asset finance

Asset Finance is a common financing solution for businesses that need new equipment or vehicles, but lack the financial capability to pay in cash. In most cases, the immediate returns from the newly acquired equipment can be used to cover the monthly payments for the loan. The asset finance loan covers the full cost of the goods (usually with no upfront deposit) with the asset itself serving as security for the loan. Read more.

Thornmoney Asset Finance offers two forms of funding:

1. Rental Agreement – whereby thornmoney buys the equipment directly from a customer-selected supplier and “rents” the equipment to the customer;

2. A loan also known as a Chattel Mortgage – A customer purchases the equipment and then seeks funding from thornmoney to reimburse them for the cost of the goods, either using a Chattel Mortgage, where the customer retains ownership of the goods, or where thornmoney takes an interest on the asset as security and the customer sells the goods to thornmoney.

At thornmoney, we believe that no business is too small. Hence, our asset finance product offers funding from as low as $10,000 up to $1,000,000.

Thanks to our cutting-edge thornmoney platform, the average approval time is significantly reduced. You can complete an application in 15 minutes. Approval can be as quick as 24 hours.

Generally, we cover most assets that your business needs except some excluded areas such as cafe, restaurant, beauty, hairdressing assets, and A/V equipment which are outside our risk appetite. Any financed asset must be appropriate for the business and the business’ operations with at least 50% business/commercial use, and be located in Australia. Contact us to check out whether thornmoney covers your desired asset.

Asset loans for new and used business equipment and vehicles may qualify for Instant asset write-off. You can find out more information here from the ATO. You should get advice by speaking to your accountant or tax advisor to determine whether your business and the asset you want to purchase is eligible.

Yes, of course! If you think our asset finance product is a great fit for your business demands, contact us directly via Contact Us page and one of our helpful staff will get in touch shortly. Otherwise, you can request your broker or your accounting company to contact thornmoney and let us handle the rest.