The NAB Vehicle & Equipment Finance is a speciality loan to help Australian businesses buy the equipment they need with no deposit.
When you need a new vehicle or equipment for your business, consider dealing with the equipment finance experts at NAB. With no deposit required, borrow up to $150,000 to fund a new vehicle or equipment for your business with a fixed rate.
How does the NAB Vehicle & Equipment Finance work?
A NAB Vehicle & Equipment Finance is a speciality business loan designed to help Australian businesses fund their next vehicle or equipment purchase. If you finance a car, ute or van you can benefit from a low fixed rate from 5.49% p.a. With no deposit required for loan amounts up to $150,000, businesses can have the convenience of a fixed interest rate with a loan term of up to 5 years.
Features of NAB Vehicle & Equipment Finance
A NAB Vehicle & Equipment Finance include the following features:
- Fixed interest rate. Interest rates start at 5.49% p.a. for cars, utes or vans. The rate is fixed for the life of the loan, making it easier to budget for the ongoing loan repayments.
- No deposit. $0 deposit is required for loan amounts up to $150,000.
- Flexible loan term. You can choose a loan term from 1 to 5 years , allowing you to spread out the cost of your vehicle or equipment purchase over its useful life.
- Online quote and instant decision. Speed up the application process by filling in the details of the equipment or vehicle you're planning to purchase and getting an instant decision and quote, including the applicable interest and amount of the ongoing loan repayments.
- Secured by the asset itself. A NAB Vehicle & Equipment Finance is secured by taking a mortgage out on the asset itself, with no other personal or business assets needed as security for the loan.
- Transparent upfront fees and no ongoing fees. When you generate your personalised online quote, you'll find out the initial set-up fee applicable to your loan. All loans attract $0 in ongoing fees.
How much does the loan cost?
The following costs apply to this loan:
- $500 application fee
- $0 monthly fee
- Interest rate from 5.49% p.a. when you finance a car, ute or van
How to apply for the NAB Vehicle & Equipment Finance
Ready to apply? You can start the application process by clicking "Go to Site". You can complete the online application form in as little as 10 minutes and receive an instant decision. You'll need to organise the purchase of the vehicle or equipment and provide the final invoice to NAB. Then you can sign the loan documents.
Once the vehicle or equipment is ready for collection, NAB will pay the supplier directly within 24 hours. The equipment will belong to your business, with NAB taking out a mortgage over the equipment to secure the loan.
Before you apply, check that you satisfy NAB's eligibility requirements below and have all the required documents at hand before you start. Then, simply click "Go to Site" on this page to start the simple online application.
- Your business has a valid Australian Business Number (ABN)
- The vehicle or equipment purchased to be used primarily for business purposes.
Have the following paperwork at hand when you apply:
- Your business's financial information provided in a PDF or CSV file, or via secure online access through MYOB or Xero.
- Business information from your ATO portal.
- Details and ID documents for directors and major shareholders.
- An invoice from the equipment or vehicle seller made out to your business.
- Bank account details to arrange direct deposit of loan repayments.
For deposit-free vehicle and equipment finance secured by the asset itself, a NAB Vehicle & Equipment Finance could be an excellent option. As with any other loan product, take the time to compare your options to ensure you choose the option that's right for you.