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Instalment Sale
Get your moveable durable goods on a repayment plan that suits your budget and take ownership of them only once they have been fully paid.
With an instalment agreement, financing the purchase of moveable durable goods couldn't be easier. This credit agreement allows you to defer full payment and repay the assets in regular instalments. As soon as the agreement has been fully complied with and full payment has been received, ownership of the asset passes to you.
This type of agreement is ideal for private as well as business users. For example, it can be used to finance the purchase of vehicles by car allowance recipients. This type of agreement is often used to finance vehicles and assets such as cars, caravans, boats and small aircraft.
Features and Benefits
- On receipt of the final payment you get automatic ownership of the asset;
- The deal structure is flexible if the asset is used to generate income;
- VAT can be factored into the loan amount and repaid upfront or over the term;
- Business users may claim wear-and-tear allowances and interest against tax (subject to Income Tax Act compliance for claiming deductions). Check with your adviser about this;
- Interest may be linked to a reference rate such as the prime overdraft rate
- The payment term is fully negotiable;
- Repayments can be structured to include a balloon payment.
- You can request credit life insurance and insurance for damage or loss of goods.
