Why use an Equipment Finance Broker for your next purchase?

Why use an equipment finance broker for your next purchase?

The legalities and process associated with lending can be complex and extremely time consuming. This may be why more and more Australians are turning to Finance Brokers for assistance with their loans and mortgages.  Over 55% of loans and mortgages in Australia are generated by Finance Brokers.    

Lender’s Criteria Vary

Everyone’s lending requirements are unique.   Banks have limited products and often with strict pre-set qualifications and associated policies.  Whatever your finance requirements are, be they equipment, vehicles or plant & operations, a Finance Broker is not tied to the one Bank or Institution and therefore have a vast array of products available for your needs.

As Will Haylock from Will Finance states, “all Banks and Institutions have their own criteria for lending which often is complex and confusing.  Finance Brokers have the ability and know-how to apply for the right loan at the best rates for their customer’s specific needs.  With their knowledge they can often fast-track the process.   They handle the majority of the lending process for their customers which includes data analysis, the collation and submission of supporting documents through to the settlement stage.  This will result in saving customers many hours of time and stress sorting through documents and paperwork.  

Specialist Equipment Finance Brokers

With equipment finance it is worth sourcing a specialist broker to assist you.  As Will Haylock says, “there are many decisions to consider when purchasing equipment”.  Should you be buying new or used? What type of finance is best – chattel mortgage, leasing etc.   Do you need a deposit, or can you purchase with no deposit?  What are the repayment requirements?  Will I own the asset, or will there be an outstanding amount at the end of the contract?  A specialist broker has the ability to source and negotiate a loan structure in the most beneficial manner for your asset and business growth. 

Equipment Finance Brokers Can Save You Time & Money

With the declining personal customer service and limited products offered by individual banks, it is not surprising the service of Finance Brokers for Business Equipment purchases is in demand.  Business Equipment Finance Brokers are dependent on their reputation and hence pride themselves with customer service.  They do the hard work and make the process as pleasant as possible.    The saving of time and often dollars and frustration associated with selecting and applying for finance is well worth the consideration of sourcing a good finance broker.

Watch out for our upcoming BLOG: How to source a good Finance Broker’.  

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