Equipment Finance Options

Choosing the right way to finance your equipment depends on a thorough assessment of your business requirements and objectives. It is important to consider your repayments and the flexibility of the repayment structures offered. These finance options are available to business entities, companies, individuals with ABN, partnerships and corporations, providing the goods are to be used predominantly for business use.

Financiers will consider any trading history you can supply including tax returns, bank statements, work contracts and accountants figures. They also take into account your credit history, cash in the bank, home ownership and other tangible assets. Stability in current residence and job is another big factor.

FINANCE OPTIONS FOR YOU TO CONSIDER:

  • CHATTEL MORTGAGE: When the item will be used for business, you can set up a loan in the business name. Businesses such as sole traders, partnerships and large corporations are able to secure the loan against the item. To qualify, the item must be used minimum of 50% business use and you need to be an ABN holder.
  • COMMERCIAL HIRE PURCHASE AGREEMENT: Commonly referred to as CHP, it is when the finance company buys the item on behalf of the customer and then grants use and custody of the item to the customer on a contractual basis.
  • NOVATED LEASE: This is an agreement where the employee chooses the item they want and the business pays for it from their pre-tax salary. The major benefit is that if the employee leaves they keep the car and make the repayments or arrange for their new employer to take over the lease, leaving the company with no risk of an unwanted vehicle. We can arrange such agreements but please check with your employer to explore the options available to you.
  • BOAT LEASE: This is becoming a more popular option as it allows you to maintain a low repayment. We can use this type of loan to finance new or used boats or jet skis and most types of boats are eligible.

Give us a call on 1300-002-190 or enquire online now to see how we can help.