Use your equipment while paying off your loan
A chattel mortgage (which means the lending institution will take a mortgage over your equipment as security) will allow you to obtain the equipment you need for immediate use and help take your small or medium-sized business to the next stage of its development. You will have full use of the equipment as you pay it off.
The loan can be structured so that repayments are free of GST and you might also be able to claim the GST input tax credits and the depreciation and interest components of the repayments.
What are my asset finance options?
Depending on the lender and your circumstances, the life of your asset loan can be anywhere from one to five years, and most loans come with the option of customising your repayments — for example, paying a “balloon payment” at the end of the loan after making interest repayments only. This flexibility will allow you to secure a loan that meets the individual circumstances of your business.
Alternatively, a finance lease may be a more suitable option for you. This is a contract in which you have use of a selected piece of equipment for an agreed time frame in return for regular rental payments through the lender.
Whether you require a truck or a trailer, an excavator or other earthmoving equipment, manufacturing equipment or perhaps even a bus, 720 can help you secure what you need to take your business to the next level.
