Asset Finance Common Questions & FAQs

General

How much control will I have over my repayments?

All businesses go through ups and downs, and we want to support you through both. If you wish to make changes to your repayments, get in touch with your relationship manager who will provide you with options.

What is the impact of choosing a loan with a longer term?

A longer loan term means smaller monthly repayments, but the total interest will increase as you will pay interest for a longer period of time.

Can I consolidate a Heartland Business Loan with a loan from another bank?

Yes, if you meet our criteria to refinance.

What is the interest rate for Heartland Business Loan?

Interest rates start from 8.70% p.a.

Is there a minimum or maximum loan amount?

The minimum loan amount is $10,000.

Can I take out a loan if I don’t bank with Heartland?

Yes, you do not need to be an existing Heartland customer to apply for a business loan.

How are my goods paid for once my loan has been approved?

Once all documentation is finalised, our team will work with you to organise paying your invoices on an agreed date.

Transport and civil construction common questions

What assets do you finance?

We offer finance for new and used trucks, trailers, heavy machinery and earthmoving equipment.

What are the common repayment options for transport vehicle loans?

We can tailor repayments schedules to suit the seasonal cashflow of your business requirements. However, the loan will continue to accrue interest over the term of the loan in accordance with our terms and conditions.

I’m starting a new transport run and wish to purchase a truck and trailer, can I get finance based on expected future income?

We can finance applicants looking to start a new transport run as an owner driver for one of the major New Zealand freight carriers. You will need a letter of intent and/or contract from the carrier, and a cashflow forecast prepared by your accountant, clearly outlining the assumption on which the expected future income is based.

I would like one loan, but my new truck and trailer will be ready at different times. Is this possible?

Yes, in many circumstances this is possible. Our relationship managers can work through this with you.

Can I finance attachments or implements on their own?

Yes. If the attachment or implement is clearly identifiable, we can finance attachments.

Materials handling and manufacturing common questions

I have an engineering/manufacturing business. What assets do you finance?

We can offer finance facilities to suit a range of needs, such as the purchase of new or used specialised machinery, including CNC machines, press brakes and computer-aided-manufacturing equipment.

In structuring the facility, we will take into consideration the needs of your business, and the expected life of the equipment being financed. Our lending criteria, terms and conditions, fees and charges will apply.

What is the process for financing a new CNC machine?

Get in touch with one of our Asset Finance relationship managers, or apply/enquire online and we will contact you.

We’ll require specific information from the borrower, including details about their business and the type of assets being purchased. This can include information such as a financial information, identification, contracts and invoices for the equipment being purchased.

Agriculture common questions

What assets do you finance?

We offer finance for new and used tractors, harvesters, seed rills and spraying equipment.

Can I get finance based on equipment I already own?

Yes. You can use unencumbered assets (not used as security for other lending) to secure new lending. Of course, lending criteria, term and conditions, fees and charges will apply to any finance Heartland provides you.

How do I apply for asset finance?

You can call one of our Asset Finance relationship managers, or complete an enquiry form online and we will contact you.

Helicopter common questions

Do you finance aircraft?

We offer finance facilities for helicopter-based businesses operating in the commercial and tourism sectors.

What's the process for getting finance for a helicopter?

Get in touch with one of our Asset Finance relationship managers, or apply/enquire online and we will contact you.

We’ll require specific information from the borrower, including details about their business and the type of assets being purchased. This can include information such as a personal statement of position, business financial statements, cash flow forecasts, bank statements, identification, contracts and invoices for the equipment being purchased.

Are there any special requirements for aviation finance?

As there are significant compliance and regulatory requirements within the aviation industry, we require specific information about the assets being purchased to secure the loan. This includes asset valuations (we have a panel of approved valuers) which must include ‘time before overhaul’ assessment. Typically, assets are valued on a component basis and take into consideration operating hours of use and the useful life of the assets.

Do you finance private aircraft?

We only offer finance to commercial operators.

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