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  • Ways to Finance a Truck or Van

    For all of their functionality and versatility, there’s no denying that trucks and vans can be some of the most expensive vehicles used within businesses. With modern models costing over $20,000 in most instances, it’s not uncommon for companies to either go without these necessary vehicles, or consider their options as far as cash is concerned.

    One of the most beneficial ways to pay for something that can be afforded, is by borrowing the sum from a third party lender, paying for the vehicle and then repaying what has been borrowed over a period of time that suits the borrower. This option is usually referred to as a loan, or finance, and it can make all the difference to the way in which a business is able to operate.

    The Best Ways to Finance a Truck

    Most borrowers will be given three options when applying for cash from a bank, or from a lending company. The first will be to provide a deposit, typically amounting to 10% or 20% of the total sum that is due to be borrowed. This option is a great way to minimise the overall cost of the amount that needs to be paid back.

    The second solution is to use assets that can cater to the cost of the deposit. This can help to minimise the initial amount of cash that needs to be paid by the borrower, whilst reassuring the lender that their investment will be secured. Both parties can benefit, as the need to pay cash upfront is all but eliminated – whilst providing the lending agency a way to reclaim what they lost if the agreement fails to work out in the future.

    The third and final option for truck financing is to use the applicant’s credit score to both negate the need for a deposit, as well as the need to secure the loan. This type of option is referred to as an unsecured loan and it is ideal for businesses of all sizes with an impressive credit report. This proof of meeting payments is more than enough reassurance for a bank, and as the borrower will undoubtedly want to maintain their score, the lender will be able to trust that they will meet their repayments.

  • Home Loans
  • What is a Mortgage Broker?

    There are dozens of financial experts that work within the Mitcham area; from accountants and bookkeepers, all the way to advisors and mortgage brokers. The first few aforementioned specialists are pretty well-understood, as are their features and services, but what about the latter expert? In order to better understand their services, it’s important to identify what they offer to their customers.

    What is a Mortgage Broker?

    The easiest way to describe one of these experts is to say that they are considered the ‘middle-man’ when it comes to applying for mortgages. It’s their job to approach potential lenders, compile a list of loans and interest rates, and negotiate terms on behalf of their clients; all with the intention of finding a borrower the cheapest and most beneficial deal on their loan.

    Some specialise in particular activities, whilst others instead focus on offering broader-reaching services. There are many that work alone (without the backing of lenders) and there are also those that align themselves with banks (and could be considered affiliates, as a result). Although different in nature; the truth is that all brokers will aim to offer a great level of service; one that can ‘be taken to the bank’.

    How Can They Help with an Application?

    From the offset right through to the final contractual agreements; a good broker will be an ever present advisor to a borrower hoping to receive a cash investment from a lender. As far as a mortgage is concerned, the first step is to compare loans, the second is to approach a bank and the third and final is to agree on the terms proposed.

    A broker will be able to help with each step, helping their client to compare rates and find the best deal, before negotiating with a bank on behalf of a borrower and then making sure that all official paperwork is properly handled. These are responsibilities that all broker companies will specialise in and with their help, an applicant could see the likelihood of approval increase several times over.