A nation-wide team of asset finance specialists at Commonwealth Bank work to structure finance solutions which enable clients to acquire business assets.
Purchasing assets such as equipment and vehicles is a significant financial undertaking; to help companies preserve their working capital, Commonwealth Bank offers a range of equipment and car finance solutions.
“It’s important that you have a bank that understands the equipment and how it’s going to be used,” general manager industry and banking specialist Grant Cairns said.
Mr Cairns explained that Commonwealth Bank’s knowledge underpinned the structure of its asset financing: the bank’s understanding offers mining contractors and service providers access to facilities that
match the useful life of the required equipment and payment plans tailored to match the cash flow a company could expect to receive upon deployment of an asset.
Mr Cairns said that, in light of increasing demand, sourcing equipment could be a very difficult undertaking. He said that many Commonwealth Bank clients were choosing to source their assets from offshore – a decision that had proven advantageous due to the strong Australian dollar.
“These clients often need additional guidance in negotiating the acquisition of assets, and this is something Commonwealth Bank can assist with,” Mr Cairns said.
“A bank like ours has expertise in foreign exchange markets and is able to assist in trade finance, in terms of guaranteeing payment to the supplier on the client’s behalf, facilitating the importation of equipment, and converting it into an asset finance facility once the equipment gets here.”
Commonwealth Bank’s asset finance specialists can be contacted through the Commonwealth Bank business banking centres or the company’s website.