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Fri, Aug 29th - 11:32PM

The Complete Handbook for Buying and Financing a Truck

Trucks, trailers or any other commercial vehicles are important business assets required in the normal day-to-day running of your business operations. As a business owner, you are constantly faced with a number of critical decisions, whereby you have to decide - what is best for your business. So, if you are a business owner you should carefully consider a number of important factors when it is time to get a new truck, trailer or any other commercial vehicle, such as having:

• The right truck that will help to keep your business competitive

• The right truck for the work required and at the right price

• The right finance arrangement to buy a truck

Different Types of Truck, Trailer or Commercial Vehicle

Business owners can buy any of the following vehicles:

• New Truck

• Refrigerated Lorry

• Trailer

• Tipper, or

• Transporter (light or heavy)

Factors to consider before buying New Truck, Trailer or Commercial Vehicle

There are a number of factors you should take time to consider when buying a vehicle, and you should ask yourself the following questions:

• Is the truck, trailer or commercial vehicle new or used?

• Is the truck, trailer or commercial vehicle coming from a dealer, auction, or private sale?

• Has the truck, trailer or commercial vehicle been previously written-off?

• How many hours has the truck recorded?

• Is there any money owing on the truck, trailer or commercial vehicle?

• Are you considering drawing down from your home loan (e.g. equity release) to give you the required cash to buy your truck, trailer or commercial vehicle?

Finance Arrangement

Listed here is a brief summary of the types of finance arrangements available in the market place, and after you have read this article you should find choosing the right truck finance arrangement to be the simplest decision you will make:

• Finance Lease - This financing arrangement enables you (the customer) to have the use of your truck, trailer or any other commercial vehicle and the benefits of ownership, while the financier (lender) retains actual ownership. The finance lease arrangement will also enable you to free-up your capital for other business purposes.

• Commercial Hire Purchase - This financing arrangement is where you (the customer) hire the truck, trailer or any other commercial vehicle from the financier (lender). You have the certainty of a fixed interest rate over a set period (i.e. 2 to 5 years) and the flexibility of reduced monthly payments by including a final "balloon" payment at the end of the term.

• Asset Loan - This financing arrangement gives you (the customer) the security of knowing that your truck, trailer or any other commercial vehicle is an asset of your business and it offers you the certainty of a fixed interest rate, over the choice of loan terms (i.e. 1 to 5 years).

Seek Expert Advice

I sincerely recommend that you should seek expert advice from a commercial finance broker before choosing any of the truck finance arrangements because, the taxation and accounting treatments you choose may vary from option to option.

If you want to remain in the driver's seat and concentrate on running your business so that you can cover your costs, overheads and running expenses, then look no further and take advantage of professionally qualified and specialised finance brokers, because:

• They have a thorough knowledge of the finance and trucking industry

• They have access to many lenders/credit providers as they deal with them on a regular daily basis

• They can customise the best truck finance arrangement for you

• They can get you into a new truck quickly and easily

So, if you don't want to spend hours of your valuable time trying to find the right truck finance arrangement, then let a specialised and professionally qualified finance broker do the running around for you.

Find the right truck finance arrangement with Singh Finance. The firm’s team consists of exceptionally talented commercial finance brokers. They will not rest until they find the cheapest finance for you. Contact now.


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Wed, Aug 27th - 11:08PM

The Perfect Manual for Guarantor Support Home Loans

Guarantor home loan (also known as Family Pledge Finance) is widely common amongst first home buyers and for persons with limited credit history. Parents play a crucial role in upbringing their children and with house prices and the cost of living on the rise, they also continue to support their children to purchase their first home or investment property.

Definition of a Guarantor

A guarantor is best-defined as being a third party (i.e. family member or best friend) who promises to provide payment on a loan or other liability in the event of default.

Are you looking for a Guarantor Home Loan?

You may require a guarantor if you are looking at applying for a home loan and the lender/credit provider was concerned about the following factors:

• You may not have saved the necessary 20% deposit to purchase your dream home

• Your credit history, or

• Your income

What are the Benefits of Having a Guarantor?

By having a guarantor, you may be able to buy your dream home. Other benefits of having a guarantor can be:

• Some lenders/credit providers will allow you to borrow 100% of the purchase price plus 5% costs of your first home or investment property without the need for proof of savings

• By reducing the Loan-to-Value Ratio, (LVR) to 80%, or less, you will save on the Lenders Mortgage Insurance (LMI) premium

• It is much easier to borrow at a Loan-to-Value Ratio (LVR) of 80%. Because, the lenders/credit providers are much more comfortable with the level of the lending ratio at 80% in comparison to borrowing at say 95%

The benefits of how a Guarantor Home Loan works is best illustrated in the following example. The example assumes the following:

Purchase price: $500,000

Borrowing amount: $500,000

Guarantor property value: $800,000

From the above example, if the lender/credit provider restricts 80% exposure on the guarantor's property valued at 80%, then the Loan-to-Value Ratio (LVR) will be 63%, and it is much easier for you to borrow on an LVR of 63%.

What are the Impacts of being a Guarantor?

Like many people, you may believe that your responsibility to being a guarantor is limited only to ensuring that your family member or best friend pays the debt on time. However, as a guarantor you are not only bound to pay the home loan amount if the borrower defaults, but the transaction can have a negative impact on your credit score rating.

Have you been asked to be a Guarantor for a Loan?

If you have been asked to be a guarantor for a loan to support a family member or best friend, do not take tension. Before, you feel weighed down by the obligation to become a guarantor, you should consider what you will get out of the arrangement given that you will be responsible for repaying the loan if the borrower fails to repay the loan. Because, as a guarantor:

• You are liable in the event that the borrower (i.e. your children or best friend) will fail to repay their loan

• You may be required to service the portion of the loan that you have placed a guarantee for, in the event of a loan repayment default

• You can lose your house in the event of default by the borrowers

• You can provide either your owner occupied or investment property as security

• You may have to refinance your existing loan to provide a guarantee to the borrowers, and they will then have to undergo a full assessment of your financial position

• You may find that some lenders/credit providers will not accept 2nd mortgages as security for the guarantee

Seek Independent Legal and Financial Advice

As part of the lenders/credit providers’ requirements, guarantors will be asked to seek independent legal and financial advice. You should also seek this advice before becoming a guarantor, so you will have a clear understanding of your legal and financial obligations.

Why Choose Singh Finance?

It is always advisable to start the finance application process with Singh Finance as soon as possible, because:

• We know what the standard requirements for family pledge home finance are

• We can accommodate a much faster credit decision for you, provided that we receive from you all the required documents as soon as possible

• We can calculate how much you can borrow

• We can calculate your interest rate and the monthly loan repayment amount

• Our team of expert finance brokers have successfully helped a number of clients with guarantor home loans

• We know the numerous lenders credit policies and procedures as we deal with them on a regular daily basis

While you concentrate on getting your first home or investment property, our team of professionally qualified finance brokers will:

• Look at your overall financial position, and they will establish a budget for you

• Eliminate the stress and time it takes in running around trying to find your finance package solution and at the right price

Our finance brokers will also provide you with a convenient pre-approval so that you will have the peace of mind knowing that:

• Your guarantor supported home loan application has already been assessed by an accredited finance broker and in accordance with the responsible lending criteria

• Your finance is already pre-approved, and you will also know the conditions of your pre-approval

• You have the upper hand when negotiating the sale price with the vendor or real estate agent

If you are currently considering applying for a home loan, or for any other purpose and want an obligation free assessment, please contact us on 0424 190 908 or enquire online now.


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Mon, Aug 18th - 8:59PM

How can a Professionally Qualified Finance Broker help you in getting Development Finance?

Development Finance is a specialised form of funding suitable only for professional builders and developers. This form of funding will require the assistance of a professionally qualified and expert finance broker who has the required skills and experience to negotiate the finance on your behalf.

Suitable Development Finance Projects

If you are a professional builder or property developer, you must speak to an expert finance broker, who will help you in understanding the finance strategy required to fund any of the following projects:

• Residential construction

• Commercial property

• Industrial property

• Retail property, and

• Land subdivisions

What Information do I need to provide?

Lenders/credit providers will look at a number of areas when they are considering your loan request. You will need to present a full proposal to the lender/credit provider, and they will require you to provide the following information:

• Your Business Plan, which should list your background, professional qualifications and your trade and project management experience

• Your experience as a property developer

• The location of your proposed development

• Development Type (Residential or Commercial)

• The profit potential of the development

• Your financial statement of accounts and personal assets and liabilities to determine your development cash flow

• The amount of equity that you will bring to the development project

• Copy of the planning consent and drawings for the scheme

• Comparable evidence for the resales

• A suitable exit strategy

Can I get an "In Principle" Decision?

When you are applying for development finance, you should have all the required information available so that the lender/credit provider can review and assess your finance proposal. The lender/credit provider will advise you:

• If it is possible to arrange the required finance for development project, and

• How long it will take to obtain an “In Principle” decision (You must remember that the lender/credit provider will make the final decision)

Why Choose a Professionally Qualified and Specialised Finance Broker?

It is always wise to start the development finance process with a professionally qualified and specialised finance broker because:

• They will help you to prepare a Business Plan, which will set out your development finance requirements in exactly the way that lenders/credit providers wish to see

• They know what the standard requirements for development finance loans are

• They can accommodate a much faster credit decision for you, provided that they receive from you all the required documents as soon as possible (e.g. your professional qualifications, trade qualifications and certificates and your previous building or development experience)

• They can structure a Customised Development Finance funding strategy that will meet your needs regardless of the size or complexity of the building or development project

• Through their extensive network of specialised lenders/credit providers and private lenders, they are better equipped to offer you access to funds for your required building or development project

• They can help you to secure the required finance so that you can fund all the stages of the construction cycle:

>> From financing the initial purchase of the land

>> Through to progressive construction draw-downs, and

>> To enable you to cover all the approval costs

So, this is what you, as a professional builder or developer, need to know about development finance. I sincerely hope this article helps you to understand why you need to seek assistance from only a professionally qualified and specialised finance broker.

Singh Finance provides easy funding for property development. Its finance experts will help you in getting stress-free approval. Contact the firm for several other loan packages like low-rate business loan and quick car finance solutions.


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Mon, Aug 18th - 8:58PM

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