Finance Lease

A Finance Lease is an excellent option for clients who are seeking flexibility in leasing.

Under a Finance Lease, the financier purchases the vehicle or equipment of your choice which is then payable by you, the customer, in a series of rental payments.

At the end of the lease you can make an offer to purchase the truck or equipment from the finance company for the residual value that was established at the commencement of the term, or you can return the truck or equipment to the leasing company for them to sell.

This gives you the opportunity to upgrade your truck or equipment at the end of the lease term to meet your ongoing needs.

The term of a lease is typically from 1 to 5 years.

Residual value is an estimated value of the asset that can be payable at the end of the lease term to purchase the truck or equipment from the lender.

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Benefits of Finance Leasing

  • Yes that’s right, no deposit needed.

  • The term of a lease can be from 12 months to 60 months.
  • The interest is set at a fixed rate.
  • The ownership of the asset will be transferred when the final payment or the residual payment is made.
  • Payments can be made weekly or monthly.
  • There must be a residual payment at the end of the term.
  • The asset if financed 100%.
  • The full payment can be claimed as a tax deduction.
  • The lender claims the GST on the purchase.
  • The customer can claim the GST in the weekly/monthly payments and the residual.
  • The ATO guidelines govern the residual amounts and terms of the Finance Lease.
  • Finance Leases are looked at as off-balance sheet lending.
  • 100% of the payments can be claimed as a deduction.

The residual can be paid out by the customer at the end of the term, or it can be refinanced into another loan.
Alternatively, the residual could be paid out at the dealer when upgrading to a newer model.

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