FAQs

Lease, Rent-to-Own, CHP and Chattel Mortgage are available for financing diggers. The best option is the credit facility that suits the accounting method and objectives of the business.

Yes. Bobcat is used as a term to cover many brands and models of smaller diggers and loaders.

All applicants need to meet lender criteria for approval. Where a new operator does not have full financials, they can seek No Doc Low Doc options through a broker.

If a trailer and machine are purchased through the same dealer at the same time, many lenders can include the package in the one financing arrangement.

A general range for asset acquisition funding terms is 7 years.

The tax deductions vary with different credit facilities. Lease and Rent-to-Own have deductible repayments but Chattel Mortgage and CHP deliver a tax deduction when the machine is depreciated. Interest charges and fees are deductible.

An application for asset acquisition funding may be submitted and approved prior to an actual purchase. Conditional approval can be given for a loan amount and subject to final details of the goods being purchased.

Online loan calculators do not allow for individual credit profile variations or for lender fees and charges. Offers can vary from calculator estimates.

Machinery loans are typically structured with a fixed interest rate which does not change over the term.

The term residual applies to Lease finance and is the amount that is payable at the end of the term to finalise the financing and take ownership of the machine.