How can BOQ Specialist help you with equipment finance?
At BOQ Specialist, we offer a range of lending options for investing in new equipment for your medical, dental or veterinary practice. We have helped thousands of practice owners find the best finance solution for their individual situation, and because we only deal with doctors, dentists and vets we truly understand the equipment finance needs of these industries.
The equipment you choose for your practice is one of the most crucial decisions you will make. Thanks to our experience and strong partnership with the medical community, our trusted asset finance arrangements allow you to make better use of your cash flow.
BOQ Specialist equipment finance features
- Select from a range of equipment finance options including lease, hire purchase or chattel mortgage
- Flexible terms and repayment options
- Consolidate the finance for all your practice assets into one finance agreement
- Borrow from as little as $2000
Like all major commercial lenders, BOQ Specialist offers three product options when it comes to financing medical equipment: lease, chattel mortgage or hire purchase. Each has different tax benefits. Our finance specialists can talk you through these option in more detail and ensure you end up with the most effective choice for your practice.
- What is a lease:
This is where BOQ Specialist own the equipment while your business rents it over a period of time and pay a residual amount at the end of the lease term.
- What is a chattel mortgage:
This is where you own the equipment and BOQ Specialist provide the finance to you for the purchase, and the equipment is used as security for the loan.
- What is hire asset purchase (asset purchase):
This is where BOQ Specialist owns the equipment and while your business rents it over a period of time. You have the option to purchase the equipment at any time during the term or on expiry of the contract.
- Choosing the right loan term for your equipment finance:
It is important to finance your equipment over a term that matches the legitimate lifespan of your equipment. Don’t make the mistake of being forced to continue paying for equipment years after it has passed its used-by date.
Because we have an in-depth understanding of the type of equipment you use, and work closely with suppliers, our specialists can help you find the right loan term that suits your cash flow and will never leave you continuing to pay for equipment that needs updating.
- Choosing the right residual:
A residual, also referred to as a balloon, is the final payment due at the end of a loan agreement. The amount is set at the beginning of the loan and is included in your agreement and repayment schedule. The residual should match the true value of your equipment at the end of its finance period.
Our finance specialists can help you match your final payment with the second hand market value of your equipment so that you may be in a better position to negotiate a satisfactory trade-in deal.
At BOQ Specialist we like to do things differently. One of the things that makes us unique in the market is the option for our clients to purchase equipment via their BOQ Specialist credit card to earn Qantas or Velocity frequent flyer points on the cost of the equipment as well as on the repayments.^
How it works:
A lease or chattel mortgage contract is agreed to prior to you purchasing the equipment. We then temporally increase the limit on your card to allow you to make the purchase, then the transaction is transferred from the card to the agreed upon fixed term contract and you earn frequent flyer points per dollar financed.
You’ve rented or purchased premises for your practice and now you need to fit it out with fixtures and fittings to make it look professional. We can help.
The credit provider is BOQ Specialist. Terms and conditions, fees and charges and lending and eligibility criteria apply. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. We reserve the right to cease offering these products at any time without notice.
*You should seek tax and accounting advice on the tax implications of your chosen finance option.
^A 1.5% processing fee applies on the purchase price. Points are earned on eligible purchases only. Fixed term finance contract is to be approved prior to purchase. If you elect to make loan repayments on your BOQ Specialist Credit Card a 1.5% processing fee applies on the amount of each repayment. Repayments on overdrafts and lines of credit are not available to be made via BOQ Specialist Credit Card.