Asset finance is the perfect way to get your new asset sooner. It allows you to acquire larger assets – often through hire or lease – without needing to purchase the asset upfront. Whether it’s for personal or business use, asset finance has plenty of benefits.
Equipment finance is a great solution for businesses that rely heavily on machinery, tools, and equipment for daily operations. It can be used for a range of things, including:
A balloon payment is a lump sum of money owed to the lender at the end of your loan period. While this may not sound particularly appealing, it can aid the borrower in decreasing their monthly repayments throughout the loan. This can be negotiated with your lender.
A balloon payment differs between lenders. Commonly, the maximum cost that lenders cap balloon payments at is a maximum of 50 per cent of the total loan amount. This means if you have a 50 per cent balloon on a $40,000 car loan, you will pay a balloon payment of $20,000 at the end of your loan.
There are several factors to consider when choosing what loan term you should go for. Lenders allow you to have a loan term between one and seven years for any asset finance. Keep in mind that the longer the loan, the more interest you’ll pay.
The main aspects of a car loan and novated lease are:Â
Work out where your money is going with our Budget Planner calculator. You can customise the item names and save your results.
Send us an email
info@dev.inovayt.com.au