How does Asset Finance work for Me?

How does Asset Finance work?

It enables you to purchase the vehicles, equipment or machinery you require, without using up working capital and making cash flow difficult, allowing you to grow your business.

 You can use the loan to purchase commercial trucks and trailers, business motor vehicles and light commercials, earthmoving and contracting equipment, plant and machinery, fleet upgrades etc.

It enables you to fund up to 100% of the asset being purchased.

THE benefits:

  • Fixed or flexible monthly payments - You can finance an asset over short or long terms, depending on your requirements and your payment ability. Generally, rates are fixed over the term of the loan, however you can also have flexible repayments set up for seasonal fluctuations or specific business cashflows.

  • The asset being purchased is used as security for the loan or other available assets, not your home or property. This lets you focus your cashflow for other business needs.

  • It increases the liquidity in your business.

  • Low or no deposits with a repayment schedule tailored to your cash flow or other business needs.

  • Spread the cost of your equipment over its economic life

  • You can borrow against new, used or existing assets.

  • Often no cash up front is required, or your trade-in can be used as the deposit.

  • GST can be financed and repaid in the third month of the loan term.

  • You have ownership and use of the asset while you’re paying it off.

Frequently Asked Questions

How long will it take for my loan application to be approved?

Provided all information is received to complete the application, a loan can be approved in as little as one day.

What is the security for my business’s loan?

Security will be the asset you’ve purchased, although we may ask for additional security or a guarantor, depending on our credit assessment of your business.

What interest rates do you charge?

Our interest rates are competitive and vary depending on the amount borrowed, the loan term, and your credit history.

Can I change the amount of my loan after it is approved?

If you want to increase the amount, it simply needs to be approved by us.  Just speak to us on 0800GVKMONEY or (09) 5751864

How long are the loan terms?

Our terms are flexible, ranging from one to seven years.

Is there a minimum loan amount?

$20,000 is our minimum loan amount.

What if I have no credit history?

You may not need to have any previous credit history to get a loan with us; however, we may ask you to provide a suitable guarantor for your loan.

What if I have bad credit?

Apply for a loan with us and we’ll assess your application.  We have several Finance Companies that we deal with.

Can the loan be paid off before the end of the term?

Yes, we can structure your loan so you can make lump sum repayments during the term without penalty. However, if you pay off your loan in full before the end of the term, there would be an early settlement fee.

Can I change my repayment amounts during the loan term?

We’ll always look at each loan individually and assess what we can do to help with repayments.

What is a guarantor?

A guarantor is someone who agrees to pay your loan if you don’t keep up the payments.