Commercial Equipment and Vehicle Finance
At Everrich Finance whether you require a chattel mortgage, sale and leaseback we can find a solution suitable for your needs. Based on your circumstances and requirement we will find you the best lender with the best rates.
From kitchen equipment, vehicles to machinery and farm equipment finance we have experienced advisors to assist with all your lending and requirements.
At Everrich Finance we fund new business start-ups and help existing businesses grow. We have access to funders that can fund new and fair-valued used assets – regardless of their age, mileage or hours of use.
Options available for
- Adverse credit history
- Alternative documentation
- New business (1day only)
Chattel Mortgage
Under a Chattel Mortgage contract, the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase. The financier then takes a “charge” over the vehicle as security for the loan, by registering their interest over it with the Personal Property Security Registry PPSR.
Benefit of a Chattel Mortgage
- Flexible contract terms ranging from 12 to 60 months
- A residual value (balloon) can be applied to the contract enabling the monthly repayments to be tailored to a budget
- Fixed interest rates
- Monthly repayments are fixed
- A tax deduction is available when the vehicle is used for business purposes
- A customer who is registered for GST can claim the GST contained in the vehicle price as an input credit on their next Business Activity Statement (BAS)
- No GST is charged on the monthly repayment or the contract balloon amount
- The finance is secured against the vehicle reducing the interest rates
Commercial Hire Purchase
Under a Commercial Hire Purchase contract the financier agrees to purchase the car or asset on behalf of the customer, and then hire it back to them over a set period of time. The customer has the use of the vehicle for the term of the contract but is not the owner. At the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the asset.
Benefit of a Commercial Hire Purchase
- Flexible contract terms ranging from 12 to 60 months (one to five years)
- Residual value (balloon or final instalment) may be placed on contract
- Fixed interest rate
- Costs are generally paid in advance
- A tax deduction is available when the vehicle is used for business purposes
- GST is not charged on the monthly rental or residual payment (but is charged on fees and interest)
- Customers registered for GST can claim the GST on the vehicle/asset price, fees and interest
- Monthly repayments are fixed
- The finance is secured against the vehicle reducing interest rates