Asset Loans

Business has been going well and you are looking to expand your borders but you don’t quite have the capital. If this sounds like you then you could be in the market for an Asset Finance loan. Our Finance Brokers can work with your business and find the right loan to suit your needs. This can help you acquire vehicles, and equipment, and even assist with fitting out your business or shopfront. With the added assets to your business, you will be able to expand even further and keep your business ahead of the pack.

Asset Finance is more than just buying a car or tow truck for your business. It can extend into equipment like cold rooms for storage or shop fit outs. On top of that it can even be used for yellow goods, like cranes and excavators. Understanding the many different ways a asset loan could apply to your business will help give you an edge over competitors.

Is Asset Finance Right for Me?  

There are many types of asset finance each with different benefits and costs. Understanding each one could help you decide on whether or not asset finance is right for your business.  

  • Hire Purchase: This is the standard asset finance of acquiring a new piece of equipment but instead of paying it in one large sum you pay in small increments over a period of time, with interest. This is great if you need something for your business but do not have the capital for one large payment. You can even use the equipment or asset while paying off the loan.
  • Chattel Mortgage: This type of finance is our most popular and where the equipment is owned by the borrower and provides the equipment as security for a loan. The business is responsible for maintaining the equipment and can claim interest and depreciation. If the borrower defaults on the loan, the lender can take possession of the equipment.  
  • Finance Lease: For this lease, the lender buys the asset of the business and then rents it back to you. At the end of the rental period you can either extend the rental agreement, buy back the equipment, or have the lender sell it, possibly sharing in the proceeds of the sale.  
  • Operate Leasing: This type of asset finance is for leasing big and expensive equipment for the short term. Certain assets can be quite costly to purchase and even then the business may not need them that often throughout its lifetime. In that case, you can rent the equipment and never need to own it. You will need to maintain the equipment but this option is considerably cheaper for the business long-term.
  • Novated Lease: A Novated Lease is typically used with salary packaging through an employer and can include running costs such as maintenance and fuel. Through salary packaging with your employer, you can utilise the pre-tax and post-tax deductions to cover the lease and running costs.  

How we can help

There are a lot of options for asset finance and for a business, new or old, it can be quite intimidating. Our Finance Brokers are well-versed in all types of asset finance and therefore can easily walk you through the different options at your disposal. With over 60 different lenders and over 30 years of experience in the business, they can find something that will suit your business needs. They can even help maintain the loan over the life of the agreement so all you have to do is enjoy the new equipment or car and focus on growing your business even more. It never hurts to check what options you have available. Call us at Carwardines and book a consultation about the solutions open to you, today!

Which finance option would be best for my situation?

Can I keep the equipment after the loan?

Do I need to have been in business for over 2 years to apply?

Can I refinance my current car loan to reduce my repayments?

Let’s Get in Touch

Book a Consultation with a Finance Professional

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