Frequently Asked Questions

Plant, Equipment and Business Finance

How long will it take for my loan application to be approved?
We’ll let you know within one working day once we have all the information we need.
Can I change the amount of the loan after it is approved?
Yes, simply talk to your MARAC financial services manager.
How long are the loan terms?
Our terms are flexible, ranging from 12 months to five years.
What interest rates do you charge?
Interest rates vary depending on the amount borrowed and the credit history of the business. Interest rates can also be fixed or floating depending on how you would like your loan structured. To get an idea of our current rates, click here to send us an email or call your MARAC financial services manager on 0800 520 009.
What is the security for my business’s loan?

If the loan is for plant or equipment, the security will be the asset you’ve purchased, although we may ask for additional security or a guarantor, depending on our credit assessment of your business.

If the loan is for business expansion or acquisition, the security will be the assets of the business.

Can the business pay the loan off before the end of the term?
Yes, we can structure your loan so you can make lump sum repayments during the term without penalty. However if you pay off your loan in full before the end of the term, there is an early settlement fee.
Can I change the repayment amounts during the loan term?
Yes. Talk to your MARAC financial services manager and they’ll see what we can do to change the loan to suit your business’s cashflow.
What is a guarantor?
A guarantor is someone who agrees to pay the loan if the business doesn’t keep up the payments.