Many businesses use and rely on equipment to carry out its operations. Some of this necessary equipment can be quite costly requiring a substantial investment of capital from a business to purchase.

Equipment finance, including used equipment financing, is a financial facility that businesses of all types utilise in order to ensure access to working capital. All the while making sure they have the machinery they need to keep the business in operation. 

What is equipment finance?

Equipment finance allows businesses to use and access the necessary equipment, machinery and vehicles they need.

The benefit of both new and used equipment finance is that it allows the business to continue operating at its maximum capacity without requiring an investment of a large amount of capital that’s otherwise required elsewhere in the company. 

Equipment finance can be used for any of the following items:

  • Heavy duty machinery
  • Manufacturing machinery
  • Industrial kitchen equipment
  • Vehicles
  • Industry-specific equipment

How to finance used equipment

Equipment finance can be used to not just access just about any piece of machinery or vehicle, but even used equipment. Often pre-owned and previously used equipment is more affordable and cost effective for a business to purchase than new equipment. 

 

The Benefits of New and Used Equipment Financing

No Down Payment is Required

With many traditional bank lenders, equipment finance–in addition to the rigorous red tape–also requires a down payment. With a non-bank lender, such as our team here at ScotPac, we can offer up to 100% of the finance required to access and use necessary equipment without any need for a down payment. 

Access to Working Capital

For businesses struggling with cash flow or looking to grow and scale, equipment finance is a highly effective facility to ensure access to working capital. Companies with their cash tied up in equipment purchase may not have the capital required to make necessary improvements to their business, expand or fund other important aspects. 

Updated Technology

Even used equipment finance allows businesses to make the most of updated and cutting edge technology. Without the costly and prohibitive investment in outright purchasing a piece of equipment, your business will be more agile in pivoting and upgrading to newer, updated machinery as is necessary. When equipment does become out of date, it’s easier and less costly to upgrade accordingly. 

Decrease Risk

In addition to hedging the effects of inflation, equipment finance allows businesses to manage risk more effectively in other respects as well. Increasing efficiency while decreasing costs allows for businesses to enjoy a great level of robustness during times of market and economic uncertainty.

An additional risk mitigated through used equipment finance is that if you default and are unable to repay the loan provided by the financing company, neither your business nor your business’s assets (other than the equipment itself) can be repossessed. Typically the security to the loan is the asset that’s being funded. 

 

ScotPac’s Used Equipment Finance Services

Our equipment finance services are available to help you buy new or pre-owned assets from either local or overseas suppliers. Additionally, our contracted funds will ensure you can access replacement assets and upgrade your current equipment. 

Unlike funding from big banks, our terms are significantly more flexible as well as being more competitive. Uniquely, you can also access funding in as little as 24 hours!

So, why ScotPac? 

Flexible Solutions

The ScotPac team are specialists in financial solutions for the growing small-to-medium sized business. Our facilities are flexible and can be tailored to suit your needs in particular.

SME Experts

To date, our specialists have helped businesses, especially SMEs, access hundreds of millions of dollars in approved loans. By focusing on SMEs, we’ve cultivated an expertise that we’ll be sure to leverage to assist you too.

Client Relationships

We view our clients as partners and invest the time and effort into developing genuine relationships. This allows us to best customise our facilities for your needs and ensure you get access to the working capital required to propel your growth. 

Extensive Capability

We provide our clients with the funding they need to grow the way they want. Our leading corporate finance services are aimed at ensuring success by assisting businesses of all sizes and levels of complexity obtain approved access to working capital.

Top Quality Experiences

We’re a tech-enabled business finance company. This means that our processes–and your experiences–are constantly evolving for the better and improving for speedier access to needed capital.

 

Contact us today

If you’d like to explore the availability of new or used equipment finance with ScotPac, don’t hesitate to contact us today. Our corporate lending specialists are available in all of our nation-wide offices to assist you with tailored solutions.