Finding the right equipment finance for used trucks and trailers can save you significant costs in the long term according to financial partner, Savvy.
Your equipment needs to work as hard as you do, and hours off the road equals dollars down the drain. The right specialist finance can be tailored quickly to meet the unique needs of your business and fleet. Establishing a good relationship with a finance broker can be the key to finding equipment finance that does precisely that.
Tailoring truck finance to meet your needs
Whether it’s a truck or a trailer, an engine rebuild, or a refrigeration unit – haulage companies need finance options that can be adjusted to match the service life of any asset. It’s crucial the plant or vehicles you finance continue to pay their way during the term of an agreement – and that options for residuals and residual refinance are also offered. In addition to that, you want equipment finance that’s fast to arrange, whether you’re buying brand new or second-hand.
Using a finance broker to find the best equipment loans on the market
Getting the most out of an asset that will require financing more than once during its working life means knowing your options inside out.
Bill Tsouvalas, founder and CEO of Savvy explains that, while it’s not always possible to be across everything when you’ve got a business to run, you’re going to get results if you reach out.
“When you’re looking for an equipment finance, it’s tempting to try and do all the legwork yourself,” said Tsouvalas.
“The truth is it’s almost impossible to cover every option out there – and specialist knowledge of the products which apply to your industry can be priceless.
“When you’re looking to finance an engine rebuild or an expensive trailer or truck, monthly savings can add up to something significant over the course of an equipment loan. Brokers not only direct you to the best lenders and equipment finance products for your industry, and find repayment options that best suit your needs – but they can also speed up the application process too.
“The key to saving money is knowing the products, having established relationships with lenders, and matching repayment terms and features to the equipment you need to buy. A specialist broker does all that, and they get paid by the finance companies, so they won’t cost you a cent.”
Equipment Finance and the COVID-19 Instant Asset Write-off Measures
There’s never been a better time to buy that vital piece of equipment or replace that ageing vehicle. As part of its response to COVID-19, the government increased the Instant Asset Write-off threshold from $30,000 per asset to $150,000 back in March. The measure lasts until the end of December, and you can claim if you first use new equipment, vehicles, or assets between 12 March and 31 December 2020. You can claim for any assets that meet the requirements, where the cost of each falls below the $150,000 threshold.
If your turnover is below $10 million, your business can claim gradual deductions via its asset pool – where the value of a purchased asset exceeds $150,000. You also qualify for a deduction on the balance of the pool itself, if it sits below $150,000.
This article was brought to you by Savvy.