Machinery financing in New Zealand
Machinery financing should not be stressful. At Crester Credit, we take the guess work out of your financing needs by providing you with a quick and easy loan, empowering you to make the right choice in machinery and equipment. Become one of countless customers we have assisted with farm machinery loans.
Flexible responsible lending
While many lenders take a one size fits all approach, we consider individual applications on their own merit. Check out our online machinery finance calculator to get an idea of repayment terms and affordability.
Looking at the broader picture
Historically, a challenging credit history may have led to an immediate refusal when applying for finance. Today the situation is different. We take a look at the broader picture including income, level of finance and security available.
Machinery finance rates
Our standard rates vary from 13.95% to 26.98%, dependent on circumstances, credit history and security available. We take a transparent and flexible approach to lending, seeking solutions to match your exact requirements.
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Machinery finance calculator
Compare and contrast repayment terms with our online New Zealand machinery finance calculator. When buying machinery, a deposit is usually required, securing the sale. You can spread your repayments anywhere up to 48 months and even longer in certain circumstances.
$30 per week
Our maximum loan term is 3 years so your repayments on a $6650 loan must be $70 (or more) per week
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Machinery finance
Buying machinery can be a significant investment, so it’s important to do your research. There is the option to buy brand new, but you’ll get a lot more value for money by buying machinery second hand. Go for brands that are reliable and well-known, such as John Deere, ensuring the right parts are readily available when you need them. Unsure? You can give a dealer a call and ask them if they’re able to get hold of certain brands’ parts, and you’ll have a better idea of what you’re in for.
What is the maximum machinery financing available?
Crester Credit offers loans up to NZ$100,000 which is a good amount for you to shop around for good deals on second hand machinery. We have a flexible approach to machinery financing, but also maintain a sense of responsibility when it comes to affordability. Loan rates are fixed on approval and we offer between 13.95% and 26.98% interest rates. Since you’ll have your personalised rate fixed the moment you’re approved, you’ll be able to shop around for machinery with confidence. Everything from charges to terms and conditions are clear and transperent from the get-go, allowing you to plan ahead.
Loan durations are on average three years, but with our flexible and inclusive approach, we can extend this to four years and longer. Chat to us to see how we can assist you with machinery finance.
New or second-hand: Buying machinery
When deciding between new or second-hand machinery, there are many factors to weigh up. Brand new is tempting, but as with all vehicles, they lose value fast the moment you take them off the lot. Not only that, but they’re significantly more expensive than their second-hand counterparts. Second-hand machinery has its drawbacks too, though. You have to be confident in the seller you’re buying from, so going for a reputable dealer is vitally important. It’s also crucial to shop around. You may find a piece of machinery that’s wildly cheap to compared to others – that’s a red flag, since the equipment may have faults that will be expensive to repair down the line. In any case, it’s important to do your research, understand what to look out for, and work within a budget.
Handy tips
Check where the machinery is stored
When going to view a piece of machinery for sale, it’s important to see where it is normally kept. Proper storage of farm machinery is crucial to ensuring it stays in good condition. It needs to be under cover and away from the elements or it will deteriorate rapidly. When looking at this area, have a look at the ground and see if anything may have leaked from the vehicle or machinery.
Research the average of the machinery you’re after
Going online and scouring digital classifieds is the easiest way to see how much machinery is selling for these days. Look for the item you want and try and pick out consistencies with pricing, year, and mileage. That way if you find a bargain, you can take extra care to ensure it’s not a scam. Having the right knowledge gives you confidence while shopping around.
Interest rates on machinery financing
Our customers appreciate that we offer a really flexible approach to machinery finance. We have a wide range of interest rates (varying from 13.95% and 26.98%) and while we are flexible, we usually offer a repayment period of up to 48 months. We balance flexibility with responsible lending.
Give the machinery a full examination
Once you’ve checked how the machinery has been stored and whether it’s been leaking anything, it’s time to take a closer look. Dead grass in its usual parking space can signal that it hasn’t been used in a long time – you may want to ask the seller why. Look for any seepage coming from any part of it. Examine the oil to ensure it is changed regularly and the filters are clean. Then ask the seller to start the machinery up to see if any smoke comes from the engine, which may spell trouble (although a little smoke on start-up is normal).
Go for a test drive
Just like buying a car, purchasing machinery means taking it for a spin. This is the best way to learn of any faults that aren’t obvious when the machinery is stationary. Watch out for wobbliness, weird noises, and anything strange when changing gears.
Frequently Asked Questions
Besides the machinery itself, the seller is the most important part of buying machinery second-hand. The impression you get of the seller will help you understand how they took care of the machinery before selling it. Sloppy presentation and a messy farm will tell you a lot about what kind of machinery owner they are and will help you decide if the sale is worth it.
Before you bring home your new piece of machinery, it’s important that you have an appropriate place to store it. If you’re replacing an old tractor for example, you most likely have a space where the new one can be stored, but if this is a new piece of equipment, and in particular a large piece of equipment, it’s imperative that you have taken into account the cost of storing it.
When making a large machinery purchase with finance, a deposit is usually required to secure the loan and make it a done deal. Deposits also help with reducing the amount of interest you pay and the cost of your monthly repayments. We will discuss all of this with you when we go over your application.
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Our online application form takes only six-eight minutes to complete. Start by filling this in, and if you’d like to talk with one of our loan officers, please make a note of it in the application.
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We appreciate that time is very often of the essence when it comes to buying machinery, therefore we typically respond almost immediately. In the interests of transparency, our charges, interest rates, as well as terms and conditions are published on our website. An in-depth commonly asked questions page will also address various issues that may arise. We have the experience and the resources available to assist with all things related to machinery finance.
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