We’re sure that once you’ve been approved for your business financing loan, you’ll undoubtedly want to start putting your newly purchased asset to immediate use. It won’t matter if it’s a car, an office, gym equipment, or anything for that matter – did you know that until you pay off your loan in full, your lender might be able to repossess your equipment?
That sounds pretty scary doesn’t it? Well, it only applies to certain cases and it will rely on the type of deal that has actually been agreed to in the first place. If you don’t keep up with your repayments then sure, your lender might consider repossessing the asset (or assets) that you bought with their cash. But if you stay on top of your payments, you’ll be free to use the asset however you see fit.
So, who owns it exactly?
We’re often asked this question, but not because our clients are worried about repossessions so much – especially as we help them to find the fairest deals; but because they want to know if they can personalise their purchases. What do we mean when we say this? Well, imagine that you had a fleet of forklifts and you’ve just added a new one.
What can you do if it doesn’t match the rest of your vehicles?
In some cases, you might be forced to do absolutely nothing – especially if your lender is a little unfair and won’t allow its borrowers to treat the vehicle as if it’s their own until they officially pay it off. But we don’t really like working with those guys. In fact, here at Tundra Finance, we much prefer to work with flexible lending agencies that don’t mind if their borrowers enjoy their new purchases.
Sure, if you don’t pay back what you owe you might find yourself facing one of two consequences. The first will be that the lender might charge you to remove any vinyl, stickers, or features that you’ve taken upon yourself to apply to ‘their’ asset. The second might be that you’ll have to remove everything yourself and return it to them in an acceptable condition (or else face fees).
But does that means that you can’t enjoy your purchase? Well, yes and no. No, because when choosing to go with one of our lenders, they will undoubtedly understand that you will want to brand and personalise your products and purchases. Yes, because it’s always best to be cautious – just in case you aren’t able to meet your repayments in the future.
With our help, that should be a minimal concern – in fact if you get in touch right now, we’ll be able to set you up with a great deal that you should be able to take immediate advantage of!
Tundra - Experts in Business Finance
(03) 9021 3774
Tundra Business Synergy
Credit Representative Number 496186 is authorised under Australian Credit Licence Number 389328.
ABN - 63 007 814 458.
Member of MFAA.
Disclaimer: Your full financial situation would need to be reviewed prior to acceptance of any offer or product.