Helping you to acquire vehicles, capital equipment and commercial property.
In partnering with you to grow your business and to deliver appropriate banking solutions, Nedbank Business and Corporate Banking provides finance for vehicles and other business assets, such as capital equipment and commercial property.
Our flexible approach to asset-based finance is reflected in the options available for acquiring business vehicles.
Minimum deposits and maximum periods are determined by several factors, including the nature and age of the vehicle. The balance, together with VAT, is repaid in equal instalments over the agreed period. Legal ownership will automatically be passed to the business on payment of the final instalment.
Vehicles used for business purposes entitle owners to include a claim against income tax for wear and tear, as well as operating costs and finance charges paid. Your Nedbank Corporate or Business Banking relationship manager or local branch can provide more details.
If you choose a lease option, VAT is included in the principal debt, the sum of which is repaid over the agreed term of the facility. Lease, rentals and operating costs are deductible for income tax purposes. Your nearest branch can provide more details.
At the end of a lease agreement you will be given various options, which include selling, returning or acquiring the vehicle or entering into a secondary agreement with us to delay the first three options.
This is similar to leasing, but VAT is raised separately based on the monthly rental as opposed to being included in the principal debt.
Your business vehicles should be insured fully and comprehensively while on lease, rental or instalment purchase. Nedbank provides this service at competitive scheme rates.
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