Commercial Finance from 2.85% p.a.

Find out about your finance options for business vehicles, equipment, aircraft, technology, agriculture, plant & machinery, trucks and more by comparing and applying with Savvy.

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Last updated on May 3rd, 2022 at 01:45 pm by Thomas Perrotta

Commercial finance

Structured commercial loans

Are you looking to take out a loan to purchase a vehicle or equipment for your business? That’s where Savvy comes in to help. We’re partnered with a wide range of flexible asset financiers and can help you find the best, most affordable deal for your business, big or small.

Choose and compare from a range of potential finance options depending on whether you’re looking to buy your asset or lease it and have your application submitted, approved and fully funded in as little as just 48 hours. We take the heavy lifting out of comparing and applying for finance to make life simpler for you. Start the process today and have your business sorted before you know it.

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Your commercial finance options when applying through Savvy

Why apply for commercial finance through Savvy?

The commercial finance application process with Savvy

Top tips for maximising your approval chances

Show steady business revenue

The most important thing that lenders want to establish before agreeing to loan you the funds you’re applying for is that you’ll be able to manage your repayments consistently. By showing that your business has been generating a consistent and comfortable level of revenue over an extended period, you’ll be more likely to be approved for the loan you’re after at a lower rate.

Display a positive personal and business credit history

Lenders also look for borrowers who have a proven track record of repaying their debts, as doing so often requires a great deal of discipline. If you apply on behalf of your business which shows numerous defaults and missed payments, it’s far less likely that you’ll be considered a trustworthy borrower by your lender and may not be approved for the amount you need.

Be asset-backed

When applying for finance, applicants who have significant assets in their name are typically considered safer prospects than those who don’t. In the case of commercial finance, if your business owns property or valuable equipment or machinery already, financiers are more likely to look more kindly on your application.

Choose a new or near-new asset

Because secured finance relies on the asset being purchased as collateral for the loan, it should be able to carry some value in the event your business becomes unable to support its repayments. Lenders always lean towards applications which involve new or near-new models, whether vehicles or other equipment, so you can boost your approval chances by doing so.

Some of your commercial finance questions answered

Can I finance the purchase of agricultural assets?

Yes – at Savvy, we can help agricultural businesses looking to make substantial purchases find the funds they need to help cover their costs. Whether you need to purchase a tractor, earthmoving vehicle or any other equipment or machinery, you can apply with us today.

My cash flow is seasonal. Can I structure a loan repayment plan around that?

Yes – no matter whether your business is open all year round or closes down in the off-season, you can be approved for finance. You’ll have to show your lender that you’re capable of supporting your loan payments throughout the year, even when your business isn’t operating. Some lenders can cater to your situation by putting together a payment plan to suit the disparity in revenue across different months, whereby you’d pay more while you’re open.

I run a small business. Can I access equipment finance?

Yes – regardless of how big or small your business is, there are loans and lenders out there which can cater to your needs. By applying with Savvy, you can take the guesswork out of determining which is the most suitable for your business.

Will I be able to buy my equipment at the end of my lease?

Yes – if you take out a finance lease on a piece of equipment, it’ll come with a residual value (also known as a balloon payment) which you’ll be required to pay at the end of your loan. If you wish to keep the asset, you can simply pay the residual and take ownership of it. You’ll also be able to trade it in or sell it to cover the residual and take out a fresh lease for a newer piece of equipment.

Are there any tax benefits on commercial finance?

Yes – on a chattel mortgage, you’ll be able to claim the interest paid on your loan instalments on tax, as well as the GST on the purchase of the asset and any depreciation as the years roll on. Leases enable you to claim the entire payment if they’re 100% for commercial purposes. It’s worth speaking to a financial professional if you’re unsure about what your business can claim.

Do I have to buy from a licenced dealer?

No – we can help business purchase assets from licenced dealerships or private sellers from all across the country, no matter where you operate. The benefit of private vendors is that there’s often more room to negotiate on the price than at a dealership, as there isn’t any requirement for the seller to meet monthly targets. However, you’ll have to be more careful in ensuring your asset is in the condition advertised and conduct checks into any repair history it may have.