Car & Equipment Finance Adelaide
What is personal asset finance?
What can business asset finance do for your business?
What is a chattel mortgage?
Am I eligible for a low doc loan?
Our frequently asked questions
Asset finance is a great option if you want to get your new asset without the wait. This option allows you to obtain larger assets through hire or lease without purchasing the asset outright. There are many benefits of asset finance for both business and personal use.
- The potential to reduce larger loan costs
- Can free up capital
- allows you to improve your cash flow
- Gets you your new asset faster
Equipment finance is the perfect solution for businesses that rely heavily on machinery tools and equipment to operate. This financial option can be used for a range of things, including:
- Work tools
- Trade tools
- Office computers
- Heavy machinery
- Farming equipment
A balloon payment is the lump sum of money owing at the end of your loan. It’s often an option used by borrowers to reduce their monthly repayments across the span of the loan. The terms of your loan, including your balloon payment, can be negotiated with your lender.
Balloon repayments differ based on your chosen lender. The maximum amount of money you’ll pay in your balloon payment is capped at 50 per cent of the loan amount, meaning, if you have a 50 per cent balloon on a $30,000 car loan, you will pay a balloon payment of $15,000 after your loan term.
Asset finance is perfect for those who want to get their new asset sooner. The longest loan you can have for this financial solution is seven years, but be wary that you’ll pay more interest the longer your loan.
Novated leases and car loans have similar features and some key differences. These include the following.
- Regular repayments are made for both.
- Balloon payments are an option at the end of each loan.
- A novated lease is a three-way deal between you, the lender, and your employer.
- You own the vehicle from day one with a regular car loan.
- Once the loan term ends on a novated lease, and the balloon payment has been repaid, you own the vehicle.
- After-tax earnings are used to finance a car loan, whereas pre and post-tax pay are used for a novated lease.
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