Asset Finance

Name: Asset Finance
Creator: Savvy
Published: 2021-04-15T11:51:11+09:30

Written by , updated on July 24th, 2024

Asset finance solutions for businesses big or small

Business is competitive, and Savvy’s lenders offer finance products to match that. Whether you want to lease a ute or truck, buy catering equipment or need a farm machinery loan, Savvy has your business covered. We deal with a broader panel of lenders including industry specialists who offer a choice of tailored asset finance packages to suit every single Australian business. Discover more lending solutions and benefit from lower interest rates and flexible repayment options with Savvy.

Find convenient, tailored asset finance

At Savvy, we know the last thing you need when you’re trying to run a business is time-consuming processes. That’s why we go out of our way to make sure your application is fast, simple, and convenient. Just tell us a little about your operation and aims, and we’ll do the rest. Our expert consultants match lenders and asset finance products with thousands of commercial borrowers each year. So, next time you need equipment, machines, tools, or vehicles – talk to Savvy and discover a better deal.

Asset finance explained

What is asset finance and how does it work?

Asset financing is a specialised category of commercial loan products that can be used to buy any assets you use within your business.

Australian companies have some excellent options when it comes to asset finance, and each one works in a slightly different way. With some, you own your equipment or vehicle from the start and claim depreciation. That’s typical with a chattel mortgage, and you can claim all the purchase price GST back when you file your next BAS when you use one. With others, you either don’t own the asset until the term ends, or you hand it back – and that means you can claim repayments as a tax deduction.

Leases have several significant advantages and can work great if you need equipment that will be obsolete in a relatively short period, because you don’t necessarily bear any of the risks connected with ownership and disposal. There are two different types of asset lease: finance leases and operating leases. With both options, payments are tax-deductible according to how much you use an asset for business. With a finance lease, you take ownership of equipment when the term ends. With an operating lease, you can just return the asset when the agreement ends, and you can even include associated maintenance costs in the monthly payments. With leases, the total cost of finance is based on the GST-free price of equipment or vehicles.

What do asset finance brokers do?

Asset finance brokers offer the primary advantage of access to extensive partner networks, exclusive products and offers, and unrivalled sector lending knowledge. At Savvy, our expert asset finance brokers utilise an extensive panel of specialised finance provider partnerships to find industry-specific products for Australian businesses when they need to upgrade, replace, or source new equipment, machines, appliances, and vehicles.

Costs and choice are not the only benefits to using an asset finance broker like Savvy. We also know how the lenders work, and we’ll ensure your application goes smoothly and takes up as little of your valuable time as possible. Our expert equipment and vehicle finance consultants possess a deep understanding about a broad range of products offered by lenders they have long-term relationships with – so you can be sure you’re accessing solutions that provide maximum benefit to your business. In Australia, the lending marketplace is vast, and that’s especially true when it comes to commercial loan and lease products. Limiting yourself to one source of asset finance products almost always proves to be extremely costly. Using a broker opens up more products, lenders, and creates competition which can only be great news for your organisation.

This is why Savvy leads the way for asset finance 

Easy commercial asset finance

The best asset finance deals without the hassle of shopping around. Let our expert consultants identify your best option.

Lenders who talk your language

Savvy partners with lenders who specialise in your sector – that means tailored products and lower asset finance costs.

Spend less time arranging loans

Tell us about your business, then carry on running your business while we source your ideal asset finance options.

Applying for commercial asset finance with Savvy is easy!

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Answers to all your asset finance questions

What can I buy with asset finance?

Businesses can buy pretty much any asset they need to conduct their business. That means vehicles, machines, computers, furniture, tools, and even point of sale equipment like cash registers.

Can I purchase second-hand equipment and vehicles?

You can purchase any asset you like – although some lenders will specify they are worth a minimum amount and may also have age limits for vehicles. If in doubt, talk with one of our expert consultants!

What’s low doc asset finance?

Some lenders offer low doc asset finance options to businesses that don’t have up-to-date financials. You may be asked for personal guarantees and different lenders have varying qualification requirements.

Can I still get asset finance if I have a credit default?

Savvy partners with a range of asset finance providers, and some offer bad credit loans for businesses who've had difficulties in the past. Speak with one of our friendly consultants to find out more!

What’s a residual payment?

Some businesses use residual payments – also known as balloon payments – to manage the monthly cost of asset finance. Residuals are when you save a chunk of the purchase price of a vehicle or equipment to pay at the end of the finance term. When that time comes, you can choose between either paying off the residual or refinancing the amount.