What does Finance Smart have to offer?
Competitive insurance, finance, hire purchase and leasing for cars, trucks, vans, boats, office equipment, machinery, tractors, equipment, caravans, motorcycles, business furniture & fittings, and more. Minimum loan is $5,000.00. Motor vehicles preferably no more than 10 yrs old. (Classic, import, prestige vehicles, and older trucks are welcome). The finance will be secured on your purchase at a fixed interest rate that will not go up. Finance Smart also provides a wide range of insurance products for motor vehicles, trucks and boats, and a unique Unsecured personal loan?
Finance Smart also has an unsecured personal loan available, suitable for holiday loans, debt consolidation, furniture, and for all general purpose use, even old cars & boats unsuitable for the secured finance mentioned above. The interest rates may be optionally fixed at a competitive rate or a variable interest rate can be chosen to take advantage of possible interest rate drops.
Personal or business finance?
Business finance (hire purchase, chattel mortgage or lease) is available to both company & individuals, providing the goods are to be used predominantly for business use, ie more than 50% business usage. For example, taxi drivers, mobile sales reps, couriers, etc could qualify for lease or hire purchase. A school teacher driving to & from work would not qualify. Call Finance Smart or speak to your tax adviser. Business finance is usually lower interest rates, and there are many structures available to maximise your budget or tax benefits.
How long does it take to get approved?
Usually just a few hours, however complex or difficult applications can take a few days. Once approved original finance documents must be signed and the supplier will be paid directly usually within 1-2 days.
Can I get pre approval before purchasing?
Yes, providing you can give us an idea of what you’re intending to purchase. Getting pre-approval before you go shopping is a good idea, allowing bargaining power on the showroom floor. Finance Smart needs to assess the total amount of finance against the current market value of the item. We must also approve your supplier, as there are many fraudulent vendors in the market place.
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What are my chances of approval?
Finance Smart considers things such as: have you ever filed for bankruptcy, do you own a home, how much is your current income, how long have you been employed at your current job, how long have you lived at your current address, do you have a credit rating, what is your net worth, and so on. The financial officer will then apply some maths to ascertain your credit status, determine the security over the loan, your current debt level, your income, and your ability to repay the debt. From this Finance Smart will determine how much money you can borrow. You can do the sums yourself to determine your monthly budget. Simply deduct your expenses from your after-tax earnings.
Are your interest rates competitive?
Finance Smart will consistently monitor current interest rates to maintain and offer the most competitive deals in Australia. We challenge you to try & find a better deal. Finance Smart will help you beat those banks.
However, the interest rate offered may vary by several per cent depending on whether you are a high or low-risk borrower. By all means Finance Smart will provide you with the most competitive offer available, however those with high risk, bad credit ratings or ex-bankrupts may try the 2nd chance product available. This 2nd chance option is more lenient & lax in relation to approval, however is generally a higher interest rate to cover the higher risk.
Can I buy a car privately? Can I buy from a dealer?
Dealer, auction, private sale and re-finance are welcome. Some used vehicles may require a vehicle inspection prior to payment - please discuss with our staff prior to purchase. Call Finance Smart before buying your new car – we have access to huge discounts on most new cars.
Do I need to provide anything with my application?
Send us the completed and signed application pages. If self employed or applying for business finance (hire purchase, chattel mortgage, or lease) please return application together with your most recent financial statements/tax returns, payslip, and/or group certificates. This extra information will speed up your assessment & may also allow you to qualify for a discount on interest rate based on that information.
On settlement some of the following may also be requested before finalising:
- Payslip or letter from your employer
- Bank account details for direct debit
- Proof of home ownership
- Formal identification
- Comprehensive insurance policy
- Drivers licence (with correct addresses)
- Rent receipt (if your renting)
- Company common seal (if a company)
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When do I make my first payment? Can I make extra payments?
The first repayment will be due 14 days (if fortnightly) or one month (if monthly) after settlement of a personal loan. Business finance applicants have the first monthly repayment due on the day of settlement. Remaining payments are deducted from your nominated bank account. Extra payments of any amount can be made at any time by cheque, cash, direct deposit and BPAY where applicable (some fees may apply).
Are there any application costs?
The Finance Smart personal loan is without monthly or ongoing account keeping fees. Business applicants are subject to pay any government taxes, stamp duty, REVS, FID, GST and any other government charges – varies in each state.
Once approved, there is a once only fee to cover these costs and those involved with the set up and approval of your loan charged to your credit card at $250.00 ($350 for business applications). This fee varies slightly in each state, and unfortunately is charged by most banks.
There is no fee if Finance Smart does not approve your application.
Have more questions?
Contact us now. Our refreshingly enthusiastic staff will be happy to help.
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