Author: yesloans | Page 8

How Does Chattel Mortgage Work For Me?

Posted on 03/10/2019 at 1:28 pm.

When Should You Use Chattel Mortgage

A chattel mortgage is one of the most common ways businesses in Australia finance their vehicles today. This is a commercial finance product wherein the lender supplies the customer with the cash needed to purchase the automobile. From there, the customer will have to make regular repayments to the lender.

Immediately, the business gets to own the vehicle but the financier will have a ‘mortgage’ over it only until the loan has been repaid. This includes any balloon payment. It’s possible for businesses to get a balloon to reduce the amounts to repay. They may also schedule the repayments to finish paying the entire amount during the term.

Looking at using chattel mortgage for your business? speak to our specialists about the best way forward.

What is a Balloon Payment?

A balloon payment, also known as the residual amount, is the amount that isn’t repaid until the end of a contract. Customers get lower monthly repayments the higher their balloon payments are. It’s important to note that higher balloon payments will lead to higher amounts of interest that have to be paid throughout the loan period. The reason for this is because people won’t pay down the principal as quickly with this deal.

Customers can go with a balloon payment if they like having low repayments for better cash flow. Make sure that balloon payment is manageable for you so you have the option to sell the asset and pay off the loan.

What are the Tax Implications?

When it comes to a chattel mortgage, the GST or goods and services tax for the equipment or vehicle will be finance. Furthermore, the customer is entitled to claim their input tax credit immediately. It’s possible to also claim interest as well as depreciation costs, which depends on how much a piece of equipment or car is being used.

Make sure you talk to an expert accountant first so they can provide you with advice on your situation and tax impacts. You can speak to our finance brokers for the basic tax questions but we recommend speaking with a professional tax law consultant.

Other Things to Consider for a Chattel Mortgage

Just like any financial decision, it’s always important that you calculate how long you plan to use a vehicle or equipment for your company, its life expectancy and your cash flow expectations.

You can only get the best possible financing when you are able to negotiate both the costs of equipment or vehicle along with the financial charges.

Saving on cost with regards to financing business equipment usually comes down to the total repayments and the amount you are going to finance. This isn’t always about the lowest interest rate. It’s crucial that you think about these two things when considering your options moving forward.

You should also watch out for any additional costs like monthly fees that come with setting up the finance.

Quick Benefits of a Chattel Mortgage

You can structure your chattel mortgage repayments to a variety of terms. You can choose anything between 2 to 5 years for repayment.
The interest rates here are often lower compared to unsecured loans and you can choose to have it variable or fixed.
Your repayments can be locked at the same amount on a monthly basis or you can structure it to fit your cash flow requirements.
You get to own the asset you finance immediately. This will show up as an asset on your balance sheet while also showing it as a liability.
It’s possible to set a residual or balloon payment by the end of the term so you can lower your monthly payments.

Things to Ask About Your Chattel Mortgage

Prior to agreeing on a chattel mortgage, it’s important that you know all about its details so you can budget accordingly. Doing so also helps ensure that you can make repayments on time and in full.

Here are some questions you should ask your chattel mortgage broker:

What will the monthly repayments be?
Will there be penalty fees in case of early repayment?
What fees and charges are included on the chattel mortgage?

Where Can I Get a Chattel Mortgage?

Once you’ve decided that a chattel mortgage is the right option for you, then it’s time to find the lender for your needs. There are numerous brokers in Australia today. You can quickly go online and do a search to reveal numerous options.

However, it’s important that you go to an expert and reputable lender for help. When you choose a trusted dealer, you get to save a lot of time, money and stress in the long run.

At Yes Loans, we have many years of experience with regards to working with people and companies looking for the loan they need. We can immediately provide you with an assessment and guide you to whether or not a chattel mortgage is the best choice for you right now.

If you are interested in learning more, book a consultation with us and we’ll take care of the rest!

Low Rate Jet Ski Finance Summer is Here

Posted on 03/10/2019 at 1:08 pm.

Written by yesloans

Summertime Jet Ski Finance Options

Are you in the market to get a brand new jet ski? For many, the idea of having a jet ski is a summertime fantasy of waves, sunshine and good times. The good news is that it could be limited to that if you didn’t think of all the other times you could have a blast on your new jet ski out on the open waters with friends, by yourself or with your partner if you buy matching his and hers jet skis.

Editor note: Couples purchasing his & hers matching jet skis is on the rise by our latest comparison data.

Knowing beforehand if you have a lifestyle where you can just whip off to the ocean for a zoom around on your jet ski or schedule days with mates to catch up over the waves owning a jet ski is not the same as owning a bicycle there are some considerations to take on board for the day that you own your own jet ski.

Let’s take a look at some of the benefits that you can get when you own a jet ski today.

Everyone Gets to Have Fun

Whether you’re thinking of enjoying a ride with your family or friends, jet skis make for a great way to bring people together. Make sure you undergo a thorough safety briefing and understand the rules of the ocean and no, watching Aquaman does not count as understanding the rules of the ocean. Safety first when using any marine vehicle and because you are also a responsible person when you own a vehicle. If you let people ride your jet ski give them a guide for what to do and what not to do.

We always preach safety first for anyone owning a new vehicle, so that you and your group know what to do in case of an emergency. Jet skis are the perfect excuse to have fun in the water. So when summer kicks in and the sun beats down, you won’t have to worry about what to do next just get on and enjoy the activities. Get everyone off the sofa and head off to the beach!

If you don’t already own a jet ski speak to our water-loving finance brokers about helping you get your very own jet ski today.

Riding a Jet Ski is a Great Workout

You’ll be giving your cardiovascular system a good workout when jet skiing. The action alone will get your heart pumping as well as increase blood circulation. Doing so also brings in more oxygen and nutrients to your body parts. Even as little as 30 minutes of jet skiing each day will let you improve endurance greatly.

First, you need to get from your house to the ocean and get the vehicle moving, those whips left and right will get you gripping the handles super tight and helping you give your forearms and gripping muscles a workout. Don’t be surprised if you have sore arms the next day if it is your first time out.

Improves Coordination and Balance

Although it may look easy, riding a jet ski actually takes some skills not falling off. Jet skiing requires having good coordination and balance which can both be improved when done regularly. It’s no simple thing to crouch, steer and hold onto a speeding jet ski. This can be especially tough when there are rough waves to deal with.

Don’t get carried away and start new trends like jet ski yoga that just inst practical.

Relieves Stress By Riding The Waves

There’s nothing that can remove stress like being out at sea dipping in and out of the waves. Getting the endorphins from jet skiing can clear your head while the adrenaline that comes with it will leave you fresh. Besides that, you’re most likely focused on having fun that you’ll forget all of your worries easily.

Pro Tip: Get your self some waterproof earphones and a waterproof bag for your phone or music player of choice and put on a nice playlist and get rid of any stress.

You Have the Freedom to Explore

Jet skis come at just the right size for skiers to explore quiet coastlines and beaches that can be difficult to reach by swimming. Apart from that, they are also very simple to turn off and leave by the shore, unlike a boat. This makes it a very convenient vehicle if you want to go on an adventure.

Yes Loans Has the Jet Ski Loan You Need

At Yes Loans, we want to help everyone get on the water with however way they want. This is the reason why we offer financing for almost any type of marine vessel which includes jet skis. With the help of our experts, we can provide and secure the most competitive jet ski finance rates you need.

We can get you the finance for everything from used jet skis to brand new models. You simply have to approach us and tell us what you have in mind.

Our Jet Ski Finance

In the majority of cases, jet ski loans won’t require people a deposit while they can choose from several flexible options for repayment. It’s also possible to get a loan from us that can last for up to five years.

Our jet ski loans also have a fixed interest rate. What this means is that the interest is going to be calculated on the unpaid balance each day, similar to a home loan. Putting in extra or additional payments can lower the overall cost. Be sure to check out a loan calculator first so you can see how changing repayment terms can affect the length of your loan.

So what are you waiting for? Contact us now so you can get your new jet ski before summer hits!