Personal Loans is an area that needs caution. Simply applying for a Personal Loan can affect your credit Report and the ability to obtain competitive finance. Money Buckets can assess your situation and Personal Loan needs without affecting your credit report any further. Simply fill out our form, send the checklist of requirements and we will check things out. Is this loan going to fit into your Budget, what must you allow to live on from here? Is there a another option.
We will find the best option available to suit your circumstances.
As with any Loans there is competition among Lenders in Car Loans. As with all lending there are a variety of Lenders who are good in particular circumstances. The aim is to find the right Lender for your circumstances.
ABN Holders and Property Owners. If you are a property owner or have an ABN there is normally more favourable funding available. This is at a considerable discount to a normal car loan. Contact us to assess the situation. Feel free to download our Application and Analysis Form and send it to us.
Here is an explanation of the different styles of Home Loans available
Unsecured Personal Loan
This is simply a Loan that doesn’t involve the car itself. The Lender simply lends you the money and you can do with it as you wish. In this instance buy a car. The Lender has no ownership of the vehicle and can not take the vehicle if you do not make payments.
Secured car Loans
There are a variety of these, but in all instances, they are entitled to come and repossess your car if you fall behind on the payments. Essentially the car is theirs until you have finished paying for it.
Lets look at the most common.
This is where a customer owns the car from the outset and their loan agreement is secured by the vehicle.
Commercial Hire Purchase
With this type of finance, a client will hire and use the asset until the last payment. When they make the final instalment, title of the asset transfers to the customer.
Asset finance is primarily tailored towards self-employed clients, small business owners, and contractors. In essence ABN holders. It enables customers to purchase the equipment they need to run their business. Cars that are utilised for work such as utes for tradesmen can be financed and can include add-ons such as signage and roof racks. It can also be used for Trucks and other machinery. At the moment the government has enabled this to be offered at a Discount rate and it is very effective way to get a Tax Deduction.
The financier owns the vehicle, however they would normally bear the risk of disposal of the asset at the end of lease. It is closer to renting than buying. Normally there is a balloon payment left at the end. This means you haven’t paid the vehicle off over the period of the lease and if you wish to keep the vehicle you will need to pay the balance left owing. Be very clear what your obligations are in this regard, when you take out a Lease arrangement. Many have obligations in having to pay the vehicle off. This is effective as a Tax Deduction, but not as popular now that Asset finance is so well priced
This option is for customers who want to include the asset in their salary package. The financier owns the asset, while the customer and their employer sign a novation agreement to share the responsibilities of the loan. There are many examples of this in the Health Industry and it seems to be a very Tax and cost effective way of operating a vehicle. Just be aware you will still be responsible for the Lease if you leave your employer.
Customer Enquiries: 1800 825 010
Admin Office: 0243696287
Post: PO Box 6100, Kincumber, NSW, 2251
Money Buckets ™ is a Trademark of Starlight Home Loans T/as Fast Debt Help
ABN: 94 145 613 056
Credit Lic 388809
MFAA membership 319292
Affiliates: Second Step Administration RDAA 1668
The Rite Place Pty Ltd trading as Debtrite