“Bad Credit Equipment Options: There are many different options businesses can choose from when it comes to bad credit equipment finance. These can include:
a) Hire Purchase – Purchase your equipment in installments without having to tangle with ownership and asset declarations. Gain equity in the asset as you pay for it. At the end of the arrangement, the asset becomes yours to keep or do with as you please! There are numerous choices for businesses with bad or unestablished credit. We could help in case you’re a sole trader, in a partnership, or large business to find ways to get vital equipment that keeps the revenue flowing.
b) Chattel Mortgage – Equipment could be qualified for a chattel mortgage if it’s being used for business over half of the time. These agreements can come with potential tax benefits and GST input credits depending upon your individual situation — ask your accountant for particular tax benefits that may apply to your business.
c) Low doc loans – Secure financing for the equipment you require with possibly lower document requirements without proving where every last penny came from and where it went.
d) Tax Based Finance Lease – Let the financier worry about ownership costs; this agreement gives you a chance to lease the machines of your choice with no capital expense. In this circumstance the financier owns the asset, you just pay the rental and take ownership toward the end of the agreed term.
e) Secured financing – Back your loan with collateral, freeing you up for more flexible terms, fixed interest and less pressure from your financier.