Inclusive Services for Small Commercial Equipment Loans

Yes. Sole traders would be considered as smaller enterprises when applying for finance. Smaller enterprises can include sole traders, self-employed operators, contractors, owner-operators, micro operations and enterprises with up to around 20 employees.

Smaller enterprises have a choice of the full portfolio of funding products for the purchase of machinery and other goods. The selection includes Chattel Mortgage, Leasing, Commercial Hire Purchase and Rent-to-Own.

No. Interest rates are offered based on the lender’s assessment of individual applications. Many smaller enterprises with complete financials, good credit profile and strong turnover can be offered highly competitive, lower rates.

Yes. IT would be considered as the type of goods for asset acquisition funding. One person operations or micro enterprises, are eligible to apply for commercial funding.

Yes. Owner-operators acquiring excavators would fit the profile for funding as a smaller enterprise. All kinds of construction and building machinery may be financed with commercial credit products.

Interest rates applicable to credit for smaller enterprises would be determined by the lender. All applications are individually assessed. Operators may use advertised rates as a guide to the lowest rates achievable.

To apply for commercial credit, enterprises must have an ABN and provide financials and documentation on their operation. Documentation includes tax returns, BAS returns, annual accounts, trading spreadsheets, banks statements and similar. Where financials are not available, operators may seek lenders that offer No Doc and Low Doc options. GST registration is not essential.

Yes. All commercial credit products for asset acquisition have tax deductible components. With Rent to Buy and Lease, the repayments are fully deductible. With CHP and Chattel Mortgage, a tax deduction is received when the asset is depreciated in line with the relevant ATO depreciation scheduling.

Yes. Funding for yellow goods, wheeled good and other machinery used in the construction sector may be purchased with funding for smaller enterprises. Smaller enterprises can include sole traders, self-employed, owner operators and enterprises that employ others.

The term for the financing may be subject to lender approval. It can depend on the amount requested, the credit history of the applicant, the risk assessment and an assessment of the goods being acquired. Terms of up to 7 years can be approved.

Yes, subject to lender approval. Including the full purchase price in funding is referred to as no deposit financing.

The collateral required for funding is subject to lender assessment of the individual application. With many applications, the goods being funded form the security for the finance and no further collateral is required. For small enterprises, some will be required to provide a personal guarantee.

Yes. Applications for finance for machinery can be submitted and approved prior to the purchase. The loan amount is estimated and finalised after purchase. As interest rates and finance conditions can vary with different goods and industries, an indication of the details of the goods would be required.

All kinds of goods, assets and machinery to be used in a commercial enterprise may be financed with commercial credit.

Yes. A balloon is an option with Chattel Mortgage. It is a percentage of the amount requested in the loan, which is due for payment in full after the last monthly payment is made. When approved for Chattel Mortgage machinery finance, operators may select the balloon option.