NAB is Australias largest bank and boasts 800 locations around the world and over 10 million customers. Having served Australians for over 150 years, NAB has become a kind of a national staple, funding not only business but also major infrastructure projects like schools and roads. They have an excellent range of asset financing options, assisting businesses across industries from agriculture to technology get the equipment and resources they need to thrive. Society-driven, NBA offers forward-thinking benefits like an interest rate discount for energy efficient asset purchases.
Access to nationwide branch locations
Special discounts for financing energy efficient assets
Flexible asset financing products
Relatively high loan fees
Tough credit scoring requirements
Customer service not as personalised as with other lenders
NAB allows qualified borrowers to get the equipment they need without having to put down a deposit. With the banks Equipment Loan, you own the asset right away, not the bank, allowing you to claim the GST as an input tax credit when you file your next Business Activity Statement. Interest and depreciation are also deductible. NAB will work with you to create customised payments that revolve around your expected cash flow fluctuations.
For businesses that want flexibility, a Finance Lease from NAB lets you lease for a set term, from one to five years. When the time is up, you decide if you want to refinance the lease for another term, return the equipment or make an offer to purchase the asset and take on ownership. The rental interest is tax deductible.
With a Hire Purchase, NAB buys the asset on your behalf and you then make rental payments to the bank according to your customised repayment structure. Once the asset is paid off, you own it. This is a practical financing choice if you dont want to tie up capital but you want to use, and eventually own, your equipment. Terms range from one to five years.
For businesses that need to use the latest equipment, an Equipment Term Rental is a smart option. Pay no deposit and begin using the equipment right away. NAB makes the purchase for you and then rents the asset to you for a lease term, ranging from one to four years. You choose to extend the lease, purchase or return it when the contract is up. The minimum loan amount is $50,000.
With a NAB Vehicle Loan, you own the car right away and can take advantage of the GST tax credit and interest and depreciation tax deductions. The bank takes a mortgage out of the purchase price and uses the vehicle as security. You can tailor your repayment structure to your cash flow.
A Novated Lease is a win-win for employees and employers. With this financial agreement, the company you work for makes payments from your pre-tax income, so you get both tax savings and convenience. The employer becomes more appealing to potential employees by offering salary packaging. Loan terms range from one to five years. When the lease is up, choose to refinance, return the vehicle or purchase.
NAB offers this vehicle financing option through FleetPartners. With a Fully Maintained Novated Lease, all costs of usage are part of the salary package, including petrol, maintenance, roadside assistance and insurance. FleetPartners owns the vehicle and you choose to extend the lease, purchase or return after the one to eight-year term.
For businesses that want to limit risk and capital investment, a Fully Maintained Operating Lease is a convenient option when leasing cars, trucks, vans or utility vehicles to employees. Enjoy the flexible end of lease options and access to FleetPartners customer serve and accident management. Loan terms from one to five years are available.