Moving Yellow Metal
Brooks Finance Makes Buying Simple
Brooks now has a dedicated finance division – Brooks Finance. We’ve teamed up with industry professional, Ken Jagger, to help customers purchase their own new equipment with the assistance of equipment finance. Our main goal is to get machines onto jobsites when and where they’re needed, effectively ‘moving yellow metal’.
Although hiring equipment comes with an array of benefits, when you’re looking to utilise a specific machine regularly, over a long period of time, purchasing your equipment can be significantly more convenient, and beneficial to your company’s bottom line.
The freedom to utilise the equipment whenever, and however you need, without the legalities of a hire company’s terms and conditions, the equipment listed as an asset on your books, and an ability to claim depreciation and interest off your taxable income1, makes purchasing equipment an appealing option. While it comes with a higher initial price point, when purchasing equipment makes more sense for your company, equipment financing can drastically reduce the strain that the initial upfront charge can put on your cashflow.
When Financing is the Right Option
For small to medium sized businesses, making an upfront payment for new equipment, is not always a feasible option. In such cases, Equipment Finance comes as a welcome solution. Equipment Finance is, as it sounds, the financing of equipment used in a business. Quite often, this means equipment that is used for business-related purposes at least 50% of the operational lifetime, within the loan duration.
For a small business, retaining the additional cash that would otherwise need to be paid upfront, allows a business to own the equipment required, and still have funds available for other important expenditures. During the time of the loan being paid off, the equipment displays as an asset on the buyer’s books and the loan as a liability, with the company through which the equipment was purchased, implementing a lien; retaining security on the asset until the loan is paid off. In some instances, it can give the business the opportunity to start earning money before any initial payment is made2.
Brooks Financing Solutions
The Brooks family has been involved in the earthmoving and construction equipment industry for over 42 years. The very foundation of Brooks was established through an equipment loan for two air compressors in 1979. Since then, equipment finance has played a vital part in the growth of the company. This extensive background has given Brooks and understanding of what is required from a loan provider, and what will be most beneficial to clients purchasing equipment.
Brooks Finance has been established specifically to finance machinery purchased through Brooks Equipment and Brooks Access. Ken Jagger from Brooks Finance has over 15 years of equipment finance experience in some very distinguished positions.
“We understand the financial requirement to get deals done, and we get it done,” said Ken. “We’ve had finance approvals with a one day old ABN, or a 40 year trading history, at the cheapest rates,” he went on to explain.
A range of payment plans are available to clients, able to be adapted to their individual needs. Where there may be seasonal fluctuations in work, Brooks can offer structured payments that suit their yearly operations, and the option of a payment-free first month, can help to elevate cashflow prior to repayments beginning2.
Recently, there has been a steep rise in the popularity of smaller sized excavators. Brooks Finance substantially simplifies the purchasing process of these machines. Where retention of capital is hugely beneficial to smaller companies and private parties, Brooks Finance offers financial solutions that allow them to operate and grow. Following in the footsteps of the four other Brooks divisions, there’s a high focus on customer satisfaction and commitment to providing support beyond the standard business obligation.
“We look ahead to cashflow from the proposed contact, and the excavator needed to fulfill the contract,” explained Ken, “not the at the business’ historical figures. We consider ourselves experts at future cashflow lending, and often, we are able to get deals done that our competitors can’t. With this comes the pride in playing a small part in a client’s success,” said Ken.
Industry knowledge and expertise set the team apart from alternative loan providers, and Brooks Finance’s market position guarantees clients a preferential interest rate on the full range of equipment finance facilities, offered by every major bank and specialised lender in the market.
To get the ball rolling on your equipment purchase, call Nathan Fenemer at Brooks Equipment on 1300 276 657.
1Consult your tax professional
2Subject to finance approval