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equipment

don’t let a lack of machinery
get in the way of growth

Let us help you complete the project and expand your business operations.

asset lease

how does it work?

We'll purchase the equipment from our vast network of manufacturers and suppliers on your behalf, the customer. From there you'll routinely pay a certain amount dependant on the piece of equipment for as long as it's needed. When the lease expires you have the option to re-finance and continue on with the lease, pay off a residual amount in order to gain permanent ownership of the equipment, or sell it back.

benefits

Leasing assets instead of purchasing them outright gives you the freedom to use the piece of equipment as it's needed instead of having the hassle of permanent ownership of something that might only be used over a short period of time, or seasonally. It's a more practical and affordable way to get the job done, and without being held back by a hefty price tag.

tax implications

GST is incurred only on the monthly charge for the lease, and the residual when the lease is up, however GST can be claimed in part or completely on input credit tax. On top of this, the lease rentals can be claimed as a tax deduction, making this option economic and efficient in every sense of the word.

other options

Fingo also offers Equipment Rental, Commercial Hire Purchase and Specific Security Agreement (formally known as a Chattel mortgage) as a means to finance your chosen asset.

equipment rental

If you have a one off job, or even just want to avoid an outright purchase or monthly lease, Fingo can purchase the item for you, then rent it to you for an agreed upon rate. At the end of the agreed upon end date of the rental, you have the option to return the asset to us, pay the full market price of the item for sole ownership, or simply renew the rental agreement for further use.

Commercial Hire Purchase (CHP)

What is Commercial Hire Purchase (CHP)?
A commercial hire purchase (CHP) is a commercial finance product where you hire the vehicle from the lender for a fixed monthly repayment over a set period. Otherwise known as corporate hire purchase, hire purchase or offer to hire. It’s a good choice if you are registered for GST on an accruals or cash accounting basis.

How does commercial hire purchase work?
The lender agrees to purchase the vehicle on your behalf and then hires it back to you over a set period. You’ll have full use of the vehicle for the term of the contract, you just won’t be the owner. At the end of the term, when the total price of the vehicle (minus any balloon/residual amount) and the interest charges have been paid in full, the customer takes ownership of the car.

Specific Security Agreement (formally known as a Chattel Mortgage)

What is a Specific Security Agreement (formally known as a Chattel Mortgage)?
A specific security agreement (formally known as a chattel mortgage) involves a finance company lending you money to purchase a vehicle that will be primarily used for business purposes. Set repayments are then made on a monthly basis. You’ll own the vehicle outright, however, the finance company will place a “mortgage” over the vehicle, as security against the loan.

Once the loan and any Balloon/Residual Value (the final balance on the vehicle) has been repaid, the finance company will remove the mortgage. Alternatively, you can choose to re-finance the Balloon/Residual Value or trade the vehicle in.

How does a specific security agreement work?
The lender will provide the funds for you to purchase the chattel and you’ll take ownership at the time of purchase. The lender takes a ‘mortgage’ over the chattel as security for the loan. Once the contract is completed, you’ll own the chattel outright.


over 20,000 happy customers since 2004

why fingo

No hidden fees, expert knowledge and tailored finance solutions are just a few of the reasons Fingo works for you. Talk to a representative today.

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taxbreak

Our in-depth knowledge of industry financing means you get more from your dollar. Find out how you could be saving money through Fingo’s unique offering – Taxbreak.

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