Depending on your individual or company situation it’s crucial to get it right the first time. Having a team of experts to tailor to your own specifics can make all the difference. We want to discuss your goals with the new purchase, your budget requirements, and a change of plan strategy to provide you a complete solution weather personal or commercial that ensures you optimum results for your boat loan.
When constructing a loan application we will consider all the facts on your side. Presenting a boat loan application to lender can come with serious outcomes i.e. presenting it incorrectly could ultimately lose your ability with acquiring a loan even with another lender! All lenders have the ability to see where you have applied before, thus if rejected once or twice will have a massive bearing on your finance opportunity.
At MFIA we have a deep understanding of lender requirements – thus if we can see what could enviably result in a loan decline, we will protect your CRA (credit reference authority) and not submit. What transpires today can affect you for years in trying to acquire finance.
Consumer loans for boats and cars in Australia tend to be a secured loan. They generally attract a lower interest rate than an unsecured loan. Reason being the lender will take the item as security requiring you to payout the item if you trade or sell the item within the time frame of the loan.
The lender takes no security over the item and makes it flexible should you need the loan for multiple purposes – i.e. holidays, debt consolidation or item that would not normally qualify for secured lending. However unsecured loans are now available in some areas or Australia and will have a higher interest rate than a secured loan. Check with our specialist’s for all the options available to you and your personal situation.
Businesses that operate under a cash accounting basis can claim the full input tax credit from GST incurred expenses. This is basically a charge over the goods that will be financed. Various structures similar with Asset purchases and a Finance lease can be tailored to your operation.
Lease rentals are tax deductible provided the item is connected with producing income. The item is owned by the finance company. At the end of the term you can make an offer to purchase the item, replace it, return it, or extend the term. Very similar to a rental agreement, where a residual value is nominated to determine the items value at the end of the term.
Popular choice for businesses wanting to supply their employees with a motor vehicle. This form of lease is basically an agreement between the finance company, the employee and their employer.
Benefits with this type of lease could include:
• Employee choice of vehicle while having a company car
• Removal of administration in managing a fleet of vehicles
• No ongoing responsibility if a employee leaves the company
• Running costs of vehicle can be negotiated with the employee
A Finance Lease Agreement is created between the bank and the employee. All parties enter into a Novation Agreement. This transfers the lease responsibility to the employer during the employment period. The lease responsibility then returns to the employee upon leaving employment and the novation ends.
As basic as a rental agreement, with the option of including a trade in or deposit to reduce repayments. Balloons or residuals can also be implemented or structure the rental repayments to clear the debt in full over the term.
Ownership rests with the Lender until the final payment is made. For tax purposes your business income can claim depreciation and any interest paid during the term. Automatic ownership takes place if all the terms of the agreement have been complete.
Whatever your needs, check with our specialists on a structure plan to best suit you!
Converting unpaid invoices to cash in 24 hours!
Feature and benefit summary
• Boost your cash flow
• Give your customers up to 90 days to settle their accounts
• Gives you immediate access to a portion of their value within 24 hrs
• Meet immediate costs e.g. wages
• Increase funding flexibility
• Free up assets
• Enable additional lending opportunities
• Reduce personal exposure to the business
• Provide an opportunity to release personal assets from the business books
• Provides dollar savings
• Alternative source of cash flow
• Saves time
• 80% of the value of your invoices can be released
• Secure password access and relevant reporting 24/7
• Minimum facility limit $50,000
A Debtor Finance product gives you greater cash flow certainty to grow or restructure your business, enabling you to convert up to 80% of your unpaid invoices to cash, usually within 24 hours. Debtor Finance is a specialist lending facility without the need to renegotiate increased facilities, or rely on other personal or business assets as security.
• Managing a new growth phase
• Meeting seasonal peaks in demand
• Taking advantage of market opportunities
• Improving response times and service levels to your customers (especially for major orders or projects)
• Funding a new business start up
• Funding transition, such as management or partner buy-out, or family succession.
Would my business qualify for Debtor Finance?
Each business has its own particular needs, strengths and weaknesses. Applications for Debtor Finance are assessed on a case-by-case basis. As a guide:
Your business should:
• Have experienced management
• Be growing, or have real potential for growth
• Be profitable, or moving towards profitability
• Demonstrate that it will benefit from Debtor Finance agreements
Your invoices should be payable:
• By business, corporate entity or body corporate
• Within 90 days
• Be for complete, billable items. That is, payment of an invoice must not depend on you delivering additional goods or services, or on completing additional work.
I was very satisfied with Marine Queensland Finance and wouldn’t hesitate to recommend you guys, so please feel free to use the testimony below for whatever purposes you see fit. We had a few hitches and delays along the way, but Nadine was pure gold and very professional.
Incidentally, the guys at John Crawford Marine asked what I thought of your services and I wasn’t backward in telling them that I was very impressed.
