If you need to purchase new medical equipment for your practice, there are a few things you may want to consider. At Enrich Finance, we’ve helped hundreds of medical professionals find the right finance solution for their unique needs.
We have done this by building relationships with each client we work with by taking the time to better understand your business needs. We know that your time is limited, so we are dedicated to making the process as smooth as possible and we will manage the process as much as possible to ensure a quick response and turnaround.
What types of Equipment Finance are there?
As with any type of business finance, it pays to shop around and compare your options before making a decision and thankfully there are a number of options available to you, including:
- Leasing
- Hire purchase
- Chattel mortgage
How does an Equipment Finance agreement work?
When you lease your equipment, it means you have done so under a contract. Leasing requires less commitment than buying and makes it simple to upgrade when your lease finishes. You also have the option of purchasing the equipment once the contract period is up. Some benefits include:
- A minimal deposit
- You can continually update the equipment, meaning you won’t be stuck with obsolete equipment
- You can upgrade your equipment with ease to handle times of growth.
Under a commercial hire purchase agreement, your business will solely own the equipment once the final payment has been made. Some benefits to a hire purchase agreement include:
- Low initial financial commitment
- Certainty and security by having a fixed price to pay and
- Reduced GST tax. Your businesses may be able to claim GST credit from the Australian Taxation Office, for the equipment.
Another option you can consider is a chattel mortgage. A chattel mortgage refers to a loan to purchase a piece of equipment, which is then used as security against the loan. The benefits of a chattel mortgage include:
- Lower interest rates than an unsecured loan.
- A chattel mortgage gives you ownership of your equipment from the start.
- Tax benefits, you may be able to claim interest and depreciation costs depending on how much you use your equipment.
Still have questions?
If you’re unsure where to start, simply contact our team of medical finance specialists from Enrich Finance to discuss your unique needs.
Enrich Finance can give you access to the right finance solutions for your business equipment, including new and used practice equipment, fit-outs, fittings, furnishings and work vehicles, computer hardware and software. Get in touch with our team today on 03 8375 9627 or 0402 182 855.