There are many ways of financing vehicles through operating or finance leases, and Stanbic Bank Vehicle and Asset Financing is one method.
Have you heard about Stanbic Bank Vehicle and Asset Financing? A general phrase used to represent the many methods of financing vehicles through operating or finance leases is vehicle asset finance.
Contract hire is the most popular method of car financing since it enables companies to spread costs and minimize risk.
When it comes to acquiring equipment, vehicles, and other business tools without having to fork over large sums of cash upfront, asset financing is a terrific method to advance your company.
Unfortunately, many people are either unaware of the different types of asset finance that are available or fail to recognize how beneficial it may be for their company.
With Stanbic Bank Vehicle and Asset Financing, you can get a loan for your vehicle, piece of machinery, piece of equipment, or asset with flexible and affordable payback terms to boost your output, earnings, and business growth. This includes cars, office equipment, farm or manufacturing machines, etc.
Benefits of Stanbic Vehicle and Asset Financing
- Flexible Payment Terms, which can be set on a monthly, quarterly, or term basis and have a repayment period of up to 60 months
- Using competitive interest rates is possible
- Access to Stanbic Bank’s trusted equipment and vehicle vendors will assist you in getting your vehicle or asset.
- The lending packages include a wide variety of free insurance products.
- Asset life is matched to maturity
- Flexible repayments are scheduled to suit your business cash flow; no additional security is required because the asset itself serves as security.
- Through their Enterprise Direct Center, they provide 24-hour support for business banking.
The Types of Assets financed
- Any vehicle from a recognized manufacturer, such as Toyota, Scania, Isuzu, Nissan, Mercedes Benz, Volkswagen, Mitsubishi, Land Rover, Ford, or TATA, but not limited to those brands.
- All types of machinery and equipment are approved by their expert team.
- Every piece of office automation equipment
What’s the charge for this?
- Prime + margin interest rates.
- 2% of the loan amount for arrangement fees.
- Down payment of up to 20% of the cost of the vehicle or asset.
Requirements
- Audited financial accounts by recognized and certified auditors.
- The personal wealth of directors, alternative sources of repayment.
- A summary of the company’s management highlighting the qualifications, reputation, and expertise of the directors.
- Business legal documents (M&A, Resolutions, Certificate of Incorporation).
- Bank statements for the previous six months for the business.
- Type of Asset – Age, make, suitability/alternative usage, supplier
- A 12-month cash flow forecast or copies of contracts to support cash flow.
Conclusion
Maybe you’re considering growing and are figuring out the best approach to pay for the adjustments. Perhaps you’ve been given a large contract and will require equipment or trucks to fulfill it.
Stanbic Bank Vehicle and Asset Financing could be the solution to your problem. We hope this article has provided more insight into vehicle and asset financing and answered your questions about it.
For more assistance, please contact the Enterprise Direct Centre on 0312226600 or visit a Business banker at your nearest branch
