FAQs

New businesses that do not meet standard lender eligibility and approval guidelines can contact a broker to source no doc machinery options.

The best loan type to finance farming machinery will be the one that suits the accounting practices and tax and balance sheet approach of the business. The choices are Commercial Hire Purchase, Leasing, Chattel Mortgage and Rent-to-Own.

Applications for asset finance can be made prior to purchase. Approvals are subject to lender guidelines.

Chaser bins may be financed with Leasing, Rent-to-Own, Chattel Mortgage and Hire Purchase.

Leasing and Rent-to-Own payments are fully-deductible. Hire Purchase and Chattel Mortgage repayments have a deductible interest component and tax deductions through asset depreciation.

Asset finance rates can be different for different machines and operators. Subject to lender assessment of the goods and the application.

Asset finance is arranged with fixed rates and over fixed terms. This results in a fixed repayment schedule which does not change over the term.

Leasing is an asset finance product. In title, the lender retains ownership of the asset over the loan term while the borrower has full use of the asset. When all monthly payments and residual are finalised, the asset ownership is transferred to the borrower.

To compare estimated payments on models from different manufacturers, buyers can use an online asset finance calculator.

Where a chaser bin and attachments are purchased as a single purchase with a harvester, they may be included in one loan. Where purchased separately, or subject to individual lender guidelines, separate loans may be required.