St.George Vehicle and Equipment Finance
Borrow upwards of $15,000 with terms up to 7 years. Costs include interest charges, establishment and monthly fees.
Vehicle and equipment finance from St.George gives you access to business funding from $15,000 upwards, with no maximum borrowing amounts. With this loan, you have the option of owning, leasing or hiring the asset. This loan is secured against the assets you’re purchasing. With a fixed rate loan, your repayments will remain consistent for the duration of the loan. This makes it easier to budget and predict your repayments. Costs include interest charges. There is also an establishment fee of $450 and a monthly account fee of $9. There may also be an inspection fee of $150 if equipment inspections are required.
1 to 7 years
|Product Name||St.George Vehicle and Equipment Finance|
|Min. Loan Amount||$15,000|
|Max. Loan Amount||No maximum amount|
|Loan Term||1 to 7 years|
Coronavirus SME Guarantee Scheme
St.George Bank is taking part in the government's Coronavirus SME Guarantee Scheme. This means that it is giving eligible businesses access to government-backed loans of up to $250,000. Loans under the scheme do not require asset security and principal and interest repayments are not payable for the first six months.
Instant asset tax write-off
In response to coronavirus, the government has also raised the instant asset tax write-off to $150,000. This means that vehicles and equipment bought for business purposes can be instantly written off in your next tax return, up to the value of $150,000, until 30 June 2020.
How does St.George vehicle and equipment finance work?
Getting a vehicle or equipment loan from St.George works in four different ways. You can either apply for a "goods loan", "hire purchase", "finance lease" or "novated lease". The difference between the four is explained below:
|Goods loan||Hire purchase||Finance lease||Novated lease|
|You source the asset and St.George lends you the money to purchase it. The loan is secured against the asset.||St.George purchases the asset on your behalf and you buy it back in instalments. Once you repay the entirety of the loan, ownership transfers to you.||St.George purchases the asset and rents it to your business for an agreed-upon period of time.||A finance lease that is novated to your employer so that it takes on the responsibility for paying the rentals while you remain an employee.|
All vehicle and equipment finance loans from St.George are available from $15,000.
Features of St.George vehicle and equipment finance
Features of a vehicle and equipment loan from St.George Bank include:
- Loan term. Loans are available on terms from 1 year to 7 years.
- Minimum finance. The minimum you can apply for with this loan is $15,000.
- No maximum amount. The loan amount is subject to each borrower's individual circumstances and security.
- Fixed rate. Receive a fixed rate for the life of the loan.
- Flexible repayment terms. Fit repayments around your company's schedule.
- Tailored finance. St.George tailors loans to suit your business's needs and preferences.
- Secured. Use the asset(s) you're purchasing to secure the loan.
- Tax benefits. Tax write-off benefits may apply to this loan.
Fees and charges
- Establishment fee. The establishment fee for this loan is $450.
- Equipment inspection fee. If St.George or one of its agents is required to inspect the equipment that you are financing, a fee of $150 applies.
- Dishonour fee. If you miss a payment, a fee of $9 applies.
- Monthly account fee. A monthly fee of $9 applies to this loan.
Other fees and charges, including government duties and GST, may apply.
How to apply
If you're ready to apply for vehicle and equipment finance with St.George Bank, simply click "Go to site" to visit the website directly. From the website you can contact St.George or request a call back to discuss your options. St.George will respond to requests for call backs within two business days. To be eligible, you will need:
- An ABN/ACN. Your business needs to be registered in Australia and have an active ABN/ACN.
Remember that it's always a good idea to compare your options prior to submitting an application for finance.