2017 Top Equipment Financing Firms

The importance of loans at this age and time cannot be overstated here.Borrowing of money can be done through banks or moneylenders. It is due to the benefits of loans that the loan industry has continued to rise over the years. The industry is governed and ruled by various fiscal laws and regulations implemented over the years to protect both the consumer and the business entities.

There are various types of loans available in the market tailored to suit the various customer needs. Some of the popular types are consolidated loans, cash advances, auto loans, mortgages, student loans, personal loans and of course, business loans. Business loans, and equipment loans to be specific will form part of our subsequent discussions.

Equipment financing

This type of loans is one which is secured by the equipment/s to be purchased for the business. The equipment in itself is the collateral, not any other asset. In case you are not able to repay what you were loaned by the bank or any other lender, the equipment bought is seized. Some equipment loans products not only can be used for buying but also leasing of equipment.

Business equipment is really important to improving the productivity and consequently, the profitability of the business. A business equipment loans may be used for example to buy vehicles (trucks and cars), forklifts, computers and other office equipment’s, medical equipment and industrial equipment.

Choosing the best equipment financing option

Choosing the right equipment loans can always be a daunting task.Just like with all decisions, there is a need for thorough considerations before agreeing to any agreement or contract.If you end up choosing the wrong package, the health of your business may be negatively affected significantly. Therefore, it is important for you to enlist the services of reputable or personal financial advisors such as an accountant or finance dealers who have the requisite knowledge to advise you accordingly.

Vehicle and equipment loans types available

  1. Chattel Mortgage
  2. It is the most effective and common loan type. The funds borrowed are used to finance the purchase of the business equipment or vehicle, chattel. The equipment purchased is the security for the loan.
  3. Equipment rental/finance lease
  4. With an equipment rental agreement, the provider of credit purchases equipment or equipment’s on your behalf (owns it) and rents it to you for a specified period, for example, 5 years.
  5. Hire Purchase
  6. This is a type of equipment rental agreement. But unlike finance lease, once you have completed the agreed terms, the ownership of the equipment shifts to you.
  7. Novated Lease
  8. This agreement type is one whereby the business provides vehicles to its employees. It is dubbed the easiest and effective way to own or buy a car. It is operated under the finance lease involving the lessee, employer and the lessor (finance company).The novation agreement only works during the employees working period.

    novated lease infographic

    source: http://www.remunerator.com.au/uploads/pages/novated%20lease-1424731883.jpg

The best finance companies offering equipment loans

  1. Aussie Equipment loans company
    Apart from offering loans for buying equipment’s, the loan can also be used for leasing of equipment across Australia. The equipment loans can be used for catering equipment’s, buying of trucks or any other business vehicle, office and restaurant furniture among others.The business can be contacted through its website.There are a contact number and an email address provided including its location.
  2. FleetCare company
    This company offers various products for equipment financing including commercial hire purchase, finance lease, Chattel Mortgage and operating lease. With an operating lease agreement, the FleetCare company leases to you a vehicle they own within a stated period, usually between 1 to 5 years. The benefits of this type of equipment loans are that no outstanding risks are associated with you, there are no deposits and there is a fixed monthly payment.In terms of helping in financing your vehicle loans, the FleetCare Company also has specialized in fleet management which greatly helps you in reducing operational costs which translates into more revenue for your business.
  3. Statton finance company
    This company was founded in 1998 and boasts of having helped over 60,000 customers get better deals in the market. The company proudly identifies itself as the largest Australian car finance agent. The company offers mortgages, commercial finance including novated leasing, and financing fun activities including caravans and jet-skis and insurance services. The novated leasing is covered with operational costs including maintenance, 24/7 roadside assistance, and insurance.
  4. Atlas equipment finance
    This company launched in 2011 has steadily risen to the top of the food chain. It boasts a loyal and ever-increasing clientele. The company offers 5 different types of equipment finance for your business needs which are; Commercial equipment, Tracks, and Utes, Engineering equipment, instant finance, and Earth moving equipment.In 2016, the company launched its insurance product known as Plus 62 Finance and Insurance. This finance product partly identified with the Steadfast Group which is arguably the biggest insurance broker in New Zealand and Australia.
  5. Finlease company
    This financing company offers equipment loans under 5 broader areas. These areas include; Bus and coach finance, equipment finance, civil equipment finance, crane finance, healthcare, and manufacturing finance.In the equipment finance niche, it offers finance on excavation or mining equipment, waste, and recycling equipment, packaging equipment, drilling equipment and forestry equipment.In the manufacturing front, there is financing for engineering, sheet metal, plastic molding, printing and woodworking equipment.
  6. AGM Finance
    With over 20 years of experience in the sector, the AGM Finance Company has several different types of equipment financing products. These products include; Lease, operating leasing, novated leasing, hire purchase, rental and Chattel mortgage.The products listed above virtually cover any possible type of equipment that you may need. Whether agricultural, earth moving or hospitality equipment, they have got something for you. Apart from the equipment loan service offered, they also offer insurance, home loans and personal loans services.
  7. Smartleasing
    This company leases old or new cars for your use. Through their team of experts, they are able to offer you the best possible car deal. This is also made possible by the simple fact that Smartleasing Company has an expansive network, 650, of dealers.Apart from the aforementioned advantages offered by Smartleasing, maintenance, and other running costs are also covered, insurance is offered and 24/7 roadside assistance is guaranteed.
  8. LITTL LEASE company
    This company established in 1999 offers four types of products; lease, commercial hire purchase (CHP), Chattel mortgage and rental.
    The company employs the use of criteria in offering to lease, CHP/Rental, and Chattel Mortgage. This includes you having a clear credit history and if you are a property owner you must have been trading for 3 years.
  9. Moody Kiddell and Partners
    The business has been in operation for over 35 years. The company offers equipment financing in a number of areas including; construction, transport and logistics, agriculture, earth moving, engineering and industrial and in telecommunications and IT.
  10. LifestyleLoans
    The company offers a rental lease, hire purchase, Chattel Mortgage, Novated lease, and finance lease. These products are available for both individual and businesses. The financing company has been in operation for more than 10 years.

History of Chester Basin

In 1760, Chester Basin, in what is now Lunenburg County, Nova Scotia, began as a settlement with the arrival of New Englanders (1760-1783), and grew with the arrival of disbanded British soldiers (1804-1816), and later (1820s-1860s), families from the Foreign Protestants group who initially came to Lunenburg in 1753. Prior to its settlement, groups of Mi’kmaw, a tribe of the Wabenaki Confederacy living mainly along the mid-eastern coast of the Atlantic Ocean, used the area as a summer fishing location.

The basin, like a tongue of water extending inward from what is currently known as Mahone Bay, became an important center for ship building and transporting of goods, and as a fishing port. Later, gold mining, barrel making, and the growing and exporting of Christmas trees joined the important industries within Chester Basin. It is said that in the late 1910s the first Christmas trees were exported by sea from the Basin to the United States.

Chester Basin served as a connecting point to places along the coast — southwest to Mahone Bay, Lunenburg, Bridgewater and beyond; northeast to Halifax, Guysborough, and Canso; and to the hinterland of the province, especially the settlements of New Ross (initially Sherbrooke), Dalhousie and Wellington. Later, the connecting road to New Ross was extended to Kentville and the Bay of Fundy area.

As the community continued to grow, services of all kinds were needed: stores, barns (for horses and wagons), wharfs and warehouses, hotels, boarding houses, blacksmith shops, and even an ice cream parlor.

Working oxen were first brought to Nova Scotia by Sieur de Poutrincourt in 1610, and they were commonly used throughout most of the province until the 1850s, and much later in the southwestern part of the province. Oxen were a main source of power for ploughing and hauling, and for transportation to and from Chester Basin (a part of the body of water known as Mahone Bay,) and inland to the hinterland, more specifically to the community of New Ross, or Sherbrooke as it was originally called. Oxen were still being used on a regular basis onto the 1960s in parts of Lunenburg County. Even today (2010) oxen are used at Ross Farm (a provincial farm museum representing the traditional life of the 1830s), and occasionally on some of the local farms.

Oxen are also the main attraction at the annual Bridgewater Exhibition, both as an exhibit and also for ox pulls. A favorite activity has been the International Ox Pulls between teams from Lunenburg County and teams from the state of Maine. [Current American border crossing security has seriously curtailed this cross border activity.]

Barrels, both the water tight (used for transporting fish and various liquid contents) and apple barrels (a looser structure) were main “packaging” and “shipping” containers from the beginning of settlements in Lunenburg County. They were an integral part of daily life and many families initially produced their own barrels. Gradually, the barrel making business became more consolidated, especially when wooden ship building declined due to the invention and use of steel ships. One company in Chester Basin converted its ship building industry to barrel making and a second barrel plant was set up. The latter, the Moyle I. Oxner Barrel Manufacturers, still has its original barrel making equipment and can and does produce barrels today. In the five years between 1974 and 1978, almost 87,000 full-size barrels were produced at this “factory”, as well as 1000 half barrels, 1065 clam barrels, and 33 ornamental barrels. The growing popularity and production of plastic barrels in the later1970s brought an end to the major production of water-tight wooden barrels.

In 2001, the Ross Farm needed to move the coopers’ shop from its location at the top of a hill to a new location beyond the bottom of the hill and decided to use the old method on moving. Using 10 teams of oxen, each with their drivers, and logs placed under the building pulled the shop along the dirt road and down the hill. It took many hours but the job was successfully accomplished.

Today, there is a new and growing market for wooden barrels, especially for the storage of and transporting of products such as wine, rum, and coffee. There is also a growing market for decorative and utilitarian barrels for garden purposes, display use, furniture, and the like. Both types of barrels, i.e., decorative and utilitarian, are produced in Chester Basin: decorative are found at Corkum’s Ornamental Buckets on Highway #3, and the more utilitarian barrels are available on occasion at the old site of the barrel factory on the New Ross Road (Route #12).

Barrels are also produced at Ross Farm in New Ross and can be purchased at the Peddlers Shop.

Chester Basin uses the barrel image as part of its trade mark: iron barrel shapes are found on the lamp posts and are used for hanging flowers (in summer) and wreaths (in winter); the Basin Gardeners have incorporated the barrel in their logo; a special song has been written about the barrel factory and the making of barrels. A wagon load of barrels with ox team and teamster from Chester Basin’s postal cancel stamp to help celebrate Chester Basin’s 250th anniversary.