Equipment Financing Loans

Frequently Asked Questions

• How do equipment loans work?

  A customer (client) enters into an agreement with a lender (financial institution) to borrow money to purchase equipment - like trucks and yellow goods.

  The customer then repays the lender the amount owed, along with interest, over a length of time (loan term). This type of loan is often secured against collateral.

• What is a secured equipment loan?

  "Secured" means the lender of your equipment loan will hold an asset as security against the loan. This could be the equipment you're purchasing or could be another asset - like a car.

  Lenders tend to offer incentives like lower interest rates if a loan is secured. This is because there is a reduced financial risk - if you default on the loan, the lender can claim the asset (eg repossess the truck you are paying off).

  Secured equipment loans are also often available with higher borrowing limits and longer repayment periods.

• I'm self-employed. Can I get an equipment loan?

  This depends on a number of factors, including the length of time you've been self-employed, your credit history and your general circumstances.

  One of the biggest challenges can be showing lenders evidence that your income is of an acceptable level; while employed persons can use payslips, you may have to rely on other documentation - like tax returns. So if you have only been self-employed for a short period and are worried you may not be able to show sufficient proof of income, we may be able to help. Our expert equipment loan specialists may be able to get you a loan using alternative methods of verification.

• Is it possible to get an instant decision on an equipment loan?

  In short, no. But we can get you an answer very quickly.

  Call us on 1300 467 274. Because Rapid Finance isn't just a clever name. It's what we do.

  We work with a host of lenders, giving us access to a wealth of financial products. We shop around for the best possible loan for you, saving you time. And because we run your credit check at our end, you avoid multiple enquiries on your credit report (which can hurt your chances with some lenders).

  While we search for the best possible equipment loan for your circumstance, we'll give you an instant, honest assessment of your chances of obtaining finance. Even if we can't help you today, we can advise you on the best course of action to get finance in the future.

• How can I get a cheaper equipment loan?

  A number of factors affect how much you pay per instalment and the total you'll pay back over the lifetime of the loan. These can include the loan term, amount borrowed, interest rate, establishment fees, early pay-out penalties and other charges.

  To improve your chances of getting the cheapest loan possible, use a finance broker. With access to a wide range of loan products, Rapid Finance use market expertise to find the most suitable loan for your circumstances.

  Call 1300 467 274 today!