Finance Lease
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Interested in Finance Leasing?
A finance lease is a product that allows a business to have use of a vehicle while the actual ownership of the vehicle resides with the financier.
The financier purchases the car on behalf of the business customer, and the business customer then leases the vehicle back from the financier for a set cost per month.
At the end of the lease term, the customer can either trade in the vehicle for a new one, pay a pre-determined residual value and take ownership of the vehicle, or re-finance the residual and continue paying the lease.
Features of a Finance Lease
- Fixed interest rates
- Monthly costs remain the same and can be budgeted for easily
- The vehicle’s cost excluding GST is financed, as the financier claims the cost of GST, this in turn lowers the repayments
- Contract terms ranging from 1 to 5 years
- Residuals can be applied to assist in lowering repayments
- The vehicle would not be displayed on the balance sheet of the customer