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Head Office: Level 14, 379 Collins Street MELBOURNE VIC 3000
Postal Address: PO Box 63 Flinders Lane MELBOURNE VIC 8009 Phone: 1300 737 426 | Office: (+61) 3 9614 7333 | Fax: (+61) 3 8080 5959 info@resicom.com.au |
RESICOM AUTOMOTIVE & EQUIPMENT FINANCE
New to 2015! Resicom has seen the demand through both it's direct client market and supporting brokers that there is a need for our clients to have access to a professional and trustworthy leasing company - so we set up Resicom Automotive & Equipment. With some of the best in the industry now heading up this department you can be assured you are in great hands.
Resicom can now arrange leasing and other styles of equipment financing for clients with bad credit issues or for the self employed who may not be able to verify all their financial information. Whether you have a default on your credit history or you haven't completed your most recent tax returns, Resicom has leasing available that may suit your situation. Leasing styles available include:
All of the above can be structured for low doc leasing, bad credit leasing or even a mix of both, bad credit and low doc leasing. Our leasing products for these borrowers can still lend up to 100% of the assets value in most cases*.
Automotive - Car Finance - Deal with the best!
With the exception of purchasing a home, a motor vehicle is generally the biggest purchase most people will make. It is vital that you choose the right loan to suit your needs. When dealing with Resicom Automotive, you have the advantage of utilising a vast range of products offered by our panel of lenders. Whatever the budget, whatever the plan, we can help! Competitive rates and providing the right loan is all part of our service. We can also provide a vehicle locator service to help you find your ideal car.
Loan Types
Consumer Loan – Suitable when you use your vehicle for private purposes. Finance can be tailored to suit your budget, with fixed repayments and loan terms from 24 to 84 months. A final balloon payment can be applied to your loan and will reduce your monthly repayments. A balloon means that over the life of a loan, the borrower will only repay part of the principal and as a result, at the end of the loan term will owe the financier a lump sum. Ownership of the vehicle remains with the customer, however the financier takes an interest in the vehicle as security for the loan. Once the loan is finalised the financier will lift their interest in the vehicle handing the customer clear title.
Chattel Mortgage – A commercial finance product where the vehicle is wholly or predominantly used for business purposes. Flexible contract terms from 12 to 60 months and a balloon value can be applied to tailor your monthly repayments. Ownership of the vehicle remains with the customer and the financier registers a fixed and ‑floating charge with ASIC. Once the loan is finalised the financier will remove the charge and hand clear title to the customer.
Finance Lease – A rental agreement where the financier owns the vehicle and the customer then leases it for an agreed term and rental amount. Lease terms range from 12 to 60 months. At the end of the lease term the customer has the opportunity to buy the vehicle and payout the lease or extend the lease for a further term.
Novated Lease – A popular way of offering employees an opportunity to finance a motor vehicle of their choice as part of their remuneration package. A Novated Lease is a three way agreement between an employer, employee and the finance company. The employer makes the monthly repayments on behalf of the employee from their salary. Lease terms are from 12 to 60 months.
Equipment - From standard to specialised equipment - Resicom can assist!
How Equipment Financing Works
When you need business equipment, getting a small business equipment loan could be a smart financial move. You can use these loans to purchase virtually any type of business equipment, but how much you can borrow depends on the type of equipment you’re buying and whether the equipment is new or used.
If you’ve ever had a car loan, you already have a basic idea of how an equipment loan works. The equipment serves as collateral to secure your loan, so you probably won’t have to put up additional collateral. Most equipment loans are usually made at fixed interest rates – usually between 8% and 30% – and offer a fixed term length so that your monthly payments are always the same.
How long you can extend the term of the loan depends on the nature of the equipment and its expected life. Few lenders would be willing to extend the term of an equipment loan beyond the expected useful life of the equipment itself.
Some business owners choose to lease equipment instead of getting an actual loan. There may be advantages to leasing, but with an equipment loan, you own the equipment after the loan is paid off. With a lease, you don’t own the equipment once the lease term is over.
Cost
The thing to keep in mind with equipment financing is that it prevents you from having to pay the entire cost of the equipment upfront. Although you will have to pay more to finance the equipment, you will be able to spread out the cost over an extended period of time.Let’s say you have a piece of equipment you would like to purchase that costs $10,000. An equipment financing company offers to upfront you the cash to purchase that piece of equipment but will charge you 12% interest to do so. As well, the lender has requested you pay back the loan in 3 years (or 36 months). With a 12% pa, this means that this $10,000 piece of equipment will actually cost you $11,957.15 ($1,957.15 in financing fees). The monthly payments would be $332.14.
Who Qualifies
Most businesses can qualify for equipment financing. How much you qualify for – and the interest rate you’ll pay – depends on the value of the equipment, your business history, and your credit rating. Equipment financing can be a great option if your credit rating is less than perfect, as the equipment collateralises the loan.
Remember, as always with Resicom - we provide solutions, so no matter what your circumstance you can be assured you have a broker that is interested in finding the right Solution for you!
* Bad Credit
* Late payment history
* Lack of financials
* Short term employment
We can help!
For these types of loans, call the office or your BDM straight away to discuss your scenario.
New to 2015! Resicom has seen the demand through both it's direct client market and supporting brokers that there is a need for our clients to have access to a professional and trustworthy leasing company - so we set up Resicom Automotive & Equipment. With some of the best in the industry now heading up this department you can be assured you are in great hands.
Resicom can now arrange leasing and other styles of equipment financing for clients with bad credit issues or for the self employed who may not be able to verify all their financial information. Whether you have a default on your credit history or you haven't completed your most recent tax returns, Resicom has leasing available that may suit your situation. Leasing styles available include:
- Consumer Loans
- Chattel Mortgage
- Finance & Novated Leases
All of the above can be structured for low doc leasing, bad credit leasing or even a mix of both, bad credit and low doc leasing. Our leasing products for these borrowers can still lend up to 100% of the assets value in most cases*.
Automotive - Car Finance - Deal with the best!
With the exception of purchasing a home, a motor vehicle is generally the biggest purchase most people will make. It is vital that you choose the right loan to suit your needs. When dealing with Resicom Automotive, you have the advantage of utilising a vast range of products offered by our panel of lenders. Whatever the budget, whatever the plan, we can help! Competitive rates and providing the right loan is all part of our service. We can also provide a vehicle locator service to help you find your ideal car.
Loan Types
Consumer Loan – Suitable when you use your vehicle for private purposes. Finance can be tailored to suit your budget, with fixed repayments and loan terms from 24 to 84 months. A final balloon payment can be applied to your loan and will reduce your monthly repayments. A balloon means that over the life of a loan, the borrower will only repay part of the principal and as a result, at the end of the loan term will owe the financier a lump sum. Ownership of the vehicle remains with the customer, however the financier takes an interest in the vehicle as security for the loan. Once the loan is finalised the financier will lift their interest in the vehicle handing the customer clear title.
Chattel Mortgage – A commercial finance product where the vehicle is wholly or predominantly used for business purposes. Flexible contract terms from 12 to 60 months and a balloon value can be applied to tailor your monthly repayments. Ownership of the vehicle remains with the customer and the financier registers a fixed and ‑floating charge with ASIC. Once the loan is finalised the financier will remove the charge and hand clear title to the customer.
Finance Lease – A rental agreement where the financier owns the vehicle and the customer then leases it for an agreed term and rental amount. Lease terms range from 12 to 60 months. At the end of the lease term the customer has the opportunity to buy the vehicle and payout the lease or extend the lease for a further term.
Novated Lease – A popular way of offering employees an opportunity to finance a motor vehicle of their choice as part of their remuneration package. A Novated Lease is a three way agreement between an employer, employee and the finance company. The employer makes the monthly repayments on behalf of the employee from their salary. Lease terms are from 12 to 60 months.
Equipment - From standard to specialised equipment - Resicom can assist!
How Equipment Financing Works
When you need business equipment, getting a small business equipment loan could be a smart financial move. You can use these loans to purchase virtually any type of business equipment, but how much you can borrow depends on the type of equipment you’re buying and whether the equipment is new or used.
If you’ve ever had a car loan, you already have a basic idea of how an equipment loan works. The equipment serves as collateral to secure your loan, so you probably won’t have to put up additional collateral. Most equipment loans are usually made at fixed interest rates – usually between 8% and 30% – and offer a fixed term length so that your monthly payments are always the same.
How long you can extend the term of the loan depends on the nature of the equipment and its expected life. Few lenders would be willing to extend the term of an equipment loan beyond the expected useful life of the equipment itself.
Some business owners choose to lease equipment instead of getting an actual loan. There may be advantages to leasing, but with an equipment loan, you own the equipment after the loan is paid off. With a lease, you don’t own the equipment once the lease term is over.
Cost
The thing to keep in mind with equipment financing is that it prevents you from having to pay the entire cost of the equipment upfront. Although you will have to pay more to finance the equipment, you will be able to spread out the cost over an extended period of time.Let’s say you have a piece of equipment you would like to purchase that costs $10,000. An equipment financing company offers to upfront you the cash to purchase that piece of equipment but will charge you 12% interest to do so. As well, the lender has requested you pay back the loan in 3 years (or 36 months). With a 12% pa, this means that this $10,000 piece of equipment will actually cost you $11,957.15 ($1,957.15 in financing fees). The monthly payments would be $332.14.
Who Qualifies
Most businesses can qualify for equipment financing. How much you qualify for – and the interest rate you’ll pay – depends on the value of the equipment, your business history, and your credit rating. Equipment financing can be a great option if your credit rating is less than perfect, as the equipment collateralises the loan.
Remember, as always with Resicom - we provide solutions, so no matter what your circumstance you can be assured you have a broker that is interested in finding the right Solution for you!
* Bad Credit
* Late payment history
* Lack of financials
* Short term employment
We can help!
For these types of loans, call the office or your BDM straight away to discuss your scenario.