Equipment Finance Solutions for All Your Business Needs
When it comes to equipment finance for business, Fifth Avenue Finance Group one of Western Australia’s leaders.
Specialising in Car Loans & Commercial equipment financing, our extensive product offering includes:
- Novated Vehicle Leasing
- Finance Leasing
- Import Facilities
- Rental / Operating Lease
- Chattel Mortgage; and
- Hire Purchase
As equipment finance lenders, we can assist by providing flexible finance solutions for everything from vehicles and machinery to emerging renewable energy equipment.
Our team will also structure the payment terms to best suit your cash flow.
Our team of specialist equipment finance brokers are based in Perth and are is skilled in all areas of financing.
Their job is to represent you, the client, as opposed to the banks, which means we really do seek the very best solution for your business.
So, if you’re seeking an equipment leasing finance company, look no further! We provide reliable business equipment financing solutions to clients across the whole of Australia. Get in touch today and we will be more than happy to assist you!
Equipment Finance FAQs
When buying equipment there are many options available to you when it comes to financing your purchase, however, these options are not always as straightforward as you think.
Here are some questions that our team of Finance Executives are regularly asked:
1. Can Fifth Avenue Finance Group, finance equipment that is used or pre-owned?
Yes, most 2nd hand equipment is able to be financed, however, the age and class of the equipment may impact the term and structure of the loan and, in some very rare cases, preclude funding.
2. Can Fifth Avenue Finance Group, finance equipment from a private or personal supplier?
If so, are there special precautions that need to be taken?
Yes, private sale equipment can be financed and it’s vitally important that various aspects are covered to ensure that you are protected.
For instance, we liaise directly with the party selling the equipment, seeking proof of ownership in order to satisfy ‘title flow’.
We also check for any existing finance against the equipment – making sure this is paid out at settlement. Additionally, a PPSR check is conducted to ensure that any encumbrances that may exist are removed.
3. Can Fifth Avenue Finance Group “structure” equipment finance repayments to better suit my cash flow?
Yes, payment terms are usually monthly in arrears, however they can be restructured to better suit your cash flow. For example, businesses in agriculture and other seasonal based industries, are paid annually, so their repayment period can be structured to suit.
In most cases, we can finance the GST inclusive price and you can pay the GST as a lump sum when you receive the benefit via your monthly or quarterly BAS.
4. What if the equipment I want to purchase is being constructed in Australia, and the supplier requires “progress payments”?
Construction funding is possible in certain circumstances and allows for “progress payments” during the construction phase (similar to a new home build), which can then be converted to an equipment loan once the construction of the equipment is complete. This preserves your cash flow, which is vital, given that the equipment isn’t income producing until delivered.
5. Can Fifth Avenue Finance Group. finance 100% of the equipment cost, LOW DOC – or do I have to pay a deposit?
Yes, we are able to fund up to 100% of the cost or the total cost of the equipment – it’s entirely up to you and your situation.
6. What are the contract terms for Fifth Avenue Finance Group Equipment Finance?
The contract terms are flexible and generally range from 2-5 years with a balloon / residual payment if required.
In rare cases, loans can be extended to 7 years and sometimes up to a maximum of 10 years, dependent upon the type and class of assets.
7. What security is required?
Security for equipment is generally standalone against the equipment itself as well as the director’s guarantees.
Please note: No other collateral security or GSA is required.
8. How long does the equipment finance process take?
Once we have received everything required, the pre-qualification process of most transactions is completed within 1- 2 business days. On approval, we will then issue the final documentation inhouse and when the equipment is ready for delivery and we have signed documents to hand and all settlement conditions have been met, we can settle with the supplier.
9. Why should I use Fifth Avenue Finance Group or equipment finance rather than going straight to my bank?
At Fifth Ave, we pride ourselves on building strong relationships with our clients to better understand their business. Because of the large volume of business we transact, we have developed strong relationships with most banks and financiers, which gives us access to competitive pricing and T&C’s that clients may not be able to access directly. We know which lenders to approach for particular transactions and we have the knowledge and experience in putting proposals to lenders in a format that is easier for them to assess.
10. How will my company benefit from Fifth Avenue Finance Group’s equipment finance?
Quite simply, financing your plant and equipment conserves your cash for use elsewhere in your business or as an additional working capital buffer.
See more on Equipment Finance:
Equipment Finance: Why Should you Finance your Plant and Equipment?
Huge Savings on Vehicles with Fifth Avenue Finance Group Clients
Novated Vehicle Leases
Traditionally, the provision of a company car has been restricted to employees who need to be mobile for business reasons. In many cases, private use of the vehicle is restricted and often the employee has little choice as to the make, model, or colour of the car provided.
The use of novated leasing can overcome these problems and provides additional benefits to both the employee and the employer.
For more information contact us and we will be happy to assist with your next novated vehicle lease.
At Fifth Avenue Finance Group we source appropriate finance leasing for businesses who wish to buy equipment for the major part of its useful life.
How finance leasing works:
1. A leasing company (lessor or owner) buys the asset for the user (lessee or hirer) and leases it to them for an agreed period.
2. At the end of the leased term the lessee can choose to purchase the equipment for an agreed amount, continue leasing the asset, or assist in selling it to a third party.
To find out more on how you may benefit from finance leasing contact us today.
Import facilities allow you to finance and pay for goods that are imported from your overseas supplier. These facilities are set up in the currency you deal in, saving you time and stress as you don’t have to convert into Australian dollars and there is no need to gamble on the exchange rates.
Avoid the delays and complications associated with trading overseas and contact your Finance Executive with us today or contact us here.
Rental / Operating Lease
A Rental/Operating lease differs from a finance lease as you pay to use the equipment over a fixed period but you don’t necessarily own it at the end of the term.
When it comes to the end of the leasing term you have the option to:
- Return the goods to the lender and either upgrade to new or walk away
- Extend the period of the contract with reduced payments, or;
- Purchase the goods at the current market value
Contact us today to see how you may benefit from a rental / operating lease.
At Ledge, we offer Hire Purchase finance which allows you to hire equipment / assets and you pay a fixed monthly repayment over a set period of time. Once the payment period is over and any final (residual value) balance paid off, you have complete ownership of the asset.
Get in touch to find out more about Ledge’s Hire Purchase service and how it can assist your business growth.
Chattel Mortgages – Yes, they work well!
A Chattel Mortgage is a commercial finance product that provides funds for businesses to purchase an asset. The business has ownership of the car or equipment and the asset is used as the security for the loan.
Unlike a Hire Purchase or a Rental / Operating Lease, a Chattel Mortgage gives businesses ownership of the asset straight away, allowing them to pay off the loan using the income generated from the asset.
Want to know more about Chattel Mortgages? Get in touch and we will be happy to assist with all your questions.