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gain options and flexibility with a lease for valuable assets
A lease is a commercial finance product that allows borrowers to access more expensive assets. A lender purchases the asset on behalf of the customer and leases it back to them for an agreed period of time.
The borrower has possession and use of the asset during the lease period. However, they do not have ownership rights. The lender maintains ownership of the asset as security for the lease until the end of the contract. During the lease, the borrower makes regular, fixed payments to the lender that count towards both interest and the principal cost of the asset.
Once the lease term has ended, the borrower has three options. They can choose to pay any remaining balance on the lease in one final lump sum installment. They will then take ownership of the asset. They can trade the asset back into the lender and enter into another lease for a new asset. Or they can refinance the remaining balance of the lease for an extended term.
Lease agreements are common for vehicle purchases or even building rentals. They are relatively low risk for both the lender and borrower and can typically be secured with favorable terms.
For more information about lease options, give us a call today.
Explore Other Finance Options
A Consumer Loan is a personal finance product used when customers purchase an asset such as a car, boat or motorbike. The lender will take security over the asset being purchased, and once the loan is repaid, the interest will be removed.
Personal loans are a type of credit facility taken out for a specific purpose such as renovations, a holiday, wedding, purchase an older vehicle, or to consolidate debt. Personal loans can be unsecured or secured against a car or other asset. Rates will be cheaper if you provide security!
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