Arranging equipment finance beforehand can be an astute approach for capitalising on the opportunities of trade expos and field days for buying new machinery. After a few years of absence of these great events due to COVID-19 issues, the trade show and those large field days are now returning and attracting big attendances.
In the last few weeks alone AgQuip, AGE and AWRE have recorded great crowds. Manufacturers finally have those valued opportunities to showcase new equipment to keen buyers in the type of environment that only an exhibition can provide.
Exhibitions provide business owners with a valuable opportunity to see numerous makes and models at the one time, compare features, to discuss specifics and especially to make buying decisions and place orders.
Making that final purchase decision while at an expo can save a lot of time compared with having to individually visit numerous dealers on separate occasions. It can also be an astute move if the manufacturer is offering a show-only special. Add to that the shortages being experienced with the supply chain disruptions and the necessity to secure limited stock whenever possible.
However, orders can only be placed with confidence, especially for major, higher-priced items of equipment and machinery when the finance has already been secured. That is where we can assist business operators with pre-approved equipment finance.
We provide plant, machinery and equipment finance for a wide range of industries and for many different types of equipment and businesses. So this service is easily accessible and available to many operators to facilitate ordering at a field day or expo.
Pre-arranging Finance Delivers Key Benefits
As mentioned above, there are advantages to being in a position to order equipment at an expo – time-saving and possibly cost saving if show discounts are on offer. But the benefits of pre-approved finance extend beyond those initial considerations.
- Buyers can select a make or model that is priced in the range of the loan they have been approved. This can contrast favorably to the alternative of selecting a model only to find the business does not get approval for finance for the amount required.
- Empowers buyers with greater confidence to negotiate price with the dealer. Having a buyer that is in a position to sign on the spot can be a great incentive for dealers to shave a little more off the price.
- Enables businesses to attend a show and make multiple acquisitions at the same time and place. Our consultants work with individual customers to structure finance to specifically suit requirements. That may involve a request for a finance deal combining multiple assets or for several individual loans.
Finance Products and Features
The same types of finance products apply for pre-approved equipment finance and that includes Lease, Chattel Mortgage, Commercial Hire Purchase and Rent to Own.
All the same features and benefits, including eligibility for tax measures such as temporary full expensing would apply, as would the same interest rates.
Interest rates on equipment and machinery finance are primarily offered based on an assessment of the business application and the lender’s assessment of risk. The application approval process is the same regardless of whether it is carried out prior to an actual purchase being made or after.
Our cheaper interest rates on equipment finance apply to pre-approved finance applications. The actual interest rate does vary with some types of equipment and some industries.
Pre-approved loans do have a set timeframe after which the offer does expire. So the acquisition would need to be finalised within that timeframe or would need to be re-quoted. The re-quoted offer would reflect the interest rate current at the time.
Expo Prep Tips
There are many more exhibitions, trade fairs and field days coming up and those planning to attend may like to consider our tips:-
- Book tickets online or register well ahead.
- Review the exhibitor list ahead of time and note where those you need to see are located.
- Do whatever research is possible before the day so you are across the features of the equipment being considered for purchase.
- Try to make appointments with dealers at the show so you don’t miss out or have to wait to speak with them.
- Have our Equipment Finance Calculator easily accessible on mobile phone to work up quick repayment estimates when quoted prices.
And of course, if serious about that show purchase, speak with us to discuss pre-approved finance. We can provide quick quotes and fast approvals on cheaper equipment finance sourced from across our vast lender choices.
One key date to note is the upcoming National Field Day in Orange NSW for those in the agricultural and farming sector!
Contact Business Finance on 1300 000 033 for pre-approved finance before attending industry expos and trade days
DISCLAIMER: THE SPECIFIC PURPOSE IN PROVIDING THIS ARTICLE IS FOR GENERAL INFORMATION ONLY. IT IS NOT INTENDED AS THE SOLE SOURCE OF FINANCIAL INFORMATION ON WHICH TO MAKE BUSINESS FINANCE DECISIONS. BUSINESS OWNERS WHO REQUIRE ADVICE OR GUIDANCE AROUND THEIR SPECIFIC FINANCIAL CIRCUMSTANCES ARE RECOMMENDED TO CONSULT WITH AN ADVISOR OR ACCOUNTANT. NO LIABILITY IS ACCEPTED IN REGARD TO ANY MISREPRESENTATIONS OR ANY ERRORS RE ANY DATA, SPECIFICS, POLICIES AND OTHER INFORMATION AS SOURCED FROM OTHERS.