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.
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:
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.
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