Rent to own equipment finance is suitable for businesses both big and small. Whether you’re a start-up looking to get up and running, or an established business looking to expand your fleet. There is a rent to own option suitable to fit your needs.
At Credit Strength we pride ourselves on doing things differently. We’ve created an approval process that’s all about getting you up and running, fast. We believe everyone deserves the chance to prove themselves. So at Credit Strength we do just that by assessing each applicant on future earning potential and not only past trading history.
100% Tax deductible repayments
check with your accountant
Flexible agreement
terms
terms
from 12 to 60 months
New business and start-up friendly
we can get you up and running
Rent your way to
ownership
ownership
strengthen your credit profile
Rent to own Versus
equipment hire
equipment hire
There is a common misconception that rent to own is similar to typical equipment rental. In fact, they differ greatly. While both have their pros and cons, it is important to understand the differences so you can make an informed decision about which option is going to be right for you and your circumstances.
Rent to Own
An alternative to traditional equipment hire, rent to own allows you to build your credit profile while at the same time working towards ownership of an asset. Rent to own provides the same flexibility of equipment hire with the added benefit of being able to source assets from both dealers and the private sale market.
At the end of a rent to own agreement you will have built strength into your credit profile opening up opportunities for further business growth and equipment upgrades in the future.
Equipment Hire
A convenient option if you require equipment for a short period of time. With a traditional equipment hire agreement often registration and maintenance costs are included in the hire payment. However, the payment is generally higher than a rent to own agreement and you aren’t working towards ownership of the asset.
How does rent to own work?
Credit Strength’s rent to own equipment funding solution is the most flexible in the market!
Choose equipment
Credit Strength works with a larger network of heavy equipment dealers nationally. Whatever your heavy equipment needs we can help you source what you’re looking for if you haven’t found it already.
Apply for funding
We know securing finance for both new and existing businesses can sometimes be tricky, which is why we have developed a low risk equipment funding solution that’s flexible and affordable.
Choose agreement term
(up to 60-months)
(up to 60-months)
Credit Strength’s rent to own agreements are flexible. Choose terms from 12 to 60 months, giving you total control and flexibility in your business. Trial new equipment or expand your fleet while preserving your working capital.
Collect your equipment
The team at Credit Strength are able to turn your application around quickly and often provide an approval the same business day. Allowing you to secure the equipment and funding you need quickly to keep your business moving.
Pay weekly rent
Credit Strength’s flexible and affordable funding solutions are off balance sheet and 100% tax deductible, making it easy to budget for.
At the end of the rental term you will have strengthened your credit profile.
Rent to Own Versus
Traditional Equipment Finance
Traditional Equipment Finance
| Rent to Own (credit Strength) | Tradtitional Equipment Finance (Bank) | |
|---|---|---|
| Loan Term (Length) | 12 – 60 Months | Loans up to 5-years |
| Requirements | ID check Registered ABN Confirmed work source Relevant industry experience |
ID Check Property backed 2-Years in business Clear credit file Up to date account prepared financials Copy of written work contract Servicing evident on previous financials |
| Age of asset considered | Any age asset considered | Assets up to 5-years old |
| Dealer or private purchase | Yes, either are possible | Dealer only purchases |
Equipment Hire and
Purchase options
Summary
Purchase options
Summary
Remember, there are a number of different options available when it comes to securing new equipment for your business. We’ve summarised the most popular options for your consideration.
Rent to Own (Credit Strength)
Strengthen your credit profile while working towards equipment ownership. Rent to own is the most flexible equipment funding option with the ability to source stock from both dealers and private sellers Australia wide.
Traditional Equipment Finance (Bank)
In the past traditional equipment finance was the only option available. Traditional equipment finance is a cost effective way to fund new equipment for your business. However, a strong credit history is required to secure an approval.
Equipment Hire
Great for a short term requirement, but a more expensive option if you require equipment longer term. This tends to be a more limiting option as only a small selection of equipment is typically available on hire at any given time.
Equipment Hire and Purchase
Comparison Table
Comparison Table
| Equipment Purchase Type | Benefits & Suitability |
|---|---|
| Rent to Own (Credit Strength) | Flexible facility terms Any age of asset considered Suitable for start-ups Private sale and dealer purchases |
| Traditional Equipment Finance (Bank) | Cost effective funding solution Suitable for asset backed established businesses Can be organised by your existing bank |
| Equipment Hire | Perfect for short term equipment requirements Often registration and maintenance costs are included Flexible facility terms |
Common Questions
Answered
Answered
-
How long is the approval process?
We have a dedicated team that works quickly to process applications. Once we have collected the information required for your specific circumstance, you can expect an approval outcome within 1 business day.
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How do I apply?
You can apply online at (www.creditstrength.com.au/apply) or over the phone 1300 571 816. It only takes 5-minutes to get started.
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Do I need an up-front deposit?
No deposit is required with our rent to own product. Credit Strength will finance 100% of the purchase price of your equipment. In specific circumstances, we may require an upfront rental payment, but we’ll discuss this with you as part of the application & approval process.
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What term can I have?
Our rental agreements can be anywhere from 6 months to 60 months. The type of equipment you are looking to fund and the way you’re going to put it to work will help us work this out together.
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What sort of equipment do you only fund?
Generally we will fund most income producing equipment up to 20 years of age. We specialise in transport equipment but regularly fund yellow goods. Speak to a member of our team to discuss your needs!
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What information and documents do I need to provide?
We require the following documentation to begin a rent to own application:
Start-up:
100 points of ID
Registered ABN
Confirmable work source
Proof of relevant industry experienceExisting entity:
All of the above and,
3-months bank statements
Latest financial reports -
How much can I borrow?
This will be determined throughout the application & approval process. Key factors we will consider here is the level of revenue you expect to generate from putting your equipment to work.
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Can you help me find equipment?
Absolutely. Credit Strength has a dedicated stock and purchasing team able to source heavy equipment for any work purpose Australia wide.
We fund all commercial equipment
Trucks, trailers, excavators. We will finance all commercial equipment big and small.
