poppyUsing a business loan for equipment
An equipment loan pays for the machinery, tools, vehicles or technology your business needs. With a Poppy loan, the money is paid to your business account, so you can buy new or second-hand, from a dealer or a private seller, and include costs like installation, training and fit-out.
What businesses buy
- Commercial coffee machines, ovens and kitchen equipment
- Tradie vans, tools, drain cameras and jetters
- Workshop diagnostic equipment and hoists
- Salon chairs, clinic equipment and treatment beds
- Computers, POS systems and software
Equipment loans vs equipment finance
Traditional equipment finance, such as a chattel mortgage or lease, is secured against the item and often has a longer term. For large, long-life assets like a new truck, that can be cheaper, and it’s worth comparing.
A short-term unsecured loan can suit better when:
- You’re buying several smaller items, or second-hand from a private seller
- The cost includes installation, fit-out or training that equipment finance won’t cover
- You want to own the equipment outright from day one
- You need the gear quickly, before an old machine fails or a contract starts
Who can apply
- A registered business in Australia (with an ABN) or New Zealand (with an NZBN)
- Trading for 6 months or more
- Around $10,000 or more in monthly sales
- A business bank account with regular deposits we can see
- The loan is for a business purpose, not personal or household spending
How it works
- Check eligibility. Tell us about your business in a 3-minute form. No documents and no credit check at this stage.
- Connect your bank. Share read-only business bank data through a secure link, so we can see how you actually trade.
- Review your offer. You get one summary: the loan amount, the term, your weekly repayment and the total to repay, including all fees.
- Get the funds. Sign online and the money is paid to your business account.