Get transport equipment finance
Beyond the vehicles themselves, there are several other pieces of equipment that are needed. The best options for you to get them is through equipment finance, and we can help with that. Whether you are getting new or used equipment, you will need equipment finance to get the things you need. For a business to stay relevant in any industry, having the right equipment is necessary. However, the equipment can be quite expensive regardless of whether you are new in the transport industry or already established. Buying transport equipment is a capital intensive venture, and the best way to get this capital is to use equipment finance.
At Manly Coach, we are experts in the transport industry and help businesses and individuals to get transport equipment finance by connecting them directly to the lenders who provide such forms of financing.
The benefits of equipment financing are numerous. First, it helps businesses to maintain their competitive edge in the business while also ensuring effective service delivery. This is positive on all fronts. Another advantage of transport equipment finance is that it enables you to maintain positive cash flow and use your business capital to run the day to day running of your business while also expanding your business. Expenses such as rents, wages, and day to day running costs can be easily covered.
Why You Should Get Truck & Trailor Equipment Finance
There are several options you get when seeking truck and trailor equipment finance, but nothing beats letting a brokerage services provider like us handle it for you. We are familiar with the market and know the right lenders who will provide the financing you need. The lenders we work with make sure you get any deal or financing agreement they offer you will not affect the financial stability of your business. Whether you are looking for long or short term equipment financing options, we can help you secure the right while also getting the transport equipment you want to use the money for. With the right transport equipment finance, you stand to have tax benefits.
The transport equipment you can use finance to get covers everything used in the transport industry. It includes containers, trailers, tractors, chassis, portable ramps, railroad rolling stock, crane, lifting equipment, and lots more.
Transport Equipment Finance Options
Equipment Loans
Getting the transport equipment you need can be achieved through equipment loans. Such loans can either be a secured loan or unsecured loan. A secured loan is one that comes with security as an important condition for getting the loan. This means you have to present collateral, a property of yours that is equivalent in value to the loan you are seeking. In the case of a default, the lender will take possession of the property you have used as collateral. On the other hand, an unsecured loan is one where all you have to do is present all the necessary documents for the loan, and the lender does not ask you for collateral before giving you the loan. A secured loan means less interest and less strict terms to qualify, but there is a need to have a property of equivalent value to the loan you are getting, and in some cases, you will have to submit lots of documents. For an unsecured loan, the interest rates are high, and the terms to be eligible are stricter, but it doesn’t require much paperwork and no need for the property.
Lease
A lease agreement lets you have possession and use of the equipment for some time while you pay for the use within that period. It is ideal if your business doesn’t need the equipment for permanent use, such as when it is needed to execute a short term project. With this, you are essentially paying for the period during which you are using the equipment, and in most cases, it rarely exceeds a few years, and in some cases, you even have the option of buying the equipment when the lease expires. Getting a lease instead of buying can give you the freedom and flexibility when it comes to equipment use. If you will be using the equipment for a short time, it is a logical decision for you to make. But in a situation where you are going to need the equipment on a more permanent basis, you should not go for a lease.
Chattel Mortgage
Mortgage the equipment you are getting until you are able to pay off the loan. This form of finance lets you get the equipment you need while using the equipment itself as the collateral for the loan, which means it is a secured loan. Once you get equipment with a chattel mortgage, the vehicle becomes your property immediately. However, the financer will place a mortgage on it, making the equipment serve as collateral for the loan you have taken to buy it. With this kind of loan, you enjoy the benefit of a secured loan without needing to have a property that you will use as collateral. It is an ideal form of finance that lets you own the equipment you need without having a property as security, making it a win-win for you. More Information on Chattel Mortgage Equipment Financing
Hire Purchase
You can get this type of equipment finance from a broker or dealership. Since your equipment is most likely for business purposes, you can easily use a hire purchase to acquire it. In the hire purchase form of financing, the lender buys and owns the equipment you want and gives it to you on lease. You are then expected to pay a stipulated amount monthly which is spread to cover the lease and the cost of buying the equipment. You are obligated to buy the equipment under this agreement, and once you complete the terms of the agreement, the equipment becomes yours.