almost anything that is uniquely identifiable, such as:
Cars, utes, trucks and trailers – and any other road registered vehicles
Plant and equipment, including yellow goods, cranes, tankers, and drill rigs
Forklifts, workbenches, and other workshop equipment
Point-of-sale machines and payment processing software
Commercial ovens, grills, and other commercial kitchen equipment
Office furniture and chairs, including partitions and cubicles
Appliances such as refrigerators, coffee machines and more
Solar panels and HVAC systems
Using a broker is not just about the cost of finance. Brokers are experienced in ‘bank speak’ and process, and spend their time exploring options among their lender panel, filling in forms and following decisions on your behalf, meaning you can get on with business as usual.
The type of equipment finance you will need, it’s term, and its structure, will depend on your own business needs. A broker cannot provide advice as to whether you should enter one form of finance over another (e.g. a lease vs a chattel mortgage), this is a job for your accountant. A broker CAN however work with your accountant on your behalf to determine the appropriate course of action and deliver their finance advice accordingly.