Business Finance Interest Rates and Fees
Business Finance Products and Charges
Finance Now Limited provides commercial lending products including Business Rentals and Business Loans. Finance is available to acquire plant and equipment for business purposes, and is offered through a wide range of B2B retailers throughout New Zealand.B2B retailers can offer a wide range of options to suit the needs of New Zealand business from sole traders to Corporates and government entities. This can include the following products:
A fixed payment contract whereby the Customer has full use of the equipment but Finance Now retains ownership. The Customer is required to pay a monthly rental for a minimum contracted term. The Customer may retain possession of the equipment after the minimum term and continue to pay monthly rentals to Finance Now. The Customer must return the equipment to Finance Now once the contract is terminated. Payments are monthly in advance.Rentals can be tax deductible and usually off-balance sheet, with payments expensed through the Customer’s P&L account. Customers should consult their accountant for specific tax advice on their rentals.
A fixed rate, fixed payment contract whereby the Customer is advanced funds, usually for the purpose of a capital equipment purchase. Any items purchased are owned by the Customer from day one. Finance Now will typically register a security interest over any purchased item, although there are alternative security methods available. Payments are monthly in arrears.
Deferred Business Rental and Business Loan
This is a fixed payment option that allows the customer to defer the first payment, which can be from 3 to 12 months. The contract accrues interest during the deferred term.
Business Loan Interest Rates can range from 0% to 22.5% per annum. Our establishment fee for finance is only applicable to approved contracts and may vary by Retailer. This is a one off charge and is included in the monthly payments.
Business Rental monthly payments are set for the term of the Rental Agreement, and may vary by Retailer. The customer is provided with the all-inclusive Rental payments and the term of the Rental Agreement for acceptance prior to entering into the Rental Agreement.
Our current average interest is 15.55%.
We will provide you with a full quote including all interest rates, fees and total repayments. We recommend you obtain and review the quote carefully within prior to proceeding with any finance contract.
Default Interest ChargesIn the event of a default in payment and while the default continues the customer must pay the default interest charges. Default interest is payable in accordance with the Default Interest clause in the supplied Terms and Conditions at the rate of 20% per annum. FNL may vary the charges and fees.