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What is Rent-it-Today all about?
Rent It Today (RIT) is an affordable way to finance the equipment that you need to begin your business, leaving you with cash/capital in your pocket to maintain cashflow. Choosing from 12, 24 or 36 month minimum term, you can purchase the equipment at any time with 75% rebate. At the end of the term you can continue to rent, upgrade, buy-it-out or simply return the equipment back to us.
Are my rental payments tax deductible?
Yes – up to 100% depending on the portion of usage for the business. Tax advice from your accountant should be sought before any decision to rent.
Who owns the equipment?
Caterlink does. The benefit of this is we cover the manufacturer’s warranty of the equipment.
What is the dollar ($) limit I can rent?
We can offer you rental finance from $1,000 (+GST) (can be for a package of smaller equipment total) to $200,000 (+GST) to suit your business needs.
What do I need to apply?
We like to keep things simple. Unlike the big banks who require a lot of paperwork, we just require the basic information about your business.
We need to identify who you are by obtaining your driver’s license and Medicare card.
For rentals above $40,000 we will need a little more information:
- The last 6 months of bank statements for your business.
- The most recent Balance Sheet and Profit/ Loss Statement.
For rentals above $100K a business plan is required.
Are there any fees?
The only upfront payment is 8 weeks security deposit which is refundable at the end of the contract, providing that there’s no arrears or any repairs costs necessary.
What is the interest rate?
Unlike a loan, no interest is charged because you are paying for the use of the equipment over a fixed term. You are not repaying a loan.
How do repayments work?
It is important to offer you hassle-free-way to pay the weekly rental. To help you avoid missing rental payments, we automatically deduct from your nominated bank account.
I’m selling my business. What options do I have with my rental contract?
The rental contract is transferable. Please contact our Equipment Finance Manager to discuss this.
What happens when something goes wrong with the equipment?
All manufacturing repairs and breakdowns are covered during the rental period. This does not include general servicing, issues caused by lack of maintenance or improper use, back to base transport, or blocked condensers.
What if I want to own the equipment outright?
You can buy out the goods at any time with the 75% rebate of the rent paid to date (maximum rebate of 90% of value goods) off the finance price.
Will the contract ever expire?
No, the contract will be active until the equipment is purchased or when you choose to terminate the contract at the end of the term.
What happens at the completion of the rental term?
You have the following options:
- Continue Renting – continue to rent with manufacturer’s warranty coverage and claim your tax benefits
- Upgrade – latest technology at your fingertips! Upgrade to new equipment at the completion of the agreed term
- Return the goods – delivery to be organised by the client
- Buy – buy the goods at any time with the 75% rebate of the rent paid to date off the finance price (maximum rebate of 90% of value goods)
Can I cancel and hand back the equipment before the end of the term?
If you return the equipment before the end of the term you must pay for the balance owing (termination fee).