Frequently Asked Questions

Asset Finance

Q.Can we structure out repayments to meet out cashflows?
Yes, repayments can be structured to fit in to your specific cash-flow requirements.


Car Finance

Q.How long can I finance a vehicle for?
Terms for Vehicle finance generally span from 2 to 5 years, depending on what is affordable for you. Obviously the longer the term, the lower the monthly repayment.

Q.How long does an application take?
The application process takes 5-10 min over the phone or we can send the application to you. We will usually have an approval between half to one day.

Q.What is a balloon payment?
A balloon or residual payment is a lump sum, payable at the end of the term of the loan. This effectively reduces the amount of principal borrowed and therefore lowers the monthly repayment.

Q.Can I get a car loan if I don't use the car for work?
Of course you can! We have access to all types of loans, including consumer loans.


Bloodstock

Q.Can I get finance for the purchase of Weanlings?
Yes, Bloodstock Leasing can finance weanlings, yearlings, broodmares, stallions, tried horses including geldings.

Q.What's the maximum term of a lease?
The maximum term of a lease is 3 years.

Q.What sort of residual do I have to pay on a 3 year lease?
10% of the cost price. However, on shorter term leases the residual can be increased. For example 2 year lease will have a 40% residual or a 1 year lease will have a 70% residual.

Q.Who owns the horse during the lease?
The Lessor owns the horse until you have paid out the contract. This enables us to use the horse as security for the loan instead of real estate.

Q.If the Lessor owns the horse, does that mean their name will be in the race book?
No, after we register the horse with the Registrar of Racehorses, we will require you to complete a Lease of Racehorse form. This will ensure that you and any of your friends, family or partner's names will appear in the racebook as the owners of the horse. This also ensures that all prize money is distributed to you.

Q.Does the horse have to be insured while under lease finance?
Yes, full comprehensive insurance is required. For more information please call our insurance broker Barry Burke at Gow Gates on 02 9635 3100.

Q.Does the Lessor have any control over what we do with the horse?
For example choosing races, or choosing stallions for our mare?
No, you the Lessee have total control over the horse and it's racing/breeding career. However you can not take the horse overseas without permission from the Lessor.

Q.I want to buy a yearling from a Public Auction, what do I need to do to arrange finance?
First of all you need to lodge an application. Please call us on (03) 9596 8777 to discuss your application, and so we can tailor a lease package to suit your requirements.

Q.My racehorses are owned by my Racing Business, can I lease thoroughbreds under my company name?
Yes you can, it is more beneficial for you to lease horses under your racing &/or breeding business as the lease repayments may be tax deductible, speak to your accountant in regards to this.

Q.Do you require real estate to secure the loan?
No, real estate is not used as security for the loan. The horse is the security. However, it is a requirement that you own your own property. If you have a mortgage over your property, then we need to see a minimum of 1.5 : 1 property equity to debt. This means for a loan of $100,000 you must have $150,000 equity in your property. This is a condition to prove your financial position.

Q.I syndicate horses to race, do you have any lease packages that could suit my business?
Not really, we can finance any thoroughbred. However while the horse is being leased you are unable to sell shares in the horse.

Q.If I was to lease a horse through Nimik Finance Pty Ltd, would you give my information to anyone outside of your company?
Absolutely not. It is against the law for us to divulge any of your private information.