30 Sep Taking the BS Out of Equipment Finance for Tradies
After 35+ years of helping tradies finance their tools and vehicles, I’ve heard it all. Let’s cut through the noise and get to what really matters in vehicle and equipment finance.
Understanding Interest Rates
If your trade business is solid, expect interest rates between 6.50% and 7.50%. If you’re paying more, your provider might be overcharging. Even with recent rate hikes, equipment finance payments haven’t been hit as hard as home loans.
When Payments Don’t Add Up
Sometimes the interest rate you’re quoted doesn’t match your monthly payment. Avoid being caught out by using a True Interest Rate Calculator like the one on the Finlease website—to ensure you’re getting a fair deal.
Myth: Banks Won’t Finance Used or Private Sale Machines
Plenty of financiers will fund used or private sale equipment at competitive rates. Yes, we’ll need to arrange an inspection and ensure the asset isn’t under finance, but these steps are straightforward. This route can save you serious cash.
My Bank Won’t Offer More Finance Without Reviewing My Accounts
If your bank says no, others might say yes. Financiers can offer competitive rates without needing your financials, as long as you’ve been in business for 2-3 years with a clean credit history. This is ideal for tradies looking to upgrade without delays.
Myth: Brokers Are More Expensive Than Banks
Think brokers are costly? Think again. Larger brokers, like Finlease, can negotiate great rates thanks to the volume of deals they manage. A good broker is focused on building long-term relationships, ensuring you get the best deal tailored to your needs.
Finance Is Just Another Tool
Money is a resource, just like your tools. Access it efficiently and affordably, backed by great service. In the tight-margin world of trade, keeping costs down is crucial. That’s where a good broker can help.
At Finlease, we take the BS and the stress out of equipment and vehicle finance. Talk to us to explore your options with someone who has your back in business.
Get in touch here
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