FAQ

Definitely. While many major banks request that you attend a branch for an in-person meeting about your finances and/or to sign loan documents, brokers usually operate differently. Choose a lender or broker that embraces contemporary digital business practices and processes incorporated into the standard loan application process. These allow for all finance arrangements to be handled with a combination of phone calls and emails. So you do not have to visit an office in regard to your finance application. To apply for finance or request a quote, simply do so by phone or use an online application form. Select a broker or lender that operates nationwide so they can offer you the same high level of lending services that are offered to customers in every part of Australia.

Both consumer loans and commercial finance deals include fees and charges. These are charges by banks and lenders that cover the costs of establishing your loan. Some lenders may charge a monthly account management fee. When setting up your finances, you will receive details of all the fees and charges which pertain to your particular loan. Charges vary from lender to lender. Some fees and charges such as a lender’s ongoing monthly fee would be incorporated into the overall loan and included in the monthly repayments. Loan establishment and any broker fees can either be paid separately or in some cases included in the overall loan and the repayments. If you prefer they be included in the loan, they will attract interest. If paid separately upfront, no interest would be charged.

A selection of self-serve finance resources is provided on many lender websites so you can compare rates and calculate repayment estimates quickly and easily. A Loan Comparison Calculator lists the popular finance products and shows current interest rates for each loan type. You can calculate for yourself, how those interest rates convert to repayment estimates. You enter your particular loan amount and your loan term and you’ll see how the repayments instantly change to reflect the data you have entered. The other resource is an Equipment Finance Calculator. This doesn’t show the different interest rates on each loan but it allows you to calculate repayment estimates and plan how you might like your loan structured. There is a field for balloon/residual and you can vary interest rates. So by changing the data you enter, you can see how your loan could be structured.

In general terms, loans are available for both new and used machinery across equipment finance categories. Farm equipment is built to last many years and second hand machines can offer many years of work to come and great value. The same loan products are available for both new and used – CHP, Leasing, Rent-to-Own and Chattel Mortgage.  Individual lenders will always have their guidelines around every loan application but perhaps more particularly in regard to used equipment. A lender may apply their own conditions to individual loan applications.