Miss Feathers

Equipment Finance

Finance Your Equipment

Getting the right equipment for your event is a necessity. It’s not something you can afford to take risks with to get the best results. However, as with every good thing, you’ll need to pay for it.

Unfortunately, this can be where the difficulty sets in. Getting the right equipment will cost thousands of dollars which might be difficult for most people. This might lead you to consider settling for less when it comes to organising that event or party.

Well, the good news is that you don’t have to worry about that anymore. You can now avoid whatever financial difficulty that you considered through equipment finance.

What is Equipment Finance?

This refers to a financial arrangement that allows you to receive the purchase price of equipment based on an agreement that you’ll repay the sum and any interest accrued on a later date. This arrangement ensures that you don’t have to worry about paying the lump sum out of your pocket. Instead, you loan it and agree to repay it in instalments based on your financial convenience.

Why Equipment Finance

This finance option comes with a wide range of advantages that makes it a wise decision for anyone looking to buy equipment. Among these benefits include:

It Provides Financial Convenience

Perhaps the greatest advantage that comes with equipment finance is the financial convenience that comes with it. You don’t have to worry about making the lump sum payment that will leave you broke or lacking adequate cash. You can now make the repayment based on your convenience over a longer duration.

It Provides Faster Access to Equipment

Naturally, you’ll need to save for weeks, if not months, to access the equipment you need. Well, with equipment finance, you don’t have to worry about this anymore. You can now get the equipment first while you worry about repayment afterwards.

It Is Easy to Access

You don’t have to worry about wasting valuable time trying to access equipment finance. You can get easy access to it. This is thanks to the wide range of lenders available to attend to your every need for equipment financing.

Although we aren’t a specialist in equipment finance, at Miss Feathers, we have a wide range of partners who are available to finance the purchase of your equipment. All you need to do is get across to them. They will be ready to make your equipment dream a reality.

Types of Equipment Finance

There are various financing options that you can choose from if you want to purchase your equipment. Generally, these options will depend on whether you’re opting for personal finance or commercial finance. However, since the most common option is commercial equipment finance, here are the most popular option.

Chattel Mortgage

This is one of the most popular options that you can opt for. This option allows you to get access to ownership of the equipment from the beginning. Under this arrangement, the lender provides the cash price of the equipment. After this, you can purchase the equipment in your name.

However, after this, you’ll need to mortgage the equipment back to the lender as security for the loan arrangement. Once you complete repayment, the mortgage comes to an end.

Hire Purchase

Another option you can opt for is the hire purchase option. Under this arrangement, what you get access to is the possession of the equipment. The lender purchases it on your behalf and lends it to you.

After this, you commit to a repayment plan. Once you then complete the repayment, you get access to an option to purchase the equipment and make it your own.

Equipment Rental

Under this arrangement, you get access to the possession of the equipment under a rental arrangement. In turn, you commit to making a monthly sum as the rent sum for the equipment. You can rent the equipment for as long as you need.

Generally, once the duration expires, you can decide to extend the rental for another period. Alternatively, you can decide to end the rental agreement and return the equipment to the hirer.

Finance Lease

Another option that you can opt for is the finance lease option. This option combines the features of equipment rental and the hire purchase.

Under this arrangement, you get access to the equipment under a lease agreement for a while. Then, as always, you make repayment throughout the lease arrangement.

Then, at the end of the lease arrangement, you can renew the lease or replace it with other equipment. More importantly, you can decide to purchase the equipment by paying the residual value of the equipment.

Equipment Finance Calculator

Getting equipment finance might seem like an inconvenience, thanks to uncertainty. You’re most likely unsure how much you’ll need to repay as an instalment. This can lead to hesitation when it comes to equipment finance.

You don’t have to worry about this anymore. You can now get financial clarity with an equipment finance calculator. This tool allows you to know how much you’ll need to repay based on the repayment schedule. However, remember that this tool only provides an estimate. To know the exact amount, you’ll need to get a quote from the lender.

However, to use this equipment, you’ll need to input the following information and click calculate.

Loan Sum

This is the amount that you want to borrow. This can be the whole purchase price or part of it if you plan to provide part of the cash sum.

Interest Rate

This is the interest rate associated with the loan arrangement. This is either fixed or variable and will be determined by the lender.

The Repayment Duration

This is how long the finance arrangement will last. This is usually based on your preference and repayment capacity.

The Repayment Schedule

This is how often you plan to pay. This can be weekly or monthly, depending on your preference.

Once you’re good to go, you can contact any of our partner lender.