Loans for assets purchases

What is asset finance?

It refers to a type of financing used by businesses and individuals to acquire assets, such as equipment, machinery, vehicles, or other tangible assets, without having to pay the full purchase price upfront. Asset finance allows borrowers to spread the cost of acquiring assets over time through regular repayments, while the asset itself serves as security or collateral for the loan.

Interest rates for asset finance loans in Australia may be fixed or variable and depend on factors such as the borrower's creditworthiness, the type of asset, the loan term, and prevailing market conditions. Lenders may also charge fees such as application fees, documentation fees, and early termination fees.

There are several types of asset finance products available in Australia, including:

• Chattel Mortgage - a type of loan where the borrower owns the asset from the outset, and the lender takes a mortgage over the asset as security for the loan.
• Finance Lease - a leasing arrangement where the lender (lessor) purchases the asset and leases it to the borrower (lessee) for an agreed period, with the option to purchase the asset at the end of the lease term.
• Hire Purchase - a financing arrangement where the borrower hires the asset from the lender for an agreed period, with the option to purchase the asset at the end of the hire term.
• Equipment Rental - a rental agreement where the borrower rents the asset from the lender for a fixed period, with the option to return the asset at the end of the rental term or purchase it outright.

What is the interest rate on asset finance loan?

The interest rates can range from around 4% to 20% per annum, although rates outside of this range may also be possible depending on specific circumstances. They can vary depending on several factors, including the type of asset being financed, the borrower's creditworthiness, the loan term, prevailing market conditions, and the lender's policies.

The rates for asset finance loans may be fixed or variable, with fixed rates providing certainty in repayments and variable rates potentially offering flexibility if market interest rates change.

Business loan calculations for 3 years (example)

You can also get more detailed calculations by using our financial calculators.

Where can I find asset finance brokers in Australia?

Many asset finance brokers who specialize in helping businesses and individuals secure asset finance solutions tailored to their needs. They can provide valuable expertise, guidance, and access to competitive loan products to assist clients in achieving their financing goals.

You can find asset finance brokers through Online Directories, Industry Associations, Referrals and Recommendations, Online Search Engines, Social Media and Online Platforms, Local Business Networks and Events.

See the similar FAQ about Australian banks:

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• NAB business markets loans

Details of companies offering the financial services:

ANZ Bank

Head office’s address: 833 Collins Street

Contact center: 13-13-14

Phone: 61-3-9683-9999

Mail address: 833 Collins Street Docklands, Melbourne

Web-site: http://www.anz.com

Swift code: ANZBAU3M

Financial institution code: ANZ

Stock code: ANZ

ABN: 11 005 357 522

BSB: 015-891

Bank of Melbourne

Head office’s address: 525 Collins Street

Contact center: 61-132266

Phone: 61-3-9982-4186

Mail address: 525 Collins Street Melbourne

Web-site: https://www.bankofmelbourne.com.au/

Swift code: SGBLAU2S

ABN: 33 007 457 141

BSB: 193-879

Bank of Queensland

Head office’s address: 100 Skyring Ter

Contact center: 61-1300-557-272

Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006

Web-site: http://www.boq.com.au/

Stock code: BOQ

ABN: 32 009 656 740

BSB: 124-001

Beyond Bank Australia

Head office’s address: 100 Waymouth St

Contact center: 13-25-85

Phone: 61-8-8205-8888

Mail address: GPO Box 1430 Adelaide SA 5001

Web-site: http://www.beyondbank.com.au

Swift code: CUSCAU2S

ABN: 15 087 651 143

BSB: 805022

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

IMB Banking

Head office’s address: 47 Burelli St

Contact center: 61-133-462

Mail address: 47 Burelli St, Wollongong, NSW, 2500

Web-site: https://www.imb.com.au

Swift code: IMTIAU21

BSB: 641-800

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

Suncorp Bank

Head office’s address: 80 Ann Street

Contact center: 13-11-55

Phone: 61-7-3362-2222

Mail address: PO Box A50 Sydney South NSW 1235

Web-site: http://www.suncorpbank.com.au/

Swift code: METWAU4B

ABN: 66 010 831 722

BSB: 484-799

Westpac Bank

Head office’s address: 275 Kent Street

Contact center: 13-20-32

Phone: 61-2-9155-7700

Mail address: 275 Kent Street, Sydney, NSW

Web-site: https://www.westpac.com.au/

Swift code: WPACAU2S

Financial institution code: WBC

Stock code: WBC

ABN: 33 007 457 141

BSB: 032-063