Frequently asked questions on Lenovo Financial Services Commercial Rental
1. What is Lenovo Financial Services?
Lenovo has partnered with BOQ Finance in Australia to deliver competitive financing options so you can rent the equipment needed to run your business today.
2. How to apply?
Shop Lenovo Online and then complete the online application form.
3. How long will an application take?
The application will only take a few minutes and you will be advised of a decision as soon as possible – usually within 1 Business day*.
4. Who is eligible to apply?
In order to apply for a Lenovo Financial Services Commercial Rental Agreement you must meet the following requirements:
- Be a Permanent Australian Resident
- Hold a current ABN or ACN
- Have been trading for at least 12 months
- Have a clear credit history
5. Is any upfront payment required?
No – Deposits are not required so, instead of paying for your equipment up-front, Commercial Rental means you can keep your cash and use it to invest in business growth.
6. Are there any Tax advantages?
Yes - Your Commercial Rental payments may be 100% tax deductible^.
7. What Rental Agreement terms are offered?
Rental Agreements can be structured over 2, 3 or 4 year terms. The most common term used for IT equipment is 3 years – in-line with the useful life of the equipment. Manufacturer’s warranties can be extended by purchasing a Lenovo Warranty Upgrade to match your nominated rental term and will be incorporated in the fixed monthly payment.
8. How are Rental Agreement payments made?
Payments will be deducted monthly from your nominated business bank account. The first payment will be deducted after the agreement has been settled.
9. Are there limits on the amount that can be financed?
The minimum amount is $990 inclusive of GST while the maximum amount is only limited by the credit worthiness of the applicant (as assessed by BOQ Finance). Accessory items and software (combined) cannot exceed 40% of the total amount financed per finalised order.
10. Does the equipment need to be insured?
Yes - You must provide and maintain property insurance for the rented equipment and if required, provide BOQ Finance with evidence.
11. Who owns the equipment?
Ownership rights in financed equipment rest with BOQ Finance. BOQ Finance assumes the risk associated on the equipment at the end of the term including any environmental or any other end of life costs. At the end of the contract the following options are available:
- the equipment can be returned to BOQ Finance with no future obligation;
- you can continue to rent the equipment on a variable or fixed term basis;
- upgrade to new equipment; or
- make an offer to purchase.
12. Can I exit the contract early?
Yes – Although, you will be required to return all of the equipment to BOQ Finance and pay the balance of the Commercial Rental(s) owed.
13. Can I upgrade the equipment early?
Yes - You will have the option to upgrade the equipment at any stage throughout the term of the agreement.
14. What if my application is declined?
You will be notified by email if your application has not been successful. You will still be able to proceed with your Lenovo purchase should you wish to use an alternative payment method. Simply contact Lenovo on 1300 557 073 and select option 2.
15. Who can I speak to if I have any questions about my contract?
Contact Lenovo Financial Services on 1300 134 182*.
*Monday to Friday excluding Public and Bank Holidays, 8:30am to 5:00pm AEST - Processing times may vary depending on a range of factors.
^Please confirm your specific eligibility with your accountant or taxation advisor.
Credit provided by BOQ Finance (Aust) Limited ABN 56 065 745 735 (BOQFA) trading as Lenovo Financial Services (LFS). BOQFA is part of the Bank of Queensland group of companies. Bank of Queensland Limited ABN 32 009 656 740 does not guarantee or otherwise support the obligations or performance of BOQFA or the products it offers. Full terms and conditions available from your LFS Representative. Fees and charges are payable. BOQFA's standard credit assessment criteria apply. This information is current as at May 2013.
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