FAQs

Machinery can be financed with the business owner’s choice of Rent-to-Own, Chattel Mortgage, Leasing and Hire Purchase.

Interest rates are offered based primarily on the credit history and rating and financial position of the business. The type of machinery has less impact on the rate with the exception of used machines which can attract different rates than new units.

Commercial entities with an ABN can all be eligible to apply for commercial credit. The standard commercial finance application form through many banks and other lenders requires providing a range of financial documentation for 1-2 years of trading history. Where a new operation does not have these financials, they can seek low doc financing through brokers.

Tax deductions vary with the type of credit facility selected. Hire Purchase and Chattel Mortgage have deductible interest and deductions through asset depreciation. Rent-to-Own and Lease have deductible repayments.

All types of assets used in tooling and engineering businesses may be purchased with commercial finance. Lenders may assess the specifics of custom-built units as part of the application approval and offer preparation process.

A balloon is due for finalising at the end of the term.

Operators can use an online calculator to estimate loans prior to making a loan application.

Terms of up to 84 months are typical for asset acquisition financing.

Applications for asset finance may be made and conditionally approved prior to auction. Exact details are finalised after purchase.

Online calculators do not assess credit profiles so the interest rate offered may differ from the best rate displayed or the rate used with the calculator. Calculators do not allow for lender fees and charges.