4 Ways to Expand Your Car Finance Options and Business

If you’re like many Australian small business owners you’ll know how difficult it can be to access the finance you need to grow your business and stay competitive. It’s a situation that Yes loans could help you overcome.

Let’s say you own and have been operating a boutique florist for a number of years and are doing well. However, you are starting to lose out to your competitors because their delivery radius of 10kms is much greater than that of yours.

Realising you’ve poured most if not all of your start-up cash into the business, you begin thinking about how your application might look to potential lenders — especially since you’ve run up a sizeable debt on your credit card paying bills in the meantime.

So what do you do?

You might consider a commercial hire purchase, chattel mortgage, ease, or choose from a wider range of car finance products for businesses. Either way, you’ll need to take the necessary steps towards improving your chances of getting a car loan, such as:

1. Paying a Deposit

While a deposit may not be necessary for your loan application to be approved, doing so will make it clear to the lender that you’re serious about obtaining finance. This helps improve your chances as the deposit amount will reduce the principle you need to borrow and the level of risk the lender would assume.

2. Showing Good Conduct

Paying any existing loans on time is a great way to improve your chances of an approval. With Yes Loans you can check your credit report (free of charge) before applying for a loan. Being able to show 12 months of good conduct is a sure way to improve the odds of your application being approved.

3. Avoiding Further Debt

You’ll want to refrain from taking out small unsecured loans — like those from payday lenders, as they are not considered ‘referable credit.’ This means that even if you meet all of your obligations and make your repayments it will not help your credit score or application.

In fact the use of short term, high interest rate lenders indicate to main stream lenders that you are maybe having problems managing your cash flow.

4. Going Through a Finance Broker

Approaching several car finance lenders at once may sound like a good idea initially but it isn’t; the reason being that your credit file gets updated with every application you submit and too many in too short a timeframe may affect your credit score.

So whilst it may seem like a good idea to submit online applications to many lenders, hoping one says yes, this will work against you and may be grounds for a declinal.

A broker who specialises in commercial car loans can perform a single credit check so only one application will go on your credit file. Your broker will then supply that information to their panel of lenders, to help find you the best deal with reference to your needs and financial circumstances. The ultimate finance lender will record the loan on your credit file.

For More Information

While you may not need to follow all of the points listed in this article, you can improve your chances of getting the car loan you need to help you grow your business with a few simple tweaks to your financial conduct.

Contact a Yes Loans finance broker today or get started by filling out our secure application form and applying online. The short form should only take a few minutes to complete and the information you provide will not affect your credit score or credit rating.

Until Next Month...

Wendy Mann, Yes Loans


Your Women Friendly Services Finance Consultant

Yes Loans is a trading name of Rohanna Pty Ltd ACN: 008 905 477, Australian Credit Licence Number 392426. Fees, charges, Terms and Conditions apply. Credit approval criteria applies.

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  • "Thank you for all your help with processing the loan and keeping me up-to-date on the progress. We have utilised ‘Yes Loans’ twice and are completely amazed with the process and ease that you present to your customers. **It has been a delight dealing with yourself and ‘Yes Loans’ and will not hesitate to recommend your business to all that I come across. **It can be quite daunting at times applying for a loan and I can tell you that your customer service skills far outweigh any company I deal with on a day to day basis."

    Adam F - April, 2015
  • "I would like to thank you again for a relatively painless process in getting the funds sorted for us, working away makes such things difficult and usually means taking time off work to organize. I will recommend Yes Loans to all that want to listen, thanks again"

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    David S
  • "Thanks Chris for all your help. I haven't purchased a car for a while, let alone taken out a loan. Your clear, concise information made the whole process so much easier. What's more you cared! Each step of the way you checked in with me to make sure I understood where the process was at and that I was happy with how things were moving. I have worked in the retail and service industry for decades, so I understand what should happen during any transaction. Chris and Yes Loans tick all the boxes. "

    Dean H - June 2015
  • "on behalf of my wife Hazel and myself , I would like to thank you for all your help and good advice you gave us regarding the purchase of our new car , using your company “Yes Loans” for finance. Most people will be able to tell you of a bad experience relating to car finance but ours was totally the opposite. From start to finish we were made to feel very comfortable about the whole process, and able to understand all the facts and figures. It was a surprisingly pleasant experience and did not drag on for hours. Completing all the paper work on the initial visit made things even easier, and not having to return on multiple occasions was a bonus. I would have no hesitation in recommending you and your company to any of my family or friends should they require finance for their own purchase."

    Derek E - June, 2015
  • "Tony and all the staff at Yes Loans provided exceptional service, which led to me choosing their product over the competition. My circumstances were complicated with 2 sales falling over before the final one was made. Thanks to the keen attention to detail by Yes Loans staff, I was alerted to fraudulent activity by a seller, in time to call the deal off. Finally, Tony managed to achieve settlement in a short period of time and provide a very competitive interest rate for my dream vehicle. The communication I received from Tony and Colleagues was prompt and professional and I will not hesitate to refer them on to my family and friends."

    Gabriel - June 2015
  • 'Hi Darral I couldn't thank you enough for the whole process of sale. You went over and **beyond the call of duty** especially when we've both been playing phone tag with each other. Customer service is everything and from a previous sales and marketing manager background I could not fault you any where. I've always stuck to the rule of 10....1 person tells 10 people on there experience and those 10 people tell another 10 people and so on and so on. I'll highly recommend you to friends and family that are looking for vehicles in the future. Once again thank you. "

    Gavin J - July, 2015
  • "I picked the car up yesterday afternoon and I just wanted to say thank you so much for all the time and effort you put into helping us get it. The car is just awesome and that you put it through as a business vehicle so I can claim it come tax time makes you an absolute legend. Again, thank you very much."

  • "We have used Yes Loans now several times for our Car finance, this being our 4th transaction that they have helped us with and every time it has been such a pleasurable experience, **very easy and smooth transaction with no hassles and quick service. ** We definitely will be back again. Thanks to Daniel for such professional and fast service."

    Maria & Rob - June 2015
  • "Thank you so much, the car was exactly my dream car thank you."

  • "Thanks very much for your help in finding me a loan. I will indeed enjoy my car! I will be sure to recommend you to anyone who asks."

    Simon I
  • "Hello Steve, I’d Like to point out an exceptional employee you have working for you Nathan Hanna. From our first contact Nathan has conducted himself in a professional & highly proficient manner, I felt extremely confident with the service he provided and finding a solution to an issue with my vehicle being a grey import. Which many finance company’s don’t touch, Nathan found a financier which I’m very grateful. The whole experience has been a pleasure your company certainly raises the bar in customer service which you can’t get from other companies. Nathan is a real credit to your team. I will most definitely be recommending Nathan & your company to others."

    Mike B - Sept 2015
  • "Your service and support has been nothing but outstanding. We are so happy with our van, and we will spread the word around if we know anyone is after finance."

  • "A big thank you to Tony Williams at Yes Loans for the **great service in the last week making my dream of having a new car a reality.** Within one week of deciding to buy a new car Tony had the finance organised and I had my new car a week later. Very professional and efficient service from Yes loans. Thanks you very much. "

    Susanne De - July, 2015
  • "Thanks for all your help. You handled everything very efficiently and professionally. Made my life and part in all this very easy. Thanks again and all the best to you."

  • "The service provided by Yes Loans was better than any other loan institution or bank I have worked with. What they promised they delivered and it was done professionally and with a sense of urgency and customer service that few banks could match. I have been a long term customer of a bank and had numerous loans with them for houses, cars and home improvements for a period of fifteen years. Despite an excellent credit history, my last effort to get a small loan to re-finance a car took over two weeks to process. Then having approved the loan, the bank made my life difficult by asking for endless changes to paper work, pay slips and bank details because of the time they took to process the loan. In frustration, I rang Yes loans. Within 24 hours the process was all but complete. There was a minor issue with setting up a new account to handle the funds, but this was no problem. Daniel at Yes Loans patiently helped me out and made the process easy, so that the funds were able to arrive as soon as the new bank account was set up. I am grateful for the professional way in which my business was handled and have no hesitation in recommending Yes Loans to anyone in need of a loan." Thanks Grant for your feedback!

    Grant - Feb 2015
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