FAQs

• Who can rent?
• What can be finance?
• Why should the customer rent?
• Can I upgrade the equipment during the term?
• What happens at the end of the term?
• What is the interest rate?
• What happens if equipment is stolen or destroyed?
• How can we reduce administration of making monthly payments?
• Why not use our own finance contacts/banks?
• Can I cancel and hand back the equipment before the end of the term?

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Any ABN holder may qualify for a Priority Rentals facility - this may be a sole trader, partnership, company, etc. Individuals may also be considered for rental finance subject to certain criteria.

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Priority can finance all services related to a specific asset. These services may include software, hardware, insurance, services, installation, training, maintenance, and licenses. The total amount approved will depend on the financial strength of the customer.

There is usually no restriction on the equipment financed under a rental. The main rule is the equipment needs to be used for business purposes. If this can be confirmed, most equipment will be considered for funding under a rental arrangement.

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-In most situations, rental finance provides better cash flow.
Rentals do not affect your capital expenditure budgets as they are accounted for as operating expenses.
Rentals are usually 100% tax deductible for businesses dependent on equipment use.
Rentals eliminate the red tape associated with CAPEX.
Rentals provide an easy technology refresh, allowing customers to upgrade their equipment and/or services at any time.
A sale and leaseback would allow the customer to acquire new equipment and release capital into their business.

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Yes, at any time during the rental you can upgrade equipment subject to terms and conditions.

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Once all rental obligations have been met, you may:
-Offer to purchase the equipment from Priority for fair market value,
-Continue to rent the equipment,
-Upgrade the equipment, or
-Return the equipment to Priority with no further financial obligations.

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There is no specified interest rate in a rental contract.
It is because you are renting the equipment from PFC for a specified time, rather than obtaining a loan to purchase it, that it is a tax-deductible expense.

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It is the renter’s obligation to ensure the equipment is comprehensively insured for the duration of the rental contract. PFC must be immediately informed of any event where the renter may make an insurance claim. This may result in replacement of the stolen/destroyed goods or payout of the rental contract.

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Payments are usually arranged on a monthly direct debit basis.

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PFC provides a rental finance option with superior tax advantages and more flexibility than a bank loan or lease.
PFC will always be exceptionally competitive when it comes to banking products.
PFC provides flexible upgrade options for IT and other equipment that few banks can match.

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If you return the equipment before the end of the term, you must still pay the total rental payments for the originally agreed period. Most clients prefer to upgrade to new equipment and commence a new rental agreement.