The fact that your company requires trucks or equipment should not prevent you from taking advantage of growth prospects. Get the assets you require to advance your organization with ABSA Bank’s commercial Asset Finance.
There are two options to choose from namely; Flexi Lease and Flexi Rent.
Flexi Rent
For financing your vehicles, machines, and other business assets, look into affordable business asset financing.
With Flexi Rent, all the advantages of using an asset are yours without having to worry about the associated expenditures
Rental charges are designed to fit your cash flow.
How Flexi Rent operates
- Get financing for moving goods, machinery, and equipment.
- You don’t have to make a deposit.
- Take maximum advantage of the rented asset.
- Hardly any extra security is required. Most of the time, the asset becomes the primary security.
- Flexible rental structuring to fit your cash flow
- Free up funds for the company’s profitable core operation.
- Existing credit lines are not affected.
Examples of assets that can be financed
- IT and office equipment
- Personal cars
Flexi Rent features
- After the agreed time, you return the asset to the bank after paying back 80% of the total cost.
- Payment lengths range from one to three years.
- The financed assets need to be transportable, insurable, identifiable (excluding gym equipment unless the bank can tag ID numbers), and tangible. They also need to be insurable.
Requirements
- Company profile
- Valid trading license
- Proof of equity contribution
- A Copy of financial card for the company and signatories or directors
- Certified certificate of incorporation
- A Tax identity number (TIN) document for the company
- Proof of income
- CVs of directors
- (Registered resolution to obtain facilities) Application
- Plan of business or company profile
- Most current management accounts and three years’ worth of audited financial figures
- Projections of future cash flows, income statements, and balance sheets for the financial period
- A year’s worth of bank statements
- Pro-forma invoice for the intended purchase of the equipment or vehicle addressed to Absa
- Certified memorandum and articles of association
- Particulars of directors and secretaries (for non-Absa clients)
- Annual returns and tax clearance
- VAT registration certificate
Flexi Lease
This is a practical method of controlling cash flow. Utilize this flexible and tax-efficient finance lease to finance your business’s vehicles, machines, and other assets.
How Flexi Lease operates
- Get financing for leases on machinery, equipment, and movable assets.
- Take full advantage of the resources you require to manage your firm.
- At the end of the asset finance period, you have the choice to take ownership.
- Enjoy a range of convenient payment choices.
- The requirement for extra security is minimal. The asset typically becomes the principal security.
- Set aside money for the company’s profitable core operations.
- Current credit lines are not affected.
- Excludes the upfront payment of VAT.
Examples of assets that can be financed
- Motor vehicles such as trucks and delivery vans, buses, and other passenger vehicles
- Construction and earthmoving vehicles in forklift trucks.
- Industrial and manufacturing plant equipment
- IT and office equipment
- Aircrafts
- IT and office equipment
- Aircrafts
- Cranes and hydraulic self-propelled equipment
- Tractor heads and trailers
- Agricultural equipment. Examples include combine harvesters, tractors, and accessories.
Flexi Lease features
- 20% of the total asset cost must be paid as a deposit.
- Payment lengths range from one to five years.
- This excludes gym equipment unless an Absa bank representative can identify it by tagging ID numbers. The funded assets must be tangible, insurable, mobile (including plant and machinery attached to the floor), and identifiable.
Requirements
- VAT registration certificate
- Company profile
- 12 months’ bank statements
- Valid trading license
- Proof of equity contribution
- A copy of financial card for the company and signatories or directors
- Certified certificate of incorporation
- A Tax identity number (TIN) document for the company
- Proof of income
- CVs of directors
- (Registered resolution to obtain facilities) Application
- Plan of business or company profile
- Most current management accounts and three years’ worth of audited financial figures
- Projections of future cash flows, income statements, and balance sheets for the financial period
- Pro-forma invoice for the intended purchase of the equipment or vehicle addressed to Absa
- Certified articles of incorporation and memorandum
- Information on directors and secretaries (for clients who do not use ABSA)
- Yearly returns and tax exemptions
Conclusion
Business owners that want to apply for loans without putting their other assets at risk might consider the Absa Bank commercial asset finance.
In case you’re still unsure whether asset financing is a good idea for your company, consider the above options for asset finance as offered by Absa Bank.
