The process of applying for business equipment finance is streamlined and efficient when you have a dedicated and experienced finance broker doing the heavy lifting.
At My Finance Agent, we design tailored business finance solutions, helping our clients secure the most competitive rates and terms for equipment and asset finance. The process of applying for business equipment finance can seem complex, but we streamline each step to make it simple and efficient.
Here’s how the process works:
1. Determine Your Needs
The first step is understanding your business’s specific requirements. We will meet with you to discuss your business goals and the type of equipment or asset you wish to purchase. Whether you need new machinery, vehicles, or technology, clearly defining your needs helps ensure that the finance solution we recommend aligns perfectly with your objectives.
Key Points:
Assess the type of asset needed for growth.
Define how this asset will contribute to your business strategy.
2. Select a Finance Option
With a clear understanding of your needs, we will recommend the most suitable type of asset finance for your business. Options may include a chattel mortgage, finance lease, hire purchase, or other financing solutions. We’ll guide you through the pros and cons of each option, ensuring you have all the information necessary to make the best decision for your business.
Finance Options We Offer:
Chattel Mortgage: Immediate ownership of the asset with the lender holding a mortgage.
Finance Lease: The asset is leased for a set period, with an option to purchase at the end.
Hire Purchase: Hire the asset with the option to buy after all payments are made.
3. Research Lenders
Once we’ve identified the right finance option, we’ll match your needs against a wide range of lenders on our national panel. We’ll compare key factors such as interest rates, repayment terms, and flexibility to find the most suitable lender for your business. Our analysis includes a detailed comparison, so you know exactly which option offers the best value for your needs.
What We Compare:
Interest rates
Repayment schedules
Flexibility of terms
Lender reputation
4. Submit Your Application
After selecting a lender, we handle the entire application process for you. This includes gathering the necessary documentation, such as business financial statements and details about the asset you wish to finance. Our streamlined application process ensures that everything is submitted correctly and on time, reducing delays and increasing your chances of approval.
Required Documents:
Business financial statements
Details about the asset to be financed
Other supporting documents (e.g., tax returns, proof of revenue)
5. Finance Assessment
Once your application is submitted, the lender will assess it to determine your eligibility. During this stage, they will review your financial information, the value of the asset, and your business's ability to meet repayment obligations. Upon approval, the lender will provide an agreement that outlines the terms, conditions, and repayment schedule. We will carefully review these details with you to ensure everything is in order before you sign.
What Happens During Assessment:
Lender reviews financials and business history.
Approval leads to a formal finance agreement.
We review terms and conditions with you.
6. Asset Inspection and Valuation
Depending on the type of asset being financed and the lender's requirements, an inspection or valuation of the asset may be necessary. We help coordinate this process to ensure that the asset meets the lender’s criteria. Whether it’s new machinery, vehicles, or technology, ensuring proper valuation is a key part of securing the finance you need.
Asset Types Requiring Valuation:
Vehicles
Heavy machinery
High-value technology
7. Settlement and Delivery
Once all the documentation is complete and the finance agreement is signed, we move to the settlement phase. The lender will release the funds, often paying the asset supplier directly on your behalf. This ensures that the purchase is finalized, and arrangements are made for the delivery of your new equipment. Depending on the type of finance, the asset may be in your ownership immediately, or you may lease it for a specified term.
Settlement Process:
Funds released by lender.
Asset purchase finalized.
Delivery of equipment coordinated.
8. Ongoing Loan Reviews and Support
Unlike many finance brokers who consider the process complete after settlement, we continue to offer support. We stay in touch to ensure that your loan is set up correctly and that the lender is fulfilling their obligations. Our commitment is to be your ongoing business finance expert, ready to assist with any future needs or questions.
Ongoing Support Includes:
Regular check-ins to ensure everything runs smoothly.
Assistance with any issues regarding the loan or lender.
Ongoing financial advisory services to support business growth.
DISCOVER MORE:
Is Asset Finance Right for Your Business?
Talk with one of our business finance experts who can guide you through the process and help find the best solution tailored to your needs.
Call us on (02) 8313-8400 or request a call back.
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