Vehicle & Equipment Loan - Oracle Ezy Finance

At Oracle Ezy Finance, we help clients with best vehicle or equipment loan product. We have access to multiple lenders and products to secure the best deal for your business.

Vehicle Loan

Vehicle loan is also referred as goods loan and is a type of chattel mortgage. It is a popular type of business vehicle finance. Under this type of loan arrangement, the business owns the vehicle from the start without blocking the capital which they can use for other activities in business. In most cases the vehicle acts as a security and no additional security is required.

Vehicle loan is normally used to buy cars, Utes, trucks, vans, buses, and trailers. The loan is given by banks for the vehicle which will be used for business purposes. The business seeking loan must have an ABN registered and must also be registered for GST.

Equipment Loan

Vehicle loan is also referred as goods loan and is a type of chattel mortgage. Under this type of loan arrangement, the business owns an equipment from the start without blocking the capital. In most cases an equipment acts as a security and no additional security is required.

Equipment loans can be taken out to buy commercial equipment and machinery, tools, office equipment, hardware or software, any refurbishment of offices, clinics etc or to buy construction or agricultural tools, machinery, and equipment.

The loan is given by banks for the vehicle which will be used for business purposes. The business seeking loan must have an ABN registered and must also be registered for GST.

Difference between Equipment/ Vehicle Loans, Lease and Hire Purchase.

Equipment / Vehicle Loan	Lease	Hire Purchase
Vehicle and Equipment loan is the most popular among these three choices. In this loan arrangement, business buys the vehicle or equipment and owns it from start. Business makes payments for principal and interest to pay off the loan on the equipment. After these repayments are made, the business then owns the vehicle or equipment outright. If there is balloon payment left, the business needs to make that payment at the end of the agreed period.	The lender or bank buys the equipment and gives it to the business for a set period. After the lender has bought the equipment, business pays rent for a period signed with the bank or lender. Once the lease finishes, the business returns the vehicle or equipment to the bank/lender and makes over the left-over payment or amount.	In the hire purchase agreement, the lender or the bank buys the vehicle or equipment. As per the agreed terms the business buys it from the lender by paying instalments. During this agreed period, business possesses and uses the vehicle or equipment and makes regular payments for instalments. When the business pays the final payment, the bank or the lender transfers the vehicle/equipment in business’s name.

Not every business has same circumstances and requirements. If your business doesn’t have the required stringent financials required by most banks, we may still be able to help you with loc doc equipment or vehicle loans.

Book an appointment with us today to see how we can help you.