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A chattel mortgage (or hire-purchase finance) is a way to acquire equipment while spreading the cost over time.

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Equipment Finance

Overview

Equipment finance goes by many names including - A chattel mortgage or hire-purchase finance. This loan type is a way to acquire business equipment while spreading the cost over time. You own the asset from day one, but it's used as security for the loan (kind of like a home loan). It's very commonly used for businesses needing big-ticket items while spreading the cost over time. Once the loan is paid off, the asset is fully yours with no strings attached. Perfect for staying on budget while growing your business!

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Asset Finance
Asset and Equipment Finance
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Equipment Finance

Features

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01

Typical Uses

Pros

Cons

Think About

  • Upgrading existing assets
  • Making the most of government initiatives
  • Expanding the business/product offering
  • Preserving cash reserves for other priorities.
  • Frees up cash for other areas of your business.
  • Existing debt doesn’t usually affect approval.
  • Can qualify for government tax initiatives
  • Interest rates are often lower than unsecured loans.
  • Can free up cash from the sale of old equipment.
  • Often come with stricter terms compared to unsecured loans.
  • Early loan payouts may incur fees from some lenders.
  • Some lenders include extra fees and charges beyond interest.
  • If the equipment's value drops, you may be left owing more than it’s worth.
  • Is my current equipment getting unreliable, hard to use or outdated?
  • Am I comfortable with a 3–7 year loan?
  • What is my old equipment worth, and do I want to use some of the money?
  • Can new equipment help me increase revenue or reduce costs?
Typical Uses
  • Upgrading existing assets
  • Making the most of government initiatives
  • Expanding the business/product offering
  • Preserving cash reserves for other priorities.
Pros
  • Frees up cash for other areas of your business.
  • Existing debt doesn’t usually affect approval.
  • Can qualify for government tax initiatives
  • Interest rates are often lower than unsecured loans.
  • Can free up cash from the sale of old equipment.
Cons
  • Often come with stricter terms compared to unsecured loans.
  • Early loan payouts may incur fees from some lenders.
  • Some lenders include extra fees and charges beyond interest.
  • If the equipment's value drops, you may be left owing more than it’s worth.
Think About
  • Is my current equipment getting unreliable, hard to use or outdated?
  • Am I comfortable with a 3–7 year loan?
  • What is my old equipment worth, and do I want to use some of the money?
  • Can new equipment help me increase revenue or reduce costs?
Typical Uses
  • Upgrading existing assets
  • Making the most of government initiatives
  • Expanding the business/product offering
  • Preserving cash reserves for other priorities.
Pros
  • Frees up cash for other areas of your business.
  • Existing debt doesn’t usually affect approval.
  • Can qualify for government tax initiatives
  • Interest rates are often lower than unsecured loans.
  • Can free up cash from the sale of old equipment.
Cons
  • Often come with stricter terms compared to unsecured loans.
  • Early loan payouts may incur fees from some lenders.
  • Some lenders include extra fees and charges beyond interest.
  • If the equipment's value drops, you may be left owing more than it’s worth.
Think About
  • Is my current equipment getting unreliable, hard to use or outdated?
  • Am I comfortable with a 3–7 year loan?
  • What is my old equipment worth, and do I want to use some of the money?
  • Can new equipment help me increase revenue or reduce costs?

Potential Lenders

Further Information

MAXIMUM LOAN AMOUNT

NA

MINIMUM LOAN AMOUNT

$5,000

SPEED

Medium

INTEREST RATE

From 6.99%

MAXIMUM LOAN TERM

7 Years

MINIMUM LOAN TERM

3 Months

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