Heritage Bank Equipment Loan
- Upfront Fee
- $450
- Max. Loan Amount
- $500,000
- Loan Term
- Up to 5 years
Summary
Borrow up to $500,000 for new or used equipment. Interest charges and fees apply.
3 things to consider about this loan:
- Purchase, replace or upgrade new or used equipment. You can finance cars, transport and logistics, construction and agricultural equipment with this loan.
- Variable and fixed rate options available. You can choose either a fixed or variable interest rate. For fixed rate loans, balloon payments can be made only on new equipment.
- Borrow up to $500,000. You can borrow from $20,000 up to $500,000.
Details
Product details
| Product Name | Heritage Bank Equipment Loan |
| Min. Loan Amount | $20,000 |
| Max. Loan Amount | $500,000 |
| Loan Security | Secured |
| Upfront Fee | $450 |
| Loan Term | Up to 5 years |
How does the Heritage Bank Equipment Loan work?
This loan can be used to replace, upgrade or purchase either new or used equipment up to a value of $500,000. You can use the loan to purchase cars and light commercial vehicles, transport and logistics equipment like buses, trailers and forklifts, construction equipment like hydraulic excavators and cranes, and agricultural equipment like sprayers and tractors. Other assets may be considered subject to a case-by-case assessment. The equipment can be sourced from a licensed dealer, auctioneer or private sale.
What features does the Heritage Bank Equipment Loan offer?
- Choose between fixed and variable rates. You can choose to either fix your rate for up to five years, or opt for the variable rate option.
- Finance to replace, purchase or upgrade equipment. You can use the finance for a variety of uses, whether that's to outright purchase or upgrade or replace equipment.
- Can be used for either new or used equipment. You can use the finances for either new or used equipment.
- Borrow up to $500,000. Borrow from $20,000 up to $500,000.
- Terms up to 5 years. Loan terms range from 1 to 5 years for both used and new equipment.
- No monthly administration fee. No ongoing service fees are charged.
- Equipment can be used as security. You can secure the loan with the equipment itself.
How much does the Heritage Bank Equipment Loan cost?
The costs associated with this loan include:
- Loan principal
- Interest charges of 6.49% p.a. (fixed) or 7.74% p.a. (variable)
- Loan approval fee of $450
No monthly or annual service fees are charged for this loan.
What are the pros and cons of this loan?
Pros.
- Choice between fixed and variable rates. With fixed rates, your monthly repayments remain the same, regardless of fluctuations in the market. Variable rates may increase or decrease depending on the market rate. You can choose between either depending on what suits your business.
- No service fees. No monthly or annual service fees are charged for this loan. This helps bring down the cost of the loan.
Cons.
- Balloon payment option for fixed loans available only for new equipment. You can only make a balloon payment for your fixed rate loan if the funds are used for new equipment.
How do I apply for this loan?
You can apply for this loan by clicking the "Go to Site" button. You will need to provide details about your business, contact details and information about how much you want to borrow and the type of security you'll be offering.
Your reviews
Richard Finder
Assistant publisher
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.