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BUSINESS/CAR FINANCE TYPE GUIDE

Do I Qualify for a Lease?:

To qualify for a lease there a few options available:

Basically anyone can qualify for a lease whether you are employed or self employed.

Employed:

If you are employed you need to show a work history of at least 12 months and you also need to show financial capacity to afford the monthly repayments.

Self Employed:

As a self employed business owner you have two options when applying for a lease; you can apply by providing your last two financial years tax returns to show financial capacity that you can afford the lease repayments.

However if your tax returns are not completed or ready at time of lease application you can apply under the ‘LoDoc’ product. To apply for the LoDoc product the following criteria will need to be met:

  • All applicants must have a clear credit history
  • Your business must have operated for a minimum period of 2 years
  • Directors/proprietors must be real estate asset backed
  • The equipment being leased must be new


Disclaimer: The above is a generic representation only. It does not constitute financial advice or mortgage structuring advice. It is only to be used as a guide only. Please discuss your financial needs with a financial planner, accountant or your banking representative.

No reliance should be placed on the above information.

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LEASE VS BUY
DO I QUALIFY FOR A LEASE?
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