Why Asset Finance
Fast funding
Finance in just 24 hours to fund new or pre-owned assets, sourced locally or internationally.
No deposits
Fund up to 100% of the asset purchase price to keep your working capital free for other priorities.
Unlock capital
Leverage the value of assets you already own to free up capital for your business growth.How Asset Finance can help your business
ScotPac Asset Finance helps you secure the equipment and vehicles your business needs with fast, flexible, and tailored funding.
How Asset Finance works
At ScotPac, we have made the application process for Asset Finance simple, easy and fast.
Complete a quick online application, and our specialist credit team will assess it within hours.
Once your application is approved, you can secure funding and take ownership of your asset in just 24 hours.
Award winning Business Finance
As the largest non-bank lender in Australia, ScotPac brings the best of both worlds: the speed, flexibility and ease of a specialist lender combined with the reliability and knowledge of a major finance provider.
We help businesses in any industry fund the equipment they need.
Is it for you
Asset Finance can be the ideal solution for your business if you need:
Funding for Purchases:
Funding to purchase new or pre-owned equipment, vehicles, or machinery – locally or internationally.
Full Asset Cost Coverage:
Funding of up to 100% of the asset’s cost.
Unlock Capital:
Leverage the value of the assets your business already owns to raise capital.
Flexible Terms:
A flexible finance solution with terms of up to 5 years.
Quick Approvals:
A fast approval process, with funding within 24 hours.
Not sure if Asset Finance is right for you? Our team is here to help – reach out, and we’ll find the best funding solution to support your business needs.
Frequently Asked Questions
HOW DOES ASSET FINANCE WORK?
Ongoing investment in critical assets is crucial for the continued and successful functioning of a business. With Asset Finance, your business can receive funding for up to 100% of the value of the high-cost assets. This allows your business to invest in the asset you need when you need it by spreading its cost over the term of the asset financing facility, rather than being restricted due to gaps in working capital or cash flow.
WHAT CAN BE FUNDED WITH ASSET FINANCE?
Our Asset Finance solutions are available to fund vehicles and machinery, such as trucks, tractors, excavators and earthmovers, as well as other forms of equipment such as tools. Asset Finance can be used to purchase new assets or pre-owned assets, whether locally or internationally sourced, to ensure the ongoing successful operation of your business.
DOES ASSET FINANCE REQUIRE SECURITY?
No. The asset that your business is funding in the financing arrangement provides the security for the credit. That means that there is no need for a home or property to be used as collateral.
WHAT ARE THE BENEFITS OF ASSET LOANS AND FINANCE?
ScotPac’s Asset Finance is a highly practical and efficient solution. It is easier to apply and receive approval for than traditional bank loans. There are many benefits to Asset Finance including:
- Avoiding the cost asset depreciation
- Customisable options for both fixed and flexible monthly payment plans
- Access to funding fast and in as little as 24 hours
- Higher application approval rate with less red tape
- Increased liquidity in your assets
- It can be used in conjunction with the instant asset write-off scheme to reduce taxable income
HOW DOES THE INSTANT ASSET TAX WRITE-OFF WORK?
The Australian Government has recently extended and increased the instant asset write-off scheme. This scheme means that if your business is eligible and the asset meets required criteria, you can write-off a significant proportion of its value and claim a deduction for the cost of the asset in that respective financial year. This instant tax write-off allows you to save more by reducing your taxable income. Fortunately, Asset Finance can help you take advantage of this scheme without the need to tie up your cash flow unnecessarily.
To find out more about how off-balance-sheet lending and Asset Finance can be used under the scheme, make sure to reach out to your local ScotPac lending specialists today.
HOW MUCH FUNDING CAN BE ASSESSED THROUGH ASSET LOANS?
Under normal circumstances, businesses can access up to 100% of an asset’s value. With the flexibility of Asset Finance, a wide range of financial options can be tailored to meet the specific needs of you and your business. Asset Finance is suitable for funding the complete purchase of both new and used assets.
HOW LONG IS THE TERM OVER WHICH AN ASSET CAN BE FINANCED?
ScotPac offers terms ranging from 24 to 60 months. While many clients opt for shorter-term Asset Finance solutions, others value the predictability and security of a fixed interest rate over a longer term. To find a tailored Asset Finance solution that suits your business needs, talk to our lending specialists today.
WHAT ASSETS CAN I FINANCE WITH SCOTPAC?
In general, any asset that can be depreciated for business purposes may be financed with an Asset Finance facility. However, not all lenders or finance providers offer the same options for every type of good or asset. We recommend reaching out to one of ScotPac’s specialists. They’ll work closely with you to understand your needs and preferences and provide tailored advice to suit your business.
WHAT ARE BALLOON OR RESIDUAL PAYMENTS?
The balloon payment, also known as a residual payment, is the amount of money that remains due on the loan at the end of the contractual term. Settling the balloon payment finalises the contract. Most commonly, balloon payments are used when a business needs to reduce their monthly repayments. This is often to assist with their cash flow management requirements. The lower repayments result in the balloon payment being due at the end of the contracted term.
CAN SCOTPAC ASSET FINANCE WORK FOR ANY BUSINESS?
Yes, our team has worked with a wide range of SMEs over the years. With various types of Asset Financing available, we can help your business free up working capital, reduce upfront costs, improve cash flow, and access the assets you need. From chattel mortgages to finance leases and hire purchases to operating leases, no matter what finance solution you’re after, make sure to give the ScotPac team a call today.