Quick answer
Plant and machinery finance funds heavy assets like excavators, wheel loaders, forklifts, cranes, agricultural machinery and manufacturing plant. Loan amounts are typically larger ($100k–several million per asset), terms are often longer than vehicles (up to 84 months for heavy plant), and the asset itself is the security. Most NZ plant finance is structured as hire purchase, chattel mortgage or finance lease. Indicative rates from ~7.6% p.a. for prime borrowers; specialist non-bank lenders generally offer faster approvals on non-standard or used plant.
Who it suits
- Construction, civil, transport, agriculture or manufacturing business
- Buying heavy plant ($100k+)
- Need longer terms (up to 84 months) to match asset useful life
- Used or auction-bought plant — specialist non-bank lenders often suit
Pros
- · Longer terms available (up to 84 months) — match repayment to useful life
- · Larger loan amounts than vehicle finance
- · Funded across new and used plant, including auction purchases
- · Asset secures the loan — no property collateral required
- · Specialist non-bank lenders compete with banks for non-standard plant
Cons
- · Higher LVR limits for used or auction plant (typically 70–90%)
- · Older plant (15+ years) harder to finance
- · Imported plant may need additional inspection or valuation
- · Bigger ticket = more scrutiny in credit assessment
At a glance
| Asset types | Excavators, loaders, forklifts, cranes, ag machinery, manufacturing plant |
| Typical amount | $50k – several million per asset |
| Typical term | 36–84 months (matched to useful life) |
| Deposit | 0–30% depending on age, dealer and credit |
| Indicative rates | From ~7.6% p.a. (subject to credit) |
| Used plant | Funded — typically up to 15 yrs at end of term |
| Auction purchases | Funded by specialist non-bank lenders |
| Structures | HP / Chattel mortgage / Finance lease |
Plant finance pricing depends heavily on the asset, age, dealer, your business credit profile, and prevailing rates. Subject to lender approval.
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