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Equipment financing is a lot more involved than getting car finance. There’s proof of profitability to consider, ROI to calculate and a much smaller pool of lenders with more complicated requirements to negotiate. Sometimes you might need to put your creative hat on, and think outside the equipment financing box. Today we explore 10 interesting, unusual and even inspirational ways to finance the equipment your business needs! 1.Use an Equipment Financing Broker Yes, they exist! You can often get equipment financing at the same brokers who deal with ordinary Melbourne car finance. They will explore your options and perhaps even give you some tips on getting your equipment loan application approved. Be aware that an equipment financing broker is not the be-all and end-all though – they negotiate with a selection of lenders, not every potential loan source. 2.Mum and Dad Grown up now? Your Mum and Dad are probably in better financial shape than they have been for years, so even though you are capable of sourcing your own money, they might be more willing than ever to lend it to you. 3.Crowdsource It Crowdsourcing is done for everything from logo design to beta testing of software to identification of drug resistant TB cells in mouse cortex slides. A ‘crowd’ of some type might well be willing to invest in your business, either acting as the source of the loan themselves, or they might be able to track down angel investors or other sources of equipment financing. 4.Government Grants If you have a good idea which will contribute to the greater societal good in some way, there just might be a government grant out there for you. It may take some tracking down, and you may need to keep your finger on the pulse in your community though. 5.Angel Investors These venture capitalists are usually accessed informally, through word of mouth. So start networking, both on LinkedIn and in real life. 6.Equipment Sharing Could another business in your area make use of the same piece of equipment you want to buy? Old fashioned strategies like actually talking to people aren’t often used these days, but that doesn’t mean that they aren’t worthwhile! If you take care to differentiate yourself from your ‘competitors’ in your business model and marketing, they may even be willing to equipment share. 7.Employee Input Give your employees a reason to come to work every morning, by giving them the opportunity to invest in the growth of the business. If your employees provide you with equipment financing, you could offer to pay them back with the ROI from the machine for a limited time period … as well as the interest. And of course, it doesn’t pay to forget the traditional methods of applying directly to equipment financing lenders. Don’t go around scraping the bottoms of wishing wells and fountains at night time and don’t bother trying to “earn $637 a day through Google!” for your equipment financing. Where there’s a will, there’s a way! Getting the right car finance and equipment finance today, will save you thousands in the future. Speak to one of our friendly consultants and discover a wealth of knowledge and strategy. Lowe Finance, the specialists in insurance and finance.
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Car finance, Car finance Melbourne, equipment financing,
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