What is asset finance?

An asset could be anything that depreciates over a period of time. It could be a vehicle, equipment, fit-outs or plant & machinery in the business.

An asset finance is a financing option that helps business owners to secure the essential tools and machinery needed for their business without paying a huge amount of money upfront.

It’s important to have the asset you need at the right time to maintain your business growth. Whether you have to buy a new or used vehicle or equipment, financing that asset may be the best-suited option for your small business as costly assets may be out of budget to purchase outright.

Asset loans are backed by the underlying assets to be purchased so no additional security is required in most of the cases.

Are you eligible?

• Must have an active ABN
• Business is GST registered
• Trading for at least 6 months

What documents are required to apply for asset finance?

Low Doc

In most cases, vehicle and equipment loans up to $150k get low doc approval just basis the following documents.

• Last 6 months bank statements.
• Asset details to be purchased.
• Asset Liability statement
• Valid identification proof of the business owner.

Full Doc

For a vehicle or equipment finance of more than $150k, you may require submitting the following additional documents

• Financial statements
• Rates notice (if you own a property)

Asset Finance

Loan amount

$10k- $1M

Interest rates from

6.25% p.a.

Loan term

2-5 years

Pre-approval time

24 hours – 72 hours

Unconditional approval & settlement time

3-5 days

Repayments

Weekly / Fortnightly / Monthly

Security

Secured against underlying asset financed. May not require real estate security in most of the cases. No real estate security required