Finance the next phase of your mining operation with a competitive equipment loan through Savvy
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Mines run on their equipment. From mine-spec trolleys all the way up to prime movers and plant, a mining operation’s success requires competitive finance solutions. Savvy tailors finance to help your mining operation, whether it’s exploring, excavating, or processing, get the finance it needs to maintain crucial cash flow. We look for loans from over 25 of Australia’s leading banks and lenders to make sure you gain the most value.
Mining can be highly speculative, and technology can move fast. Savvy can give your mining company the flexibility of operating or finance leases so you can use equipment when you need it and replace it for new or specialist equipment when the time comes. Find the right finance to suit your accounting and operations. Our loan consultants work with you to secure seasonal finance and other funding options that suit you.
Savvy is rated 4.9 for customer satisfaction by 72 customers.
A chattel mortgage or hire purchase is a type of secured loan that allows businesses to purchase equipment. The main difference between the two is that a chattel mortgage gives ownership to the business immediately; a hire purchase classifies repayments as operating costs until the loan is paid off. Both allow you to take advantage of savings on GST, depreciation, and the instant asset write-off. Chattel mortgages are cash flow neutral; you can borrow more than your equipment’s value.
Operating leases give businesses a way to gain access to mining equipment by hiring the equipment with monthly or fixed-term repayments across a lease term up to 7 years. Operating costs are deducted as expenses and the equipment is returned to the dealer or financier at the end of the lease. Operating leases are ideal for businesses that use “off book” accounting methods. Ask your financial controller or accountant to see if operational leases are right for your mining business.
Finance leases are flexible leasing options that gives your mining operation the option to buy the equipment at the end of the lease. You can pay out the residual value and take ownership of the equipment. You may also hand the equipment back or start a new lease with new or different equipment. A business can also take advantage of tax deductions in the same way as chattel mortgage/hire purchases except for the GST portion.
Some mining equipment can be purchased through rent-to-own agreements. These are flexible options, especially for customers with bad credit rating. A mining company rents equipment, the cost of which is put toward buying the equipment. If you decide you do not require the equipment, you may hand the equipment back without penalty. In this instance, any payments you have made toward the equipment will be forfeit.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
