Crane Finance

Hoist your business to the next level with finance and leasing solutions for fixed and mobile cranes by applying through Savvy.

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, updated on August 28th, 2023       

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Crane your neck to affordable finance

Wherever there's a construction site, you're most likely to find a crane hovering somewhere. But these mean machines aren't cheap to finance, which is why finding an affordable finance option that comes with low rates is essential. Savvy's years of experience in providing financing for fixed and mobile cranes allows us to help you compare loans with competitive rates and costs.

Diverse solutions

When it comes to finding financing that fits your business' needs, we throw the cookie cut solution out of the door. We understand that contractors come in all sizes, so whether your business needs a financial boost for a short period or a leasing option that helps you to upgrade with affordable rates, Savvy and our wide panel of trusted Australian lenders have you sorted.

See how Savvy can help you with your crane finance

Common questions about crane and lifting equipment finance answered

Can I get financing that will allow me to own my equipment?

Yes. We offer financial leases to help you pay for the equipment over time and once you have paid the residual at the end of the loan term you get to own the equipment.

I am just starting out. Can I still get financing?

Yes – at Savvy, we can offer low doc solutions that come with flexible repayments that can reduce the initial cost of purchasing a crane to eligible new businesses.

Will I be able to get a loan to import my equipment?

Yes. You will still get access to competitive rates that will make importing your equipment a bit more affordable.

Will I a fixed or variable rate loan suit my business?

This will depend on what works best with your cash flow. Fixed rates are easier to factor into a budget, but variable rates will help you save when the rate decreases. It will be beneficial to weigh the pros and cons that suit your needs.

Do you finance cranes purchased at auctions?

Yes. However, it is vital that you put in adequate research before purchasing your equipment at an auction.

Do you provide financing that will prevent my machinery from being obsolete?

Yes. Our range of finance leases will help you constantly upgrade your equipment at a low interest rate.

More on on equipment finance

Affordability vs rapid growth

You could be looking into purchasing more than one machine to help you get the job done more efficiently, but when it comes to costly equipment such as cranes it is important to time your purchases. You need to look at your business needs instead of focusing on rapid growth that will force you to bite off more than you can chew in terms. It’s advisable to choose something that is within your financial reach. Always compare the APR rate which shows you if you will be able to afford the loan..

Chattel mortgage tax benefits

Potential tax benefits come with the type of financing that you choose which can be beneficial to your business. Chattel mortgage offers potential tax benefits since you own the equipment. This allows your business to claim the full tax input credits for the GST purchase when your business lodges its next BAS. Furthermore, you can claim on the depreciation of your asset and the interest of your repayments. This will differ for each business. You will have to speak to a tax officer or your accountant to see which tax claims are applicable to your business.

What happens at the end of a lease?

When you have met all your monthly payments and have come to the end of your loan term a once-off payment will be due which is known as a residual or balloon payment. You have the option of paying it off in full to retain ownership, choose to upgrade with an existing truck or refinance over a select term. You need to see if refinancing a lease is a viable option as this will end up costing you more over the period of the loan. Meeting your payments on time can prevent you from having to refinance.

Commercial hire purchase

This is a finance option that can be considered of you are looking for flexibility in terms of how you repay a loan. Commercial hire purchase can also work for a business that wants to optimise its cash flow in other areas of the business. Its structured repayment options can help businesses choose a repayment schedule that best suits them. You can choose between having to pay your repayments on a monthly, quarterly, Bi-annually or yearly to better suit your businesses cash flow

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