Commercial Hire Purchase
Acquire your business equipment over time
Obtain the business equipment and car you need through a hire purchase loan, where you pay hire charges over a fixed period. Under a commercial hire purchase agreement, BOQ Equipment Finance Limited will take ownership of the equipment being financed, and hire it to you through regular repayments.
Once all your hire purchase payments have been made, ownership of the asset will be automatically transferred to your business.
Features and Benefits
- 100% finance is available
- Hire purchase term of 1-5 years
- Minimum loan amount of $20,000
- Preserves working capital
- Generally no additional security required for hire purchase - apart from the asset itself
- Fixed rate financing allows you to budget for repayments
- Flexible repayment options to suit your cash flow
- GST is included in the amount financed
- Taxation claims may be applicable, seek independent taxation advice to see whether you are eligible.
Hire payment options
BOQ Equipment Finance Limited provides various types of hire purchase repayment options:
- Equal Rentals is the standard form of calculation and provides for equal monthly rental instalments in advance or arrears.
- Seasonal Rentals cover many varied structures which can be designed so that rental instalments are payable at any nominated interval during the term to suit a client's particular needs or, more importantly, its cash flow.
- Balloon/Bulk Payments can be included at the end of your contract. You may then choose to re-hire the goods or pay this amount and take full possession and ownership of the goods.
- Escrow Agreement where interest only payments can be made to BOQ Equipment Finance Limited while the equipment is being installed/commissioned within the first 3-6 months.
Fees and charges
There are some associated Government charges and costs, which vary from State to State, in addition to our fees and charges.
How to apply
Please view the terms and conditions listed below on the Terms and Conditions