Frequently Asked Questions About Equipment Financing

Equipment financing is a type of business loan that allows you to purchase equipment through manageable monthly payments instead of paying the full amount upfront. At Ing Heng Credit, we specialize in hire purchase financing where you own the equipment while paying it off over 12-60 months, preserving your working capital for business operations.

Our approval process is fast for most applications. Once you submit your complete documents, our team reviews your application immediately. Simple cases can get approval within the same business day, while more complex applications may take up to 2 working days.

We maintain a 95% approval rate across all applications. With over 40 years of experience since 1985, we've helped over 4,000 companies secure financing by understanding unique business situations and offering flexible solutions even when banks say no.

Our competitive interest rates start from 2.88% per annum, varying based on factors like equipment type, loan amount, repayment period, and your business profile. Contact us for a personalized quote tailored to your specific financing needs.

We offer flexible payment terms from 12 to 60 months depending on the equipment value and your business cash flow. Most clients choose 36 or 48-month terms to balance affordable monthly payments with total interest costs. Early settlement is allowed without penalties.

We believe in transparent pricing. There are no hidden upfront fees for application processing. You only pay a small documentation fee (typically RM 300-500) when your loan is approved. 0% down payment (Full Loan) is available for qualified applicants - this is our USP!

Unlike banks that require extensive documentation and take weeks to approve, we specialize in equipment financing with faster approvals, higher approval rates, and flexible requirements. We understand business needs better and can approve applications that banks typically reject, especially for self-employed individuals and newer businesses.

We finance all types of business equipment including: Construction (excavators, bulldozers, road rollers, concrete mixers), Logistics (lorries, trucks, container vehicles, cargo vans, forklifts), Industrial (generators, compressors, welding machines, warehouse equipment), and Commercial vehicles (delivery vans, company cars, buses). If it generates business income, we can likely finance it.

Yes! We finance both new and used equipment. Used equipment financing is popular because of lower total costs while still getting productive assets. We've financed thousands of used excavators, lorries, and forklifts that provide excellent ROI for businesses.

Generally, we finance used equipment up to 10 years old, depending on the equipment type and condition. For vehicles like lorries and excavators, we prefer equipment under 7-8 years old. The equipment must be in good working condition with reasonable remaining lifespan. Our team will inspect or require inspection reports for older equipment.

Absolutely! We regularly help businesses finance multiple units simultaneously, whether it's a fleet of lorries, several excavators, or mixed equipment types. Bulk financing often comes with better terms. Many logistics companies finance 3-5 lorries at once, and construction firms finance multiple excavators through us.

Yes, you're free to choose any equipment supplier or dealer. We don't restrict you to specific vendors. Once you've selected your equipment and received a quotation, we'll work with you and the supplier to complete the financing and purchase. We've worked with hundreds of equipment dealers across Malaysia.

Once approved, we issue a financing approval letter. You then finalize equipment details with your chosen supplier. We'll conduct equipment inspection (if required), prepare financing documentation, and disburse payment directly to the supplier upon signing the hire purchase agreement. The equipment is registered in your name, and you can start using it immediately.

Under hire purchase financing, you own the equipment from day one and can use it for your business immediately. However, the financier holds a charge/lien on the equipment until full repayment. Once you complete all payments, the charge is removed, and you have full, unencumbered ownership with no further obligations.

Yes, but you must first settle the outstanding financing balance. Many clients do this when upgrading equipment. The process involves: getting a buyer, determining settlement amount from us, buyer pays, settlement clears the charge, and ownership transfers. We facilitate this process smoothly as it happens regularly in construction and logistics industries.

Early settlement is allowed and encouraged! We don't charge early settlement penalties. You can pay off your financing anytime by contacting us for a settlement statement. You'll save on remaining interest charges. Many clients pay off early when they have surplus cash flow or during profitable business periods.

Equipment breakdowns are your responsibility as the owner, which is why we strongly recommend comprehensive insurance coverage. Insurance typically covers major breakdowns, accidents, and theft. Your monthly payments continue regardless of equipment condition. Proper maintenance and insurance are crucial for protecting your investment and business operations.

Comprehensive insurance covering theft, fire, and accident damage is mandatory for all financed equipment. The insurance policy must name Ing Heng Credit as the loss payee. We can recommend trusted insurance partners with competitive premiums. Insurance protects both you and us from total loss scenarios and ensures business continuity.