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The purchase of motor vehicles is one of the most popular purposes for businesses to seek finance. Loans are available for a wide range of vehicles from quite a few sources. The motor vehicle lending market is extensive and competitive, which means there are deals and cheap loans available. Business owners can save significantly by understanding the market and knowing where to apply for cheap business car loans for business use We’ll bring you up to speed on the business vehicle lending scene so you have the information you need to source the most suitable finance deal for your business, at the best pricing. Types of Vehicles Business finance is for vehicles that will be used primarily by and in the purchasing business. Private individuals purchasing cars for their own use are not eligible for business loans. All categories of vehicles are included: cab chassis, utes, SUVs, sedans, passenger cars, wagons, hatches, sports models, wagons and commercial vans. The ATO... Read More
The financial services sector may be seen as having a language all its own, at least to some extent. The terminology and abbreviations used by lenders and finance brokers can leave some business customers flummoxed. Sourcing commercial loans is not a process that all business operators undertake on a regular basis. So fully understanding every detail of loan products is simply not a priority, until you need to apply. Adding to any potential confusion is the range of different commercial finance products available, each with varying names for seemingly the same concept. A balloon is one such term that raises questions. We’re providing this explainer to clarify what a balloon is, how it applies in business loans and how you can utilise a balloon to structure your loans to suit your cash flow and repayment expectations. Explaining Balloon Payment The term balloon relates to Chattel Mortgage and Commercial Hire Purchase finance facilities. With Leasing, essentially the same concept is called the... Read More
The floods which are currently affecting vast areas across the east coast and inland regions of the country have caused extensive damage to business assets, machinery, and equipment. The situation is dire for many business owners that are seeking to get back on the feet and back to business as quickly as possible. A situation that highlights the importance of being able to access the finance required to purchase equipment – quickly and efficiently. Quickly, but while at the best business loan interest rates available and without paying a premium for expedited loan approval and application processing services. Business Finance can provide such a service and is ready to assist both businesses impacted by the current flood situation and other businesses that require ‘fast finance’. Others may include those that have taken on new projects and need special machinery to handle the job; received a welcome but unexpected large customer order and need to upscale production rapidly; have experience failures or... Read More
An area of potential confusion in business finance exists around bad credit business loans and low docs and no docs commercial finance. The possible misconception is that they are one and the same. In reality, that is not the case. To clarify the issue, we're providing this explainer around the differentiation of bad credit and low docs loans, their features, and how businesses may still achieve cost-effective commercial loans with a bad credit rating. Similarities and Differences First up, let’s look at the actual definition of the terms. Bad credit business loans and low doc business loans are common terms used across the lending sector, including by Business Finance. But ‘bad credit’ and ‘low docs’ are essentially application categories rather than specific loans as such. When a consumer applies for business finance they are defined by the lender as having a bad credit rating or if they don’t have all the financial records as required by most banks, as a... Read More
Starting a new business can be equally exciting and deflating. The prospect of branching out on your own, doing your own thing, presenting your own products and services to customers, and being your own boss is a very attractive option for many people. In fact, new start-ups are increasing as more and more individuals look to alternative ways to derive an income, opt-out of full-time income, turn hobby businesses and interests into formal businesses, or just want a change. But the downside can come when you start seeking finance to fund your venture. Most start up businesses will require some type of equipment, machinery, and/or cars and work vehicles. You may need a delivery vehicle to pick up supplies and make customer deliveries. Tradies will need tools and equipment and a vehicle. Engineering and manufacturing concerns will need machinery. Retail outlets and general businesses will likely need finance to fit out the office or shop space. Those setting up cafes,... Read More
Cash flow is key in business. Ensuring a business has the funds available to meet its commitments in a timely manner can be critical on several fronts. Not being in a position to pay suppliers can leave a business in a precarious position for sourcing the essentials needed to produce their goods and services. If a supplier refuses to deliver based on a bad payment record, the business may have to source less attractive and possibly more expensive alternatives. The supplier, especially if a utilities provider, may report a credit default to the credit reporting agencies, which has the potential to create ongoing credit issues. Not having the funds to meet staff obligations – wages, PAYG, and superannuation – can lead to losing staff and serious legal implications. For small businesses especially, cash flow shortfalls can lead business owners unable to pay themselves and meet their own personal financial commitments and that can flow-on to their own credit profile issues.... Read More
One of the most commonly asked question in regard to business finance products is "is it tax deductible?" Business operators typically want to know that by entering into a business loan they are not only securing a solution for that acquisition or cost purpose but that the finance arrangement will deliver benefits to their bottom line. Tax deductions reduce the taxable income and tax payable by a business which can represent a significant cost saving. More information here. Selecting the commercial loan product which delivers the optimum outcome for your business in regard to taxation benefits is an important stage of the finance process. We operate across the full portfolio of commercial lending and our team are experts in sourcing and structuring finance deals for asset acquisitions, property finance, lines of credit and general funding purposes. When it comes to the specific taxation arrangements of our customers we highly recommend referring to your accountant for advice. On your approval, your... Read More
The idea of unsecured business loans may conjure thoughts of a desperate situation. A loan of last resort. A business with no business. Exorbitant interest rates and unfeasible repayments. Something to be sought only when you've run out of all other options. The reality is, while some of those worst-case scenarios may apply for some businesses applying for an unsecured loan, in many cases, there is plenty of positives that accompany this type of loan. Unsecured business loans are a very important product in the commercial loan sectors and used by businesses of all sizes for a wide range of purposes. Many businesses use unsecured finance on a regular basis with an ongoing line of credit or loans for commonly occurring operational expenses. e. Some utilise this type of loan to capture and capitalise on opportunities, foster ground-breaking ideas, and products and deliver innovative new products to market. There are sure to be great business success stories that have grown... Read More
February in 2021 is a very different start to the business year for many as it signals a return not only to work post-holidays but a return to the workplace post-COVID-19. Many small businesses in CBD locations will no doubt be extremely relieved as high density office locations have suffered significantly over the past 12 months with many workers ordered to work from home. On reflection, 2020 may have been a year of polar opposites in the small business sector. Many simply could not survive the economic impacts of Coronavirus (COVID-19) case numbers and statistics and had to close permanently. Others thrived or at least survived, primarily as a direct result of receiving government support on a number of fronts. Some were fortunate to be presented with opportunities to implement their own innovations and pivot into the delivery of new services. But as 2021 rolls on and much of the COVID-19 support is rolled back, small business operators will want,... Read More
When requiring finance, businesses are faced with a range of options in regard to the type of loan and which lender to go with. The business finance sector includes multiple lenders and a large selection of different commercial loan products. With some loans running over lengthy finance terms and with interest rates varying across different finance products, decisions around selecting the right business loan can have significant impacts on the business moving forward. Referring to your accountant or financial advisor is always an astute move but having a solid, general knowledge of commercial loans yourself can be extremely valuable. To assist business owners in making decisions around which is the right business loan for their specific needs, we’ve provided this general guide to better understanding business finance. Business Finance by Function When sourcing finance most business owners will ask ‘what is the right business loan option for me?’ While not extremely informative, the correct answer is simple – the loan that... Read More
