If you’re a Tradie, you might want finance for one of two reasons: to set up your new business or to develop the business you already have. The specific purpose for the finance might be equipment, tools, a commercial vehicle, or premises. The type of loan you can access will very much reflect the current status of your business and more importantly, its cashflow.

Heavy Equipment

You might need capital in order to set up your new business by buying heavy equipment such as trailers, excavators, forklifts, lathes, plant and machinery. Or, you may be seeking to replace outdated or broken equipment. All these require considerable outlay and until you make the purchase, the scope of your business may be restricted.

Tools

Individual tools may be easily affordable but when you have to purchase a lot in one go, the cost can shoot up. It’s not only the cost of trade-specific tools but also back-up equipment such as computers and related hardware. Unfortunately, it’s not uncommon for a Tradie to have tools stolen from the Work Vehicle and the entire contents of the Toolbox may potentially have to be replaced in one go.

Commercial Vehicles

Your business may need a car, ute, van or truck. Whether you’re working on-site, on private properties and homes, or delivering to customers, mobility is essential. A suitable and dependable vehicle will serve your business well. In order to buy one that won’t let your business down, it’s worth buying better. How this outlay is managed can seriously affect the health of your business.

Types of Loan Available

Even if you are just starting up, there are a surprising number of loans available to you. It depends on how much you want to borrow and your financial history but options are not as limited as you might think. Loans come with different conditions which suit the size of loan required, or your short-term or long-term needs. Points for you to consider are:

• Loan repayment term – how long do you want to spend paying the loan off?
• Security required – can you meet requirements for a secured or unsecured loan? Sometimes, it may be secured against the equipment or vehicle you are purchasing.
• Types of interest rate – fixed or variable. Do you prefer to line up with national interest rate changes, or do you prefer predictable budgeting?
• Level of interest rate – if you are in a strong borrowing position you can choose from a variety of lenders.
• Flexibility of monthly repayments – are you able to increase your loan repayments when business is good?
• Fees and early repayment penalties – are there high application fees? If are you likely to repay the loan early, will you face penalty payments?

Are you looking for finance to help you purchase equipment or a vehicle for your trade business? 

1800Approved is one of Australia’s fastest growing car and asset finance brokers. We specialise in car finance, equipment finance, plus insurance and warranty services, and have previously arranged deals from AU$10k to AU$5m. 1800Approved services clients across Australia, working with over 30 independent lenders to find the best deal.

We can also help with sourcing your new and used car warranty, and by sourcing vehicles and equipment through our Drive Wholesale arm. 

To learn more about how we can help you, call us today on 1800 277 768.