Communication and accessibility key to equipment finance

Independently owned since establishment in 2006, Finance Connections has been providing specific equipment and vehicle finance to businesses for the past 18 years.

Finance Connections is committed to assisting the trenchless industry grow their businesses through smart acquisition methods.

This is reflected in the traditional values that define its service – attention to detail, honesty, integrity, and consistency to meet customers’ needs.

Co-Director Bryan Larkins spoke with Trenchless Australasia about how they realise there is no one size fits all in equipment finance.

“That is why Finance Connections best match your needs to a lender that is able to provide for your individual requirements, giving businesses more options when purchasing equipment,” he said.

“Our point of difference is that as brokers we are more responsive, provide more options via a network of lenders, and communicate every step of the way.”

Larkins said communication and accessibility has been instrumental in finding the perfect equipment finance solution for clients.

With the challenge of banks not being quick to respond, Larkins said Finance Connections has access to a variety of lenders that it constantly reviews and manages to best suit its clients’ requirements.

The term “equipment” refers to almost anything. A new or used vehicle, digital printing equipment, office equipment or even an aircraft.

Finance Connections’ recent success story came from a client based in the Northern Territory who provided directional drilling services and cable and service locating.

Two years ago, the company was able to finance a large vacuum truck that was over 12 years old and $350,000 for the client.

“This finance can be tricky for a bank to do unsecured due to the age and price of the vehicle. We were able to demonstrate the revenue generated form this truck and how it is used, that assists a lender when they are considering approval,” Larkins said.

“His services extend from small residential home projects, such as putting in a pool, to large commercial-scale contracts, such as new housing estates or roadway developments.

“Our client works with a range of trades, including surveyors, electricians, plumbers, engineers, local councils, builders, civil construction companies, directional drilling contractors and defence contractors.”

Larkins added the company also provided financing for equipment to assist in locating services and cables GPR equipment.

Following the success of Finance Connections’ service for the NT-based client, it has been able to assist in the purchase of another business and more equipment such as several directional drills, trailers, trucks and GPR.

“We make applying for business and equipment finance as fast and easy as possible – and ensure it gets approved as quickly and smoothly as possible,” Larkins said.

“Our products include flexible and tax-effective chattel mortgages, rent to own, and leases.”

Finance Connections works with a variety of sized businesses, including contractors and sole traders. Equipment finance is a smart way to acquire the equipment needed, while preserving cash reserves.

Larkins and his team financially assisted a Queensland cables and service locating contractor who had been in business less than 12 months and wasn’t GST registered.

“We were able to provide finance of $25,000 for new GPR pinpoint equipment and accessories for him to get started and complete work he had to undertake,” he said.

“Again, we provided information to the lender of how this equipment generates revenue and how it is used, as well as information on the supplier.

“This gives the lender understanding of the return on investment on the equipment purchase.”

Larkins said by using finance preserves and the business cash flow it allows the business to use the lender’s money to purchase vehicles and equipment now and receive the tax benefits associated with that purchase.