FAQ
Q: What is Business Asset Finance, Equipment Finance, Asset Loans and Asset Finance?
A: Business Asset Finance, Equipment Finance, Asset Loans and Asset Finance are all terminologies that are descriptions for the same thing, which is a loan to finance your business vehicles, business equipment or other business assets. The business assets are used as security for the loan for an agreed term based on the remaining useful economic life of the assets.
Q: What sort of business assets and equipment do you finance?
A: We fund a broad range of revenue-generating assets across key industries including (but not limited to) Transport, Forestry, Earthmoving, Agriculture, Construction, Mining, Quarrying and Materials Handing. View What We Finance for further details or contact our helpful team to see if we can finance your specific business assets and equipment.
Q: What are the different types of financing you offer for business assets and equipment?
A: At Speirs Finance we offer both finance and lease options, dependent on your specific requirements and business goals. In addition, we utilise limit management products to make future CAPEX requests quick and efficient. We have many asset finance products, view Our Products for information on the different finance and lease options and their specific benefits. To find out what type of finance product would work for your business based on your specific requirements and circumstances please contact our helpful team.
Q: Would you be able to finance a personal asset for me, which would be for personal use?
A: We are a specialist business finance provider, so we can only assist you with finance for genuine business purposes.
Q: What is the minimum amount that Speirs will finance?
A: We can provide funding for amounts greater than $10,000 on a range of finance options including truck finance, forklift finance, construction finance, digger finance, excavator finance, machinery finance, heavy machinery finance, used machinery finance, used asset finance and more. View further details of What We Finance on our website or contact our helpful team.
Q: What is a common length of term for financing business assets or equipment?
A: This is dependent on your usage of the business assets or equipment. Our minimum loan term is 6 months, and our maximum term is 84 months. To find out what length of term we would recommend for your business based on your specific requirements and circumstances please contact our helpful team.
Q: What is a common length of term for leasing or renting business assets or equipment?
A: This is for new business assets and is dependent on your usage of the assets or equipment. Our minimum lease or rental term is 12 months, and our maximum term is 84 months. To find out what length of term we would recommend for your business based on your specific requirements and circumstances please contact our helpful team.
Q: What is a balloon payment in a loan?
A: A balloon payment is a lump sum payment, typically at the end of the term. These should ideally be structured to reflect the future wholesale value of the assets being financed. At the end of the term, you have an obligation to repay the balloon, or we can discuss refinance for a further term.
Q: Can I have seasonal payments?
A: If you have a business that is subject to seasonal variation, we can look at structuring your payments to match your seasonal cash flows. Please contact our helpful team to find out if we can offer seasonal payments based on your specific requirements and circumstances.
Q: Will you look at refinancing existing debt that I have with other finance companies?
A: Yes, if you have sufficient equity in the business assets and they have sufficient remaining useful life then we may consider refinancing debt that you have with another finance provider especially if this improves your cash flow. Please contact our helpful team to find out how we might be able to help you refinance existing debt based on your specific requirements and circumstances.
Q: Can I finance existing business assets or equipment that I own to generate cash?
A: Yes, subject to valuation and our acceptance of this and provided you have equity in your assets, and they have a sufficient remaining useful life, we may consider providing an equity release to you secured by these specific business assets. Please contact our helpful team to find out how we might be able to help you based on our understanding of your specific requirements and circumstances.
Q: Do I need a deposit to get finance for new business assets?
A: We may be able to consider no deposit or there may be an opportunity to take additional security in lieu of a deposit. Please contact our helpful team to find out how we might be able to help you based on our understanding of your specific requirements and circumstances. For Leases, generally, there are no deposits required but you will be expected to pay at least one lease payment in advance.
Q: What security do I need to provide?
A: In most cases, we use the business assets as security however dependent on your circumstances and our credit assessment, we may ask for personal guarantees, trust guarantees (if applicable), a general security agreement or any other additional security we deem fit to support your request for funding.
Q: Is there someone I can talk to locally?
A: We have a talented team of regionally based business asset financiers who work across NZ in local markets. To connect with a Commercial Manager near you please contact us and your local Commerical Manager be in touch to understand your business and funding requirements
Q: How do I apply for business asset or equipment finance?
The process is simple. You can start by applying online, contacting us via our website or by calling 0800 SPEIRS. Our Commercial Managers will discuss your business requirements with you before walking you through our credit application process.
Q: What information do I need to supply with my application?
A: The specifics will depend on your circumstance and the nature of your funding request. As a minimum we require you and any associated parties to complete and sign an application form and return these to us, together with financial information so that we can complete credit checks and assess your request. To comply with legislation, we will also require suitable identification to be provided by all associated individuals.
To start the application process you can apply online, contacting us via our website or by calling 0800 SPEIRS. Our Commercial Managers will discuss your business requirements with you before walking you through our credit application process.
Q: How long will it take for a credit decision and funding to come through if my application is approved?
A: This will depend on the amount of finance you require, the type of finance and the complexity of the funding request. For straightforward requests, we can normally provide a response within 2 working days of receipt of all the required information.
Q: How do I access funding once my finance has been approved?
A: Once you have your finance approved your Commercial Manager will work with you to complete and sign any documentation requirements we have. Once these requirements are met, the funds will be directly credited to the seller, if you are acquiring new or used assets, and for assets you already own into your nominated bank account.
Q: I have been in business for less than 2 years, can you help?
A: We routinely assist newer businesses with funding the assets that they need to operate. Please get in contact and one of our Commercial Managers will work closely with you to understand your business and funding requirements.
Q: How much capital can I release from existing business assets and equipment?
A: Subject to understanding your circumstances, the condition and age of the assets that you are offering as security we may be able to provide you with funding up to 100% of the GST- exclusive value of the assets. Please contact our helpful team to find out how much capital we might be able to release from your existing business assets based on your specific requirements.
Q: Does Speirs offer pre-approvals?
A: Yes, we can pre-approve any loan requirements that you might have; this can be either for:
- An individual Term Loan – where there is a specific single finance requirement; or
- An AssetLine Facility where you can have a facility preapproved for a series of known future purchases.
Q: Do you offer fixed or floating interest rates?
A: For our Term Loan products, we offer a fixed term with a fixed rate, which provides you with the certainty of your monthly repayment.
Q: How do you assess what interest rate I will pay?
A: We offer competitive interest rates that are driven by our credit risk assessment of your business and your specific funding request. Please contact us and your nearest Commercial Manager will discuss this further and advise what rate might apply to your specific circumstances and request.
Q: How do I make repayments?
A: We make repayments easy by setting up a direct debit with you to deduct payments on the agreed date each month.
Making a complaint
At Speirs Finance we are committed to doing business better, and your feedback is vital to that process. If something has not met your expectations, we want to hear about it.
Please contact us and your complaint will be acknowledged within 1-2 business days. Alternatively, you may call us on 0800 SPEIRS to discuss the complaint. We will gather and evaluate the information about your complaint, aiming to resolve it within 20 business days.
If you are not satisfied with our response and you are an individual or an organisation with 19 or fewer full-time equivalent employees, you can escalate the matter to Financial Services Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute resolution scheme approved by the Minister of Consumer Affairs. This service is free of charge and they will help you resolve the complaint.
Financial Services Complaints Limited
Level 4, Sybase House, 101 Lambton Quay, Wellington 6011
fscl.org.nz
Phone: 0800 347 257
Please note that you must attempt to resolve your complaint with us before contacting FSCL.
