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Equipment Financing

Equipment Financing: directory of firms

Equipment finance covers vehicles, plant, machinery, tools, appliances, office furniture and computer equipment. The first decision is not which financier to use, it is whether to lease or to buy. business.gov.au frames it simply: leasing means you rent the item from a company that owns it, buying means you pay for and own it outright, and you can borrow to do the second.

Browse equipment finance companies by city, and see what to check before you hire.

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The trade-offs are specific rather than philosophical. Leasing usually has a lower upfront cost, makes upgrading easier, and often puts maintenance on the leasing company. But you cannot claim a leased item as your asset for borrowing purposes, you may be locked into payments for the full lease period even if you stop using the equipment, and you have nothing to sell at the end.

Tax treatment differs between the structures, and in Australia it also interacts with GST registration and with depreciation. business.gov.au points people to a registered tax professional for exactly this reason. Get the finance structure and the tax question answered in the same conversation rather than in sequence.

Chattel mortgage, hire purchase, lease: what each one means

  • Chattel mortgage: you borrow money from a lender in order to own the item, and the item usually secures the loan.
  • Hire purchase: you take the asset and pay it off in instalments with interest, owning it outright once the repayments are complete.
  • Lease: you rent the equipment from the company that owns it, for a set term.
  • Secured loan: where you borrow to buy an asset, that asset is often used as the security for the loan.
  • Dealer finance: offered at the point of sale, convenient, and worth comparing against an independent quote before signing.

Leasing versus buying, on the points that actually differ

Cost: regular lease payments let you budget over time, but you may pay more in total than an outright purchase. Buying upfront can save money in the long run, and if you do not have the cash you either settle for a cheaper option or borrow.

Ownership and depreciation: when you lease, your money is not tied up in a depreciating asset, which can help cash flow, but you cannot claim the item as your own asset for borrowing or other financial purposes. When you buy, the asset depreciates but it is yours, even if you bought it with a loan.

Flexibility: leasing is less of a commitment and makes it easier to try something new, though a leasing company's stock may not carry the brand or model you want. Owning lets you modify the equipment to suit the way you work.

Who repairs it, and what happens when you want to upgrade

Under a lease, the leasing company is usually responsible for maintaining and repairing the equipment, which saves you the cost. The catch is control: it can be harder to get things fixed if you disagree about the terms of the repair, and the lessor may require you to use particular repairers. If you own the equipment, you pay for repairs but you can get them done immediately.

Upgrading is where leasing earns its keep. A lease makes it easier and quicker to move to newer equipment, and a vehicle lease is straightforward to refresh at the end of the term. If you bought, you may be stuck with what you have, and for technology that dates quickly you might recover very little on resale.

Reading the real cost of an equipment finance quote

  • A vehicle lease has monthly repayments plus fees and charges, which together can end up costing about as much as a car loan.
  • A balloon or residual payment lowers your instalments but leaves a lump sum due at the end of the term.
  • Check whether the lease covers any repair costs, because that changes the comparison with buying.
  • Check what happens if you no longer need the item: under a lease you may have to pay out the full period anyway.
  • Compare a dealer finance offer against at least one independent quote, since dealer rates and fees can add to the cost.

GST credits and deductions on financed equipment

You may be able to claim a credit for the GST you pay when buying or leasing a vehicle for business purposes, and a partial credit where the vehicle is only partly used for business. To claim these credits you must be registered for GST.

On the deduction side, you may be able to claim leasing costs as a tax deduction if the equipment is used solely for business, or to claim the equipment or its depreciation costs if you bought it. Each finance product has different tax implications, so confirm your position with a registered tax professional rather than relying on a financier's summary.

Repossession, lock-in and the limits of a lease

If you use the asset to secure a loan, it can be repossessed if you do not make repayments. That is the price of the lower rate a secured facility usually carries, and it applies to the machine your business runs on, not just to a vehicle.

Leases carry a different lock-in. You may need to make payments for the full lease period even if the equipment is no longer useful to you, and because you do not own it you cannot sell it to recover anything. You are also generally not allowed to modify a leased vehicle. Read the end-of-term conditions before the start-of-term rate.

Checking the financier before you commit

  • Research the companies you deal with and confirm they are reputable before handing over financial records.
  • Search the company name or ABN on ASIC's register, and check ASIC's list of companies you should not deal with.
  • Shop around for the rate and the lease conditions rather than accepting the first offer put in front of you at the point of sale.
  • If you are offered guaranteed asset protection cover alongside vehicle finance, note that it generally requires a comprehensive motor policy first, and ask your broker or adviser whether you need it.
  • Check that spare parts and local repairers exist for the equipment before you finance it, because a long finance term on an unsupportable machine is an expensive mistake.

Equipment Financing: frequently asked questions

Is it better to lease or buy business equipment?

It depends on cash flow, how fast the equipment dates, and who you want responsible for repairs. Leasing lowers the upfront cost and makes upgrades easy but locks you into payments and leaves you nothing to sell. Buying ties money up in a depreciating asset but gives you an asset you own and can modify. You can mix the two.

Can I claim GST on a leased business vehicle?

Only if you are registered for GST. Registration is the precondition for claiming the credit at all, and where the vehicle is used partly for private purposes the claim is reduced accordingly. business.gov.au points to the Australian Taxation Office for the detail, and a registered tax professional can confirm your own position.

What is a residual or balloon payment on equipment finance?

A large final payment due at the end of the term. It reduces your ongoing repayments, which helps cash flow, but you need a plan for the lump sum when the term ends. Dealer finance on vehicles commonly includes one.

Can financed equipment be repossessed?

Yes, where the asset is used to secure the loan. business.gov.au notes that if you use the vehicle or equipment to secure your loan, it can be repossessed if you do not make repayments. Under a lease you never owned it in the first place, and you may still owe payments for the remainder of the term.

Do I have to keep paying a lease on equipment I no longer use?

Often yes. business.gov.au warns that you may need to make payments for the full lease period even if you stop using the item, and because you do not own it you cannot sell it to recover cost. Check the early termination terms before signing, not after.

Sources

  1. business.gov.au - Leasing or buying vehicles and equipment
  2. business.gov.au - Choose your funding
  3. business.gov.au - Apply for a business loan
  4. ASIC - Search ASIC's registers

Written by the LokalMatch editorial team. Last reviewed 22 September 2026. How we write and check our guides

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What affects the fees equipment finance companies charge

Fees depend on the work involved and how the professional bills. We only publish fee ranges when they’re backed by real LokalMatch data or reliable sources. Until then, here’s what usually changes the fee:

  • Scope and complexity of the work
  • How the professional bills: hourly, flat fee or retainer
  • Experience and seniority of the person doing the work
  • Deadlines and how urgent the work is
  • Third-party costs such as filing, registration or government fees

How to compare equipment finance companies before you hire

  • Check that they are licensed or registered for this work where you live, on the regulator’s public register.
  • Look for experience with matters like yours, and ask who will actually handle your file.
  • Ask how they charge before any work starts, and get the terms in writing.
  • Compare two or three professionals before you decide.
  • Be wary of anyone who guarantees a particular outcome.

Questions to ask equipment finance companies before you hire

  • Are you licensed or registered for this work, and with which body?
  • Have you handled matters like mine before?
  • Who will do the work, and who will I deal with day to day?
  • How do you charge: hourly, a flat fee or a retainer?
  • What is included in your fee, and what costs extra?
  • Will you confirm the scope and fees in a written engagement letter?
  • Do you carry professional liability insurance?

Licences and registration

This kind of work is often limited to licensed or registered professionals, and the rules depend on where you are. Ask which body they’re registered with, and check their status on that body’s public register before you hire.

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