JLG through our finance partners can offer tailored solutions to your financing needs.
With the added focus of day to day cash flow in our industry, equipment financing eliminates the need to pay up front and matches your machine cost to revenue. This allows you to free up working capital to spend elsewhere to grow your business or to invest if cash isn't available to purchase outright.
Some common types of equipment finance include:
Operating Leases
Under an operating lease the finance company owns the equipment. Rental payments are paid over the term and when the lease expires the equipment is handed back to the lease company. This is a great option if you have a specific project with an end date that you need the equipment for and you do not wish to purchase the equipment after the lease period. As the lease company takes the residual risk, operating lease payments may tend to be higher than other forma of equipment finance.
Finance Leases
Similar to an operating lease but with a finance lease there is a residual payment at the end of the lease term to take ownership of the equipment.
Commercial Hire Purchase
Commercial Hire Purchases offer more flexible payment and balloon options compared to finance leases with the title of the equipment passing onto the borrower at the end of the term.
Chattel Mortgage
A Chattel Mortgage is where the customer takes ownership of the equipment at the time of purchase and the finance company will have a security interest over the equipment until the final payment is made.
All equipment finance options have different GST, tax and accounting consequences as well as pros and cons to each individual requirements so please seek your own professional advise as to what type of equipment finance is right for you.
So if you are considering purchasing a quality JLG product then talk to us about equipment financing and we can introduce you to one of our finance partners to help you utilise a quality JLG product sooner rather than later.
