The IT industry changes so fast that devices, personal computers, and laptops bought this year are already inferior to those that will hit the market half a year from now on. In Australia, high-speed broadband Internet will boost the country’s productivity with 1.7% by 2020, as shown in Australia’s Digital Future to 2050. The same source lets us know that by 2050, IT development will generate around 1 trillion dollars in revenue. It already goes without saying that staying up to date is extremely important.
Equipment Finance Guide
In 2015, 61.4% of the companies that wanted to buy equipment intended to purchase it from local providers. This was the result of an AFA research that can be found in Issue 04 of Equip. Throughout time, the situation has changed much since the number of businesses that want to re-equip is growing annually. In order to survive, a company has to get new technology. Their prime choices when it comes to buying new equipment are either lease purchase or hire purchase.
As of 2016, there were more than 500.000 registered trucks in Australia, in lines with NTI’s Guide to the Trucking Industry 2016. The number will continue to grow, as by 2030 the freight task of Australia is set to double. The trucking industry, thus, is a vital component of Australia’s welfare and it certainly is reassuring to see that it is subjected to continuous growth. Many people need to finance their trucks, since buying them with cash outright would leave unmanageable holes in their budgets.
Although non-bank lenders are more known in the mortgage sector, as it’s shown by the Third Party Lending Report for 2016, equipment brokers are beginning to be more sought, as well. People don’t seem to trust banks that much anymore, that is why brokers are gradually becoming more successful.
According to the Australian Bureau of Statistics, 2016 showed an unprecedented rise in the number of businesses. Thus, last year alone 21.000 businesses were added to those in the previous years, 2014-15. The surge is indeed great. When you take into consideration the plethora of companies scattered all across Australia, you can well imagine how many of them are or will be in need of equipment financing.
You can save a lot of money by purchasing used equipment such as bobcats, IT equipment, medical or manufacturing equipment, etc. But besides getting a great price for them, the best part is that the government will help you purchase them by offering loans.
If you’re starting up a business or looking to overhaul your business equipment, you’ll likely need some kind of equipment financing. There are so many options to choose from, it’s might feel too confusing, especially if you want to free up capital to finance operations or grow your business. Here is a great starting point, covering all the basics for selecting equipment finance that’s right for your business.
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