FAQ

Definitely. Pre-approved finance is a smart way to go and can be arranged across all equipment sectors. By having your loan pre-approved you know the dollar amount you are approved for and roughly what your repayments will be. So you can plan the purchase to suit the loan. The interest rate on pre-approved and standard timed loans is the same and the application process is virtually identical. The key difference is that the loan is sourced based essentially on how much you think your software will cost rather than on a seller’s invoice or bill of sale.

Yes. If you are investing in both new computer hardware and software systems at the same time, the one loan quote should be possible which covers both acquisitions. If purchasing from different suppliers but concurrently, this should be possible for many applicants. By combining both purchases in a finance deal you only have one rather than two repayments to manage each month. This may greatly streamline your own accounts system. In comparing one or two separate loans – if you select the same finance product for each loan it would be at the same interest rate so there would not be any difference in the loans. By having one rather than two you should be able to save on loan establishment fees.

Yes, it is highly possible to include the costs associated with the installation of a software system in your loan. Complex systems often require specialist technicians to install new software systems and integrate them with existing programs and systems. This can be a significant cost so it is well worth considering including this as well as the purchase price into the one loan. When combining different items into one finance package, they would need to be purchased concurrently so the loan could be appropriately quoted and structured. Issues are quite likely to arise if a borrower wants to add items acquired into an existing loan contract after the finance deal has been finalised. If you’re in two minds about whether or not to combine both into one loan, use our equipment finance calculator to see estimated repayments on the software cost only and software plus installation.

The category of software encompasses a vast and expanding range of systems and programs with new companies and new technologies continually emerging into the market. In general terms, finance is available for the purchase and installation of software systems with no specific differentiation based on the type of program, developer or supplier. It may be a computerised warehousing system, engineering software for CNC and other computerised systems, security and surveillance, business administration systems, controls and programs for all sorts of purposes and product creation. Generally, no line is drawn in regard to type or brand, individual lenders have thresholds in regard to the minimum amount they will loan on any type of equipment.