Equipment Financing Explained.
The need for equipment financing can arise when unaffordable equipment is required or there is a reluctance to pay up front from current cash flow. It could also be the situation that equipment needs replacement frequently because of a short lifespan. Sometimes it is because the latest version of technology is a must have for the business. Alternatively, the need could be driven by a combination of all these factors.
There are a myriad of reasons why equipment financing has evolved and become a growth sector in recent years. With needs varying almost as much as the equipment to be financed, the finance solution must be flexible enough to span a wide-ranging number of industries. Whether a finance need arises due to cost, cash flow restraints or whether the equipment has a short life-span and needs replacing or upgrading frequently, a finance facility must be available to cover a very broad range of equipment such as computers, scaffolding, office furniture, sewing machines, kitchen utensils, tools, restaurant, bar and office fit outs, and many others too numerous to mention.
At Vendor Finance, we provide our customers with the best solutions sourced from our specialist lending partners. Our panel of lenders is 13 strong and includes many of the leading specialist finance houses in the land. We work in direct partnership with them to source the finance package that is best for you, and only you.
Finance options include:
- Lease or Hire Purchase finance agreements.
- Loan terms are from one to seven years, depending on the age of the equipment.
- Finance may be unsecured (depending on lender)
- Early repayment of loan can save money on interest payments
- Prompt decisions
- Minimal paperwork required
- Minimum borrowing of €5,000.
Our application process is simple and user friendly. In three simple steps, you can complete our online application form and be well on your finance journey, the Vendor Finance way. Simply click on the Commercial Finance tab above, choose the ‘Apply for Finance’ option & provide us with the requested information. Alternatively, If you would like some help in getting started, have any initial queries, or simply wish to give us your details over the phone, then please do not hesitate to call us directly on (071) 931 0137 where a member of our Commercial Finance team will be happy to assist you.
Depending on your industry sector, your type of business and what equipment you are looking to finance, and once we have all your details, your Account Manager will get to work straight away, assessing your application and gathering any additional information that may be needed to support your finance application. They will liaise with your lender and your supplier throughout the finance process, keeping you updated all along the way. We would expect to have a decision on your finance application within 24 hours from submission to lender and our nationwide service means that wherever you are in Ireland, we have a local representative who can meet with you to facilitate the signing and processing of your finance agreement.