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Low Doc Leasing

Trying to figure out which finance product is right for you can be confusing. In fact, we recommend discussing your situation with your tax professional. However, to simplify your decision process we outline the choices available to you here. Lease products fall into a number of categories as either a finance lease, Commercial Hire Purchase, Novated Lease or operating lease. They differ in the way they treat ownership, disposal and residual risk on the vehicle. Hire purchase options are available and function in a similar fashion to a loan to purchase an asset.

In order to decide on the most appropriate type of finance you first need to consider the following:-

  • Do you wish to own the asset at the end of the lease period?
  • Do you use the asset for business purposes more than 50% of the time?
  • How long do you intend to keep the vehicle and how many kilometres will you travel?
  • Do you want or need to show the asset on the company balance sheet?

See Matrix for which is best for your circumstance

 
Purpose Business purpose only - 3 years in business with 2 years ABN registered & MUST be GST  registered
 
Asset Type

NEW and second hand up to 3 years old No sale/leaseback or private sales
  • Motor Vehicles / Trucks & Trailers
    •

  • office, IT, copiers, PABX, telephones, PDAs,

  • security systems

  • 100% software (from pre-approved vendors)

  • medical, dental

  • gaming

  • water filtration

  • compressors, generators

  • commercial laundry equipment

  • forklifts, material handling, earthmoving

  • retail systems

  • golf carts, ride on mowers,

  • industrial sweepers, cleaning machines

  • office furniture

  • audio visual (inc plasma screens)
Loan Amount From $15,000 up to $35,000 on equipment and up to $100,000 on vehicles
 
Requirements

  • If 2 years trading & a property owner, approval up to $35K

  • If 5+ years trading, can approve up to $35K - (property ownership not required)

  • If 2 years trading and 2 years ABN vehicle purchase will be considered to $100,000 if 30% cash deposit is available (trade-ins can be used to reduce the loan amount) or applicant or Director has enough equity in property to cover purchase price. A leasing credit reference or Last 2 quarters of lodged BAS statements and 6 months of business bank statements required.

    •
Documents Required Two trade references, ABN, Tax invoice, letter of contract - If a contractor, 3 months personal and business banking statements, Assets & Liabilities for Directors
For Property Owners - Rates notice, current mortgage statement
 
Loan term 12 – 60 months
 
Credit related issues Clean credit only
 
Lease Type Operating Lease / Rental on equipment
Motor Vehicles - all leasing types
 

 

Fill out our contact form now to find out how we can help You.

 

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