Financing fit-outs and accessories: separating the project costs
Break the purchase into components
List the main vehicle or equipment and each fit-out or accessory separately. For a work vehicle that may include a canopy, racking and drawers; for a practice or workshop it may include installation, training and other project costs.
Keep supplier quotes and timing clear
Identify which supplier provides each component and when installation will happen. Ask what the provider needs to assess the complete purchase, especially when the components are supplied or invoiced at different times.
Ask what the agreement includes
Do not assume every component can be included. Ask how each item affects the amount financed, security, ownership and what happens if the main asset is sold or replaced.
Keep a project cash allowance
Budget for any costs that are not funded, along with commissioning delays and initial running expenses. Compare the whole project commitment with the cash you want the business to retain.
Further reading: ASIC Moneysmart: car loans.