Are you in construction or mining? If you’re starting out or wondering what kind of equipment is out there, you’ve come to the right place. Savvy finances many types of equipment for construction and mining with a range of loan and lease products to suit your business and cash flow expectations.
This guide will give you an overview of benefits, what to think about and other helpful tips and hints on construction and mining equipment finance.
Savvy knows everything there is to know about financing construction equipment. That’s why we offer market-beating deals on all the following construction equipment and more:
- Concrete cutting and polishing
- Wheel loaders
- Cranes and frannas
- Prime movers
- Skid steer loaders
- Dump trucks
- Tanks, tools and trailers
- Air compressors and accessories.
If it’s required for construction, we can tailor a package that finances one, two or many of these kinds of plant or machinery so you can get on with the job on site.
Mining is a complex operation that requires a lot of specialised equipment, machinery and heavy plant. Our financial professionals help secure low rates on finance for heavy mining equipment such as:
- Boring rigs and drills
- Articulated and rigid dump trucks
- Excavators and bobcats
- Service vehicles and water trucks
- Wheeled loaders
- Crushing and screening plant
- Compactor rollers
We understand that equipment such as this can be quite difficult to source and finance and we try to make the process as smooth and hassle free as possible.
Benefits to buying
The benefits to buying and taking out a chattel mortgage or hire purchase are that a business can claim the GST on the purchase price through their next BAS. You can also claim depreciation and interest paid on your regular repayments. We can structure a payment plan that doesn’t affect your cash flow. Buying means you can then hire out the equipment to subbies if you’re on a site or mine that doesn’t require that particular equipment for a certain time.
Benefits to leasing
If you’re leasing, you won’t have to worry about maintaining your plant or equipment until the end of its lifecycle. Maintenance can often chew up your operating expenses and capital unnecessarily, and in time you’ll have to replace your old equipment anyway. Leasing means you have an option to buy the plant at the end of the lease, walk away if your business has changed and doesn’t need the plant or upgrade to new machinery or plant so you’re always up to date. You’ll also get tax deductions on depreciation and interest paid in many cases.
Things to consider
Before settling on a lease or a loan, you’ll have to consider if your equipment is job specific or business specific. It makes no sense leasing plant you’ll only ever use once and can’t hire out due to a limiting agreement. Make sure you talk to a financial or business professional to figure out what’s best to lease or buy and what you can hire for shorter periods.