Started in 1957, Perlini Equipment is one of world's most important producers of dump-trucks. Perlini trucks, designed and built for efficency and ease of maintenance, are at work all over the world and are appreciated by big enterprises and small subcontractors alike for their excellent productivity and the quality of their original components.
During its history, Perlini has shipped over twelve thousand vehicles, still at work in every continent, and has also obtained several racing awards, including four victories in a row at the Dakar Rally.
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What is equipment finance?
In a nutshell, equipment finance is the term given to a type of loan whereby a lender can provide a particular sum of cash to a borrower in exchange for repayments that can be split over the course of a certain amount of time (often up to 8 years). Any form of financing, from sport and gym equipment, right through to office supplies and more, will typically rely on two key factors.
What are these factors?
The first is that the individual hoping to finance their equipment will be in a position to repay what they owe (based on a range of checks and financial evaluations).
The second is that the lender is willing to provide the requested amount of cash to the borrower – and that a repayment plan can be agreed upon.
Why is equipment financing useful?
Depending on the type of equipment in need of purchase, the costs of doing so can vary from fairly low to excessively high. Not all businesses and individuals will be able to cover these costs – and that’s where financing can come in handy. By allowing a borrower to receive financial support from a lender, the individual can use the cash that they receive to cover the cost of their new equipment and then repay what they owe over a predefined period of time.
Is financing the same as a personal loan?
In some ways financing can be very similar to applying for and taking out a loan. In other ways however, it is clear why the service features its own terminology. In a literal sense financing is a form of loan, as it will rely on a borrower approaching a lender and requesting a sum of cash to help with purchasing particular assets.
Where this financial option differs however, is in the types of arrangements that a financing loan can feature.
Which types of arrangements do these include?
For example, finance won’t always require a deposit nor will it need a good credit score, or several other factors that are considered when taking out a regular loan. Instead, financing will rely on the lending agencies evaluation of whether (or not) the applicant will be able to repay what they are planning on borrowing.
In order to protect their financial obligations, most lenders will propose secured loans, unsecured loans and payment contributions; depending on the situation.
For instance, if a borrower doesn’t have a track record of receiving cash and this is one of their first loan applications, then a lender may choose to offer a secured loan. What this means is that the borrower will need to provide a list of assets that can be used to cover the costs of the loan – just in case repayments aren’t met in the future.
On the other hand an unsecured loan can be ideally suited to borrowers that have a proven track record of meeting their repayments; either with their chosen lender or another one.
In these instances, some lenders may be willing to provide the cash without securing their expenses – but it’s worth nothing that this can be a big risk and it’s an option typically reserved for the most reliable customers. Furthermore, a lender may request a substantial amount to act as a deposit, although this can be negotiated when hiring a good finance broker in Melbourne.
Are there any risks involved with financial loans?
As with all loan types, there are some risks that are worth considering. For instance, if someone wishes to take out equipment financing to purchase gym equipment and the loan is secured, then they may risk losing all of their purchased assets if they fail to keep up with their repayments. The concerns are lessened with unsecured loans, but failing to repay can put a permanent mark on a person’s credit score – potentially making it harder for them to borrow money in the future. Its best to speak to a qualified equipment loan broker and we can recommend Tundra. They are specialists who will be able to secure the right deal.