Yellow Goods
What security is required?
Security for equipment is generally standalone against the equipment itself as well as the director’s guarantee. No other collateral security or General Security Agreement is required.
Can I finance second-hand equipment?
While most second-hand equipment can be financed, the age and class of the equipment may affect the terms and structure of the loan, making it potentially unfinanceable.
Is it difficult to obtain equipment finance?
Since the collateral is often part of your loan, it is easier to obtain than other types of financing; however, there are some basic requirements. Typically, will need to
- have been in business for at least a year
- generate $50,000 or more in annual revenue
- possess a credit score of 650 or higher.