Fast machinery loans are available through Jade Equipment Finance to assist businesses quickly replace equipment and assets damaged in flood, fires and cyclones. Australia has been hit with multiple natural disasters this summer with cyclone Zelia impacting north-west WA, major rainfall and flooding events in FNQ and large bushfires in Victoria and Tasmania in particular. Events which have caused significant damage across multiple regions and impacted many individuals and business operations.
While cleaning up and assessing damage will be the first priorities, replacing equipment to get business back up and running will also be a key concern. We support businesses by handling the finance to replace assets while they address the many other issues they are facing. Arranging quick loan approvals so operators can quickly order replacement machines to be operational as soon as possible.
Disaster Damaged Equipment - Initial Steps
As soon as is feasible, practical and safe after the weather event, there are steps to take to start the process of replacing unworkable equipment. Business owners should contact their insurer as soon as possible and lodge a claim. Claims may be lodged online, and some insurers may offer a phone claim service.
The asset will need to be assessed as a write-off by the insurance company for the operator to receive the insurance payout. Business owners may be relying on these funds to go towards buying replacement units so the sooner this process is started, the quicker it may be finalised. When large-scale natural disasters occur, insurance companies typically send a team of assessors to the area asap. This may assist in expediting claims.
Where the equipment is under finance, the bank or finance company should be contacted to advise of the situation. A request to pause payments may be made. Whether this is granted can be up to individual lenders. Where the equipment is a write-off, request a pay-out figure on the loan. This information can be useful when budgeting finance for a replacement and taking into account the insurance payout. Hopefully the insurance claim will be sufficient to finalise the loan. If not, the business owner will need to pay any outstanding monies owed to the lender. Until the loan is finalised the business is still required to meet the loan payments, unless an agreement has been made with the lender to pause payments.
Check if you are eligible for any government financial support either at a state or federal level. Websites such as Disaster Assist may provide guidance and hotlines should be in place to assist.
Where equipment is unserviceable and requires replacement, owners do not have to wait for the insurance claim to be finalised before starting the process of replacing the asset with finance. Business operators can contact us as soon as possible to commence the process of sourcing finance.
Types of Fast Machinery Loans Available
Regardless of how quickly finance is required, operators should select the credit facility which is the most suitable for the commercial set-up. Business assets of all types may be financed with Commercial Hire Purchase, Chattel Mortgage, Leasing or Rent-to-Own.
When financing replacement machines, the loan may be with the same credit product that the original unit was financed with or with a different facility. The loan may be with the same or a different bank or finance company. With our accreditations with over 80 lenders, our brokers source the most suitable and cheapest loan option to meet each customer’s profile.
Applications are assessed based on the current business financials and profile. If the business circumstances have changed – positively or negatively, since the loan for the written-off unit was secured, the rate and any loan conditions may be different from that original loan.
Where the insurance claim has not yet been settled and the loan on the damaged machine not yet finalised, the debt will still appear in the business documents. We advise lenders of the individual circumstances, ensuring this does not negatively impact any new loan offer.
Where multiple units need replacing with new, we can work with our lenders towards having all financed in the one loan agreement if that is a customer’s preference.
Getting Approval for Fast Machinery Loans
As brokers, we’re working in your best interests. Providing personalised service with prompt response to all enquiries, quotes and applications to quickly assist customers with their requirements. We’ll handle the entire loan sourcing, structuring and settlement process to ensure a smooth, streamlined and fast outcome. Most applications can be approved within 24 hours.
We provide nation-wide services so even if you are located in the most remote areas of Australia, we can provide you with expert financing services.
A range of financial and business documentation is required for commercial credit applications. Where a business has been impacted by a natural disaster, hard copies and computer files of business records may not be readily available. Where this is the case, our brokers will work with customers and lenders to quickly achieve a workable solution.
Applications for finance can be made online or by phone.
Fast Machinery Loans – All Types of Equipment
While we refer to machinery and equipment, these terms are inclusive of all business assets used by a commercial enterprise. Finance is available for all types of plant, machinery and equipment across all industries including agriculture, construction, resources, retail, personal and business services, medical, health, wholesaling, processing and others.
For fast machinery loans to replace units written-off in natural disasters, contact Jade Equipment Finance on 1300 000 003 for personal service and assistance.
DISCLAIMER: IF MISINTERPRETATIONS, MISREPRESENTATION OR ERRORS EXIST IN THIS ARTICLE, NO LIABILITY IS ACCEPTED. THE INFORMATION IS PROVIDED ONLY FOR GENERAL PURPOSES AND NOT IN ANY MANNER INTENDED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADDITIONAL GUIDANCE OR ADVICE SHOULD REFER TO AN INDEPENDENT FINANCIAL ADVISOR.
" alt="">