How to select the right commercial finance expert

When choosing the right commercial finance expert in Perth for arranging car loans for your business, you will be faced with many companies all vying for your attention and it is difficult sometimes to know where to begin. Traditionally, as a business, approaching the bank for an extended overdraft or business loan has been the way forward, but in today’s competitive market, you might be better off going with another financial option. There are a few important pointers to remember prior to making your decision, but it all starts with asking yourself a few questions and then carrying out a little research and homework.

First of all, check out a few of the professional finance associations based in and around Perth, talk to them about any of their members who specialise in car finance. This is always a good starting point as professional associations have a set code of conduct for members to follow, and anyone who is a member will also have a good network of contacts. When you are ready to sign up for the right commercial loan, your finance expert will have a network of industry insiders at their fingertips and you can find that you are put in touch with the right people quicker, than if you tried to go it alone.

Secondly, look around at different car finance packages available, ring up a few commercial finance companies and ask for some initial information. Any reputable and professional firm will provide what you need to know for starters without trying to strong-arm you into a meeting or get your personal details from you. Then you can shop around and check out what is on offer, before booking to see someone in person. Usually this initial consultation is free, so if it isn’t then move on to the next person on your list.

Thirdly, is the car loan for you or one of your employees, are you an Australian resident or here on a 457 visa, because this will affect whether a company will offer you a loan or not. The right commercial finance advisor should tell you about all the finance plans available to you which includes a novated lease and invoice finance, if this is going to be suitable for your business. A novated lease is an agreement between the employer, employee and the car finance provider. Basically the employer gives up part of the employee’s pre-tax salary thus making up for the value of the vehicle, then makes payments on behalf of their staff member. If you are looking to offer an enhanced salary package then this form of loan may be suitable for you.

Fourthly, because many commercial firms are looking for your business, many will be prepared to negotiate, so check this out when you are looking around for a commercial finance expert, and also just because there isn’t an off the shelf package that will suit your company, see if the commercial finance experts are prepared to negotiate bespoke car loans and finance.

Finally, review their complaints procedures and refund policies, and ask around to see if you can get any personal feedback on the quality of their work. If they are prepared to listen to what you need, and they maintain regular contact without a hard sell approach as well as the points listed above, then you will have found yourself the right person.


For further information or help in commercial finance, Finance 48 will have all the information and the right personnel to assist on a commercial finance enquiry.

How to get a car loan when you've got poor credit

In the current economic condition where jobs have dwindled and businesses are forced to close, some people have lost their ability to maintain a clean slate in their credit record. Credit ratings have dropped as a result, approval for car loans in Australia has tightened as finance companies and banks protect themselves from perceived risks that repayment will not be met. Hence, people with a poor credit rating applying for car finance loans are automatically rejected. Don’t let this dissuade you from trying. There are still several safe ways of obtaining a car loan approval despite poor credit. You will just have to make the extra effort and adopt a resourceful attitude to work your way around getting one.

Check credit score yourself Checking the credit score yourself is the most logical first step to take. Ensure that the score in the credit record is accurate since mistakes do happen sometimes. Any discrepancy in the entry or information can affect the score and, subsequently, the amount to pay on a loan. While obtaining a poor credit guaranteed loan can be possible, the high cost of interest is often the ultimate price to pay for those who have low credit scores. Consequently, the idea of shopping around for competitive rates will be extremely limited.

Be realistic If you do have a poor credit rating, the next thing to do is to be realistic. There are plenty of lenders out there who advertise poor credit loans, but the way they mitigate the risk is to charge a higher interest rate as a safety net if you default on your repayment. Again, be realistic. Learn to accept this fact and make it work to your end instead. Your goal is to get a car loan approval first. You may have to pay for higher interest rates, but then accept the terms and work on improving your credit score by paying on time and in full. After a year or so, you can then refinance your car by obtaining a car loan with a lower interest rate. It’s killing two birds with one stone. By being realistic, you will have your car and an improved credit record. You will find it easier to apply for loans in the future so long as you work at improving your credit score.

Provide a co-signer A co-signer with a good credit history is another way to boost your chances to get an approved car loan in Perth and around Australia despite having a poor credit score. The co-signer will be responsible in the event you fail to make repayments. Lenders are disposed to having co-signers since this will most obviously lessen the risk on their side. Finding someone who will trust you enough to put down their signature may not be easy, however there’s no harm in seeking out friends and family for help.

Down payment A down payment not only reduces high interest rates, it reduces the overall value of your debt. If you are able to pay up-front at least 20% of the total purchase price of the vehicle as down payment, you are essentially reducing your total debt.

If none of the above works for you, it is still possible to find car finance in Perth who will not perform a credit check, instead look at your employment history and verify your income to determine your ability to meet the repayment terms of the loan. However, you may have to pay a higher interest rate. The options are limited for those who have poor credit scores, however not impossible. So for now, make it your goal in getting a guaranteed approved car loan and then spend your energy on improving your credit score. This way, you will not have to deal with the same dilemma again.


For more information on Car finance in Perth, Finance 48 has all the information and the personnel you'll need when it comes to financing a vehicle.

Tips to choose the right home loan

Knowing the facts is enormously important when you intend to find the right home loan. Every year, many Australians seek to apply for home loans in Perth and in other areas across the country to buy a new home, to finance home improvement projects or to purchase property and to build a new home upon it.

What you need to know before taking out home loans in Perth

If you know people who have just recently obtained home loans in Western Australia (WA), they can tell you a thing or two: that stamp duty taxes have been brutalizing home buyers in Australia over the last few decades and why Perth is the best place to procure a new house in the Australian market.

Compared to the US tax rate of below 1% and in Canada of below 1.3%, the tax for a property worth $545,000 in Australia would compute an average of 3.7% but only 3.6% in WA. And if you can afford a home worth $3.82 million, you will be facing an average Australian tax rate of 5.3% compared to 4.9% in WA. This lesser tax rate is only the starting point when applying for home loans in WA. First home buyers who obtained home loans in WA and bought their home for less than $500,000 are also not liable to pay Stamp Duty Tax.

Tips on choosing the best home loan:

Determine your financial needs

Before you consider taking out a home loan, know your financial needs. This will allow you to determine whether to buy a new house, build a new house, or improve the existing condition and up-value your own home. Home loans, or any loan for that matter must accommodate individual circumstances. Taking out a home loan will affect your family and is a big move. So it would be wise to consider this carefully. Doing the accounting, being prudent and ensuring that you identify and mitigate the risks are some of the active measures one should take to avoid any financial calamity.

Know the different variations of home loans

Home loans are available in many different variations including introductory loans, variable and fixed rate loans. When choosing the right home loan, always take a good look around and compare interest rates, fees and features. Understanding the loan structure is very important so spend time asking questions if you don’t understand to make sure you find the right home loan which ultimately suits your circumstances.

Know how much deposit you can put down

Home loan providers may very likely require a deposit of the loan to cover loan insurance. Nowadays, some lenders offer a 100% loan without deposit, but such loans incur a high interest rates and increased charges in the long run. Unless you’re willing to suffer additional interests or fees, make use of your savings, and other means at your disposal to provide the deposit required, which will make your loan repayments easier over the long run.

Look for certain features that will work to your advantage An offset account is a home loan feature that allows you to link your account to your home loan. If you have savings of $20,000 in the account and your home loan is $100,000, you will only pay the interest for the $80,000. This feature reduces your payments and is always a handy option. The Redraw Facility is another feature that allows you to pay your loan with extra amounts that you can take out anytime you need for other purposes at no extra cost. This extra money serves to offset your loan to reduce the interest.

Ask for a Key Fact Sheet and prepare a checklist

A Key Fact Sheet from the lender gives you the information you need in a simple format so you can shop around and compare loans. A Key Fact Sheet highlights crucial information such as the total interest you will be paying, other fees and charges, payment repayment structure and the total amount to be paid back over the life of the loan. Once you have gathered the key fact sheets of each lender, prepare your checklist to summarise your options and see which one is most effective. This is the best way to find the right home loan for your needs.

Know your loan consultant or mortgage broker

In the face of many different factors that affect home loans, it is extremely recommended to only get a qualified, competent and trusted loan consultant to help you sort out often confusing loan terms and conditions. Ideally, a loan consultant or mortgage broker should be an MFAA member so you can be assured of professional integrity, transparency and trust. While most mortgage brokers are paid by the loan providers, it always pays off to pop the question so you are aware also of where their interests may lie.

For more on home loans, Westminster International is a good source for information and consultancy on anything home loans related and have the expertise to advise you effectively. 

Avoiding costly car loan mistakes

If you are reading this article, chances are you are shopping around for an auto loan and you want some quick tips on getting the best car loan deal around. The ‘best’ or ‘most suitable’ is subjective to various factors based on each person’s need and current financial condition besides others. This article centers around avoiding costly car loan mistakes that could save you tremendous amount of money and many sleepless nights battling regrets over mistakes made in a car loan deal. When you decide to purchase a new car, thorough planning and preparation though cumbersome, will definitely benefit you. Major car finance companies in Perth and Melbourne advice car loan applicants to determine their needs against their payment capability before entering into any loan contract with a broker or a lender.

The excitement of owning a new car tends to take over one’s good sense. This pushes many to dive into loan contracts they can’t possibly afford or acquire a car with expensive extras they don’t need. Applying for an auto loan is a tremendous responsibility which will carry over for several months or years. Hence, there should be no room for any mistakes whatsoever. Car finance studies in Perth and Melbourne identified several costly car loan mistakes many buyers commit.

Not knowing your credit scores

Credit scores determine, to a considerable degree, the amount of interest you will be paying on your car loan. A standing credit score below 720 could cost you a significant amount of money on the interest alone. Common errors can appear on your credit account ratings that do not work in your favor. You can avoid this by obtaining a credit report from your bank prior to your car loan application. If some items of this nature mistakenly appear on your credit report, have them removed so they do not affect your credit scores. Closing old credit card accounts that are showing open line credits also helps increase credit scores. Remember, your credit worthiness defines your car loan interest rate.

Not going to the dealer with a pre-approved auto loan

Shopping around for and obtaining a pre-approved car loan before you walk into a dealership is a smart move. Your bank is a good place to start since you are already an existing client and they may be able to offer you a good rate. Dealers do offer financing facility however this usually comes with a higher interest rate attached as compared to those offered by credit unions or banks. A pre-approved auto loan will give you better bargaining power when it comes to bargaining and negotiating if the dealership say they could offer you something ‘better’.

Not putting down a down payment

If you have invested at least 20% on down payment, this would lessen your total debt quite considerably. If you are unable to, this would mean your car loan debt is worth more than the car itself and inevitably, this increases your monthly repayments due to the interest rates. If possible, ensure you have sufficient down payment at your disposal before applying for any auto loan deals.

Not keeping in mind the purchase price

Don’t think you have won a bargain in negotiating lower monthly payments for your auto loan because you haven’t. In fact, you would have signed on to more debt. Lowering the amount of your monthly payment plan is essentially stretching the number of months in the plan and adding a whole bunch of figures to the interest. Instead of setting out to lower your monthly payments, focus on lowering the total purchase price.

Not saying ‘no’ to add-on offers

Accepting add-ons that you can buy outside the dealership such as extended warranties, paint sealants or fabric protection only adds up to your loan plus interest. Turn down such an offer and buy them separately when needed.

Not reviewing the contract thoroughly before signing

Review and reexamine any loop holes in the deal taking into considerations major agreements you made during negotiation before signing the contract and closing the deal. Be vigilant against additional items inserted into the contract that wasn’t discussed during the negotiation - especially the ones you did not approve.

Get car finance advice from Perth and Melbourne finance companies and avoid costly car loan mistakes listed above so you will be able to go a long way in getting the right car for the right price. Do your research because uninformed decisions can cost you a lot of money.


For more on car loan advice and information, Westminister International is a good source if you have any further questions that relates to a car loan.