Important disclosure

Equipment Finance & Equipment Loans

Buying new equipment shouldn’t suck up all your cash flow. That would be bad for business. The good news is you can find equipment finance solutions through BestFind. Compare loan options, calculate affordable repayments, and apply below if you need extra funds to grow your business to the next level.

Calculate your repayments

Loan Amount

$10,000

Term

3 months

Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
MoneyPlace

Unsecured Personal Loan - Fixed (Excellent credit)

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Our loans are better because we understand you better. A range of personal loans, for all the right reasons.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
MoneyPlace

Secured Personal Loan - Fixed (Excellent credit)

EST Monthly Repayment
EST Monthly Repayment
6.66%
Advert. Rate (p.a)
Comparison rate
Secure your personal loan with a vehicle you own as security to access a lower rate, a higher lending limit, or both.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
MoneyPlace

Secured Personal Loan - Fixed (Good credit)

EST Monthly Repayment
EST Monthly Repayment
10.57%
Advert. Rate (p.a)
Comparison rate
Secure your personal loan with a vehicle you own as security to access a lower rate, a higher lending limit, or both.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
MoneyPlace

Unsecured Personal Loan - Fixed (Good credit)

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Our loans are better because we understand you better. A range of personal loans, for all the right reasons.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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Equipment finance – Find business loans & get assets

If you’re planning on taking out a business loan for purchasing assets, BestFind not only has a comparison table and repayment estimator, there’s also a helpful guide about equipment finance. It’s filled with all the expert tidbits your business needs to know when financing an equipment upgrade.

What’s equipment finance, and how does it work?

Equipment finance is a specialised form of business finance or commercial leasing that helps your business purchase, replace, or upgrade assets. Regular business loans have various purposes, such as paying for staff wages, covering everyday operational expenses or launching a startup. But equipment finance is designed specifically to finance essential business equipment.

In most cases, the asset is used as security against the loan. Here’s a question and answer explanation that simplifies how equipment finance works:

  • Where can you get equipment finance? – Equipment finance providers range from the big four banks and smaller banks to non-bank lenders and specialist asset finance lenders. You can check our comparison table above for the top offers available in Australia.
  • How much can you borrow? – Since business equipment comes with an assortment of price tags, you can typically borrow a wider range of loan amounts starting from around $5,000 up to $500,000 or even into the millions. Lenders will look at factors like industry, years in business, and monthly or annual turnover to determine how much you qualify for. Generally, if the overall financial health of your business is good, you can borrow more funds.
  • How do you pay it back? – You repay any borrowed funds plus interest and fees in scheduled monthly repayments. To stay in control of your cash flow, it’s best to use our equipment finance calculator to estimate repayments before applying.
  • What type of asset can you get? – Equipment finance is available for almost any asset purchase. The list includes vehicles, IT equipment, and heavy-duty machinery for earthmoving, mining, manufacturing, construction, and farming. It also covers specialised equipment for medical and engineering uses.

Types of equipment finance

Between buying and leasing equipment, you can find plenty of finance options to suit your business. Here are the main ways you can finance your business equipment:

  • Chattel mortgage. This is the most common type of equipment finance. The loan is typically secured until you clear your debt, but you own the asset right away.
  • Commercial hire purchase. The loan provider buys the asset and owns it. You then buy it from them via smaller repayments. Ownership transfers to you once the asset is fully paid up.
  • Finance lease. The financier buys the equipment of your choice and rents it out to you for a set period. You won’t own the asset, but once the lease period is over, you can buy it, lease it again, or return it.
  • Operating lease. This option works like a finance lease but with shorter lease periods. It’s also strictly a rental agreement since you usually don’t get to purchase the asset.
  • Unsecured business loans. With unsecured loans, you offer an asset – for instance, property, business equipment, or vehicles – which can then be seized if you fail to pay off the loan. However, you can also apply for an unsecured loan where you don’t put up collateral. But this deal generally comes with higher interest rates.

How equipment finance helps your business

If your business uses specific equipment as its tools in trade, equipment finance can be beneficial since it allows you to:

  • Invest without sacrificing a big chunk of cash flow. Perhaps the biggest advantage of business equipment financing is using the lender’s money to gain all the benefits of owning an asset. Meanwhile, you maintain your cash flow and working capital by paying off the purchase in instalments over an agreed period. If you find cheap finance, your investment can provide returns that outweigh any borrowing costs.
  • Keep up with new technology. Equipment can be a regular business cost if you need to move with the times. Updating your assets helps you stay in the game, gives your competition a run for their money, and keeps the profits coming in.
  • Enjoy tax benefits. The benefits of equipment finance can also come through during tax season. For instance, you can claim GST on your business activity statements. However, this depends on the type of loan, and it’s best to get tax advice from your accountant when figuring out which option is best for business.
  • Build your business. If you’re a small business looking to climb the revenue ladder, you can use equipment finance to escalate production. Outfitting your business with new equipment in this way, instead of paying cash outright, helps you maintain a positive cash flow.
  • Maintain operations when things go wrong. Random hiccups in business operations can be a downer, particularly when an essential piece of equipment goes out of action. Some Aussie lenders offer quick approval for equipment finance, so production will be back up and running in minimal time.

How to compare equipment finance business loans

When shopping around for the best equipment loans, the following features are worthy of your attention:

  • Interest rates. As a business owner geared towards making a profit, hunting for the lowest interest rate is always good practice. That’s because your interest rate is the biggest influencer of how much you pay over the life of the loan. You’ll also have to decide between a fixed or variable interest rate. Fixed rate loans offer the security and stability of repayments that never change. On the other hand, variable rate loans come with flexible repayment options and potential savings.
  • Fees and charges. Low fees and charges will also reduce the total cost of your loan. Typically, there are establishment fees, ongoing monthly and annual fees, early and late repayment fees, as well as settlement fees. These are usually specified in the product information, so be sure to read the fine print.
  • Repayment options. Paying off the loan should be flexible in terms of frequency and the ability to close the deal early. Some lenders will offer flexible repayment due dates and allow you to make extra repayments without charge.
  • Additional features. There are other many loan features that can sweeten the deal for you. Look out for taxation benefits, an easy application process, quick funding, and whether you can get ample cash and enough time to pay it off.

Mistakes to avoid when choosing equipment loans

We have looked at some of the benefits of equipment finance. But before you can find the deal that drives your business forward, make sure to avoid the following mistakes:

  • Not knowing which option is best. The type of equipment finance that’s suitable for your business depends on the asset’s value, its lifespan, whether it’s new or used, and how often you plan to use it. There are also tax-deductible benefits to consider, so you may need to speak with both your accountant and an equipment finance broker.
  • Choosing unaffordable options. When borrowing, take some time to consider the effect on your cash flow and how much revenue you hope to earn with the new asset. Also make sure you use BestFind’s equipment finance calculator to structure your repayments around your cash flow. Skipping this step could end badly for your finances if you take on more debt than you can handle.
  • Not shopping around properly. Finding the lowest rates and best terms requires meticulous research. Not taking the time to do so might lead to a square peg, round hole situation. Bestfind’s comparison tools help to cut out some of the leg work for you. But it’s up to you to read the terms and conditions and make sure you’re thoroughly informed before accepting any quotes.

How to apply for equipment finance online

Lending criteria for equipment finance vary, but you might need to provide a couple of year’s worth of tax returns, balance sheets, and profit and loss statements. You also need to be 18 years or older and have a valid Australian passport or driver’s licence as well as ABN and GST registration. To apply:

  • Click “Go to Site” for the provider you want
  • Supply the required information and upload the necessary documents
  • Wait for approval (not guaranteed) and transfer of funds which might take anywhere from several days, weeks or months.

Equipment finance in Australia FAQ

Is it difficult to get equipment finance?

Qualifying for equipment finance might be more complicated since the lender takes longer and requires more paperwork to assess your company’s state of finances. However, some lenders offer low doc equipment loans at higher rates to speed up the application process.

Can I get a bad credit loan?

Yes, though these are usually available from non-bank or specialist lenders.

What is the interest rate for equipment finance?

Equipment financing rates generally range between 5-10%. The rate you qualify for depends on a multitude of factors, including:

  • Type of finance
  • Type of asset
  • How much the asset costs
  • The amount you borrow
  • Your loan term
  • Whether you pay a deposit or opt for a balloon payment (this is a lump sum made when the loan term is over)

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