FAQs

Leasing is one of several commercial financing products which may be used to fund IT requirements. The other products are Chattel Mortgage, Hire Purchase and Rent-to-Own. Businesses should review the features of each product to decide which best suits the accounting methods and financial objectives of the enterprise.

Where software is purchased in the same order as hardware, it may be included in an asset acquisition funding package. Alternative funding products for software are business loans and overdrafts.

All commercial asset acquisition credit facilities offer tax deductible components. Business owners are advised to discuss the options with their accountant in selecting the one that delivers the most suitable solution for their business.

Collateral requirements for commercial credit approval is subject to individual lender assessments of individual applications. Many businesses may be approved using the goods being funded as the sole collateral.

New businesses without full financials may seek low doc and no doc computer loans through brokers.

An online finance calculator can be used to generate computer loan estimates.

Installation of IT systems may be financed with business loans and where included with a hardware purchase, may be financed with asset acquisition credit products.

Computer finance packages may be approved for the entire outlay, subject to individual lender approval.

Training for new IT systems would be considered a non-asset expense and may be funded with a secured or unsecured business loan or overdraft.

To apply for business computer loans, operators require an ABN and provide financial documentation on the business operation.