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Finance
July 9, 2024
4 mins

Why Finance Garage Equipment?

Key take away points:

  • Types of garage equipment that can be financed
  • Benefits of financing garage equipment
  • Why offer finance as a garage equipment supplier
  • Contact us today for a no-obligation finance quote for your business or customer.

Are you considering buying new garage equipment for vehicle repairs and servicing for your business, or are you a supplier of garage equipment wanting to offer your customers competitive and speedy finance options?

Read on to discover how our team of finance professionals can help you find the right solution, or get in touch to request a no-obligation quote.

Financing garage equipment

Finance solutions such as leases and Hire Purchase enable vehicle repair and servicing garages to obtain the latest equipment and technology, while spreading the cost in line with return on the investment. This equipment could include:

  • Vehicle lifts
  • Dispensers and drainers
  • MOT ATL bay equipment
  • DVSA ATF test equipment
  • Workshop tools and jacks
  • Roller brake testers
  • Wheel and tyre equipment
  • Air con and emissions equipment
  • Compressors
  • Electric and hybrid equipment
  • Shelving, storage and racking
  • Handling, lifting and access equipment.

So, why finance garage equipment?

Potential tax savings

Unlike cash purchases, finance can unlock 100% tax relief on both the capital cost and the interest, meaning your business could save more on tax.

Opportunity cost

Taking capital from your garage and sinking it into assets that will depreciate isn't the best use of your money; by financing you can keep more of your cash and use it when/where it's most needed.

Affordable, fixed repayments

Spreading the cost of your new garage equipment over time can help you to get what you need without compromising on quality, and with rates fixed throughout the term, budgeting for growth is much easier. In some cases, it’s possible to spread the VAT over the finance period to avoid paying it as an upfront lump sum.

Lifecycle management

Avoid unexpected spikes in your expenditure that you have not budgeted for by spreading the cost and taking control of future investments.

Spread your risk

Over-reliance on your primary funder, e.g., your bank, can be a risky financial strategy. Working with a finance broker gives you access to a wide panel of specialist funders, increasing your available credit lines and spreading your risk.

Considering a garage refurbishment or facility upgrades?

We can wrap multiple elements of a project or different finance products into one bespoke solution, i.e., we can arrange financing for other assets and equipment that a garage might be considering investing in as part of a larger refurbishment project, such as:

  • Workshop flooring and protective mats
  • Internal/external signage
  • Office furniture/partitioning
  • IT equipment
  • Customer waiting/reception area furniture and fitout
  • Vending machines
  • Staff leisure areas and lockers
  • Lighting
  • Renewable technology
  • Vehicles

For more information or to request a no-obligation finance quote on garage equipment, contact us today.

One of our friendly, UK-based account managers will be in touch to provide you with a no-obligation quote.

Mechanic using a tool to fix a car engine

Running a garage equipment supplies business?

Overcome Cost Objections

In some cases, giving a customer an alternative to paying for their garage equipment upfront, can overcome their short-term budget restrictions, so they don’t have to delay or scale back their purchase plans. It can also sift out prospects that are not ready to buy.

Increased Order Values

When a customer can spread their payments over a 2-, 3- or 5-year period, they can often increase their overall garage equipment spend with you by as much as 30%.

Deeper Customer Relationships

Offering finance can deepen your relationship with the customer as you will usually liaise with the person/people responsible for signing the purchase of the new garage equipment off, strengthening your understanding of the customer and their future requirements. 

Improved Customer Retention

If you provide a good service, and you contact customers as they approach the expiry of their agreement, it’s more likely that they will choose to renew the lease and stay with your company – rather than move to a competitor – than if they paid cash as a one-off transaction.

Boost your cashflow

You will typically receive full payment within 72 hours of the customer’s finance agreement being approved, which is great news for your cash flow.

Why offer finance through Bluestone

Want to offer your customers the option to finance their purchases, or considering a new finance partner for your business?

By partnering with Bluestone as a trusted finance provider, you can:

  • Get quick finance quotes online and submit applications 24/7 via the Bluestone Portal.
  • Track all your customer finance applications via your Bluestone dashboard.
  • Benefit from our 27+ years of experience in commercial finance solutions that deliver growth.
  • Access competitive interest rates from a diverse panel of 50+ lenders.
  • Realise your growth ambitions with the support of your dedicated Bluestone account manager.
  • Enjoy no contracts, no fees, no pressure - use us when you need us.

If you are running a garage equipment supplies business and are interested in offering your customers the option to spread their costs over time through Bluestone, simply complete the form. We'll be in touch soon to learn more about your business, your growth plans, and your customers.

BS.202406.01BL94

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