There it goes again: that old industrial dishwasher has malfunctioned, flooding the kitchen floor and throwing out your cafe’s service! Or, your old cement mixer has hit the fritz, meaning you can’t safely operate your construction company until it’s repaired or, more likely, replaced.
It’s imperative to have updated equipment to ensure your business is running smoothly, and for this it can be essential to have the best equipment finance Brisbane has available.
Here are some tips on how to secure exactly that for your business:
Assess your working capital
You just might have the capital to buy the technology you require, but would you be left with much after purchase? Investing large amounts into new technology can leave your cashflow wavering, meaning you may have less for other important ventures. Growth opportunities and regular operations require to have some cash left in the reserves, so you don’t want to go and spend it all on new technology at the one time.
So, assess your working capital to see if you really have the cashflow to buy technology outright, or whether your business could benefit from securing a loan.
Figure out your overall budget
Following on from the first point, it’s also imperative to know how much money you already have, how much money you will have and how much you are willing to repay and in what timeframe. This way, you will know exactly what you need when you meet a professional broker who will understand your financial objectives and help create the perfect solution for you.
Should you lease or buy the technology?
A loan provider will generally offer secured loan agreements and operating leases. A secured loan will provide you full control of your technology from the time of purchase, whilst an operating lease will allow you to surpass the risks of owning the technology outright.
They may also provide sale-back leases, which means you can sell your technology to the provider for a fast injection but still use it. These solutions help you decide the best loan for yours and your business’s needs.
Plan your cashflow & expenses in advance
Negotiating your loan’s structure will ensure that you have a smarter plan when it comes to your expenses and cashflow. Technology financing is typically provided at a fixed interest rate, with all payments being planned in advance.
Speak with an experienced broker
An experienced broker with plenty of industry experience will help you secure the best equipment finance Brisbane has available. They typically have the industry knowledge and skills to ensure that you have the financing you need to secure that brand new industrial dishwasher, forklift or other piece of imperative technology.
Financing new technology can be hard in the current Australian economic climate, so it’s important to have someone in your corner who understands your needs and can help you achieve them.
Research your options & evaluate the different rates
As with many other important investments, financing companies will offer you various payment rates. You and your professional broker should take the time to evaluate the different options you have available to ensure that you are getting the best deal and one that truly suits your payment needs.
Follow these six imperative tips when looking to secure equipment finance as they will help you find the best option for you and your business’s financial goals. The right technology is a driving force in business success, and it’s absolutely pivotal that you have it at the ready when it’s needed - be sure you have it with first class equipment financing.