iLoans

ILOANS

 

IMAGINE IT NOW

 

iLoans, a small group of financial consultants, strives to help you achieve your financial needs by providing excellent customer service and fast loan approval. With access to more than 25 lenders, each offering a large variety of loan options, we work hard to find the best loan for you. We make the loan process as easy and hassle free as possible and serve our customers with a combination of passion, dedication and knowledge. Our goal is to enable you to establish communication with one of our consultants within hours of applying. This commitment to personal attention ensures that you are informed at all stages during the loan process. Our professionalism, innovation and integrity, promises that we will help you in every way possible.Tel 07 5493 7916

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CAR LOANS

 Car loans are our specialty. We provide the whole service: finance, vehicle finder, insurance and warrantees. We offer a comprehensive range of competitively priced financial services to have you driving your new car sooner. Whether you are buying from a car dealer or a private seller, we offer pre-approved car loans allowing you to shop for cars knowing your finance is in place. We have car brokers Australia wide, with access to over 20,000 vehicles, ready to help you find the right car. MAKE AN ENQUIRY 

We have the best rates in the business! If you’re after a competitive interest rate, contact us now for a quote that you'll be impressed with. Let us do the leg-work for you. CONTACT US

We pride ourselves on helping people with previous credit impairments get back on the road to financial success. If you have a small telephone or utility default which, through no fault of your own, has been listed against you and is causing you problems in obtaining finance, call us. We have money lenders who do not penalise you because of these small debts and make getting finance as easy as it should be. We do our best to get you the best rate possible on your car loan by having a variety of lenders available to you, which allows us to be very competitive with the products we have.

 

2ND CHANCE CAR FINANCE (SECURED)

 

When you need a car but have trouble getting an auto loan, a second chance car loan could be the answer. Second chance car finance is also known as a bad credit car loan. This type of finance is for customers who have a  bad credit history. In today’s society it is not uncommon for customers to have one, or even a number of blemishes on their credit report. This can often prevent them getting a loan to purchase a car. Whether you have a small default or you have discharged bankruptcy, we will help you get back on track to financial success. At ILoans we try our best to get the right loan for our customers, even though they may have been rejected by other finance companies. We will find you the most competitive rates you can get. At first, you may have to pay a higher interest rate, but as you build up your credit rating, we can help you to refinance your second chance car loan for better terms. 12 months of on-time repayments on this loan will be the first step to ensuring financial success in the future. Please note that stability in your job and residence is very important for all car loans. The guidelines are shown below. If you are slightly outside these guidelines, please call our office to discuss your options, as here at ILoans we like to give everyone a fair hearing. Unfortunately, with the current economic crisis, if you have unpaid defaults or judgements for over the amounts shown below, we will not be able to assist you at this time unless we are able to obtain proof that they have been listed incorrectly.

 

 Credit History

Cannot have any unpaid default over $3000

Cannot have an unpaid judgement over $2000

Employment

You must have an employment history for at least the last 6 months

Casual employees must have been in their current job for at least 6 months

Employees on contract must have at least 12 months remaining on contract

Self employed applicants must have tax returns available for verification. We are not limited to any particular finance company, so we can search for the lowest rate and best product available and help you to avoid any extra costs. We have access to a number of non-conforming lenders who understand that occasionally things go wrong and believe that people should be given a second chance.

Our lenders have loan options available to help most situations:

Applicants with previous credit or utility defaults

Applicants with casual employment or irregular pay

Discharged bankrupts

 

 Documents Required for Assessment

 Last 3 months bank statements on all accounts

 2 recent pay slips if PAYG or 2010 tax return

 Copy of driver’s license – front and back

 Signed privacy document, which is emailed to you on application.

 A requirement for a bad credit car loan is that you must purchase the vehicle from a licensed car dealer instead of privately.

 Unfortunately we cannot accept pensioners for loans over $5000 (please call for pre-qualification). Also, bankrupts need to have been discharged for a minimum of 12 months in order for us to be able to help. Complete the fast and easy online application so we can assist you to get a great second chance car loan.

 For Loans $500-$5000

 please call the office on 07 5493 7916 for a quotation and pre-qualification. For bad credit loans between these amounts we will need a vehicle asset, which is unencumbered, for security.

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PERSONAL LOANS

There are two types of personal loans available to those seeking to borrow money from banks and other financial institutions, a secured personal loan and an unsecured personal loan. Here at ILoans we have access to many different financial institutes to help us to find the right loan for you.

A secured personal loan is a loan that is granted with the borrower putting up some form of collateral, which then becomes a secured debt owed to the creditor. In many cases a person who has borrowed money to buy a new car, caravan or boat will use that as their collateral.

 An unsecured personal loan is the other personal loan option offered by banks and finance companies. This type of loan requires no guarantors and no collateral as security on the borrowers part. However, you will have to meet all the usual criteria to have your loan application approved.

Whether you want to buy furniture, do a debt consolidation, or even go on a holiday, a personal loan is a simple way to assist.

Traditionally personal loans are the hardest loans to qualify for, as the lender does not necessarily take an asset as security on the loan. Unsecured loans are assessed on your credit score, meaning each applicant is given a ‘score’ based on factors such as stability, asset position and credit history.

 In order to qualify for an unsecured personal loan the applicant must have a clean credit history. The applicant must also have stability in their employment and residence. Good payment history on any existing finance is also essential.

 The minimum unsecured personal loan for 1-7 years is $5000 and the maximum is $50,000. MAKE AN ENQUIRY

 
Bad Credit Personal Loans (SECURED)

A bad credit personal loan is useful for applicants who have made errors with their finances in the past but have taken steps to rectify them.

To obtain a bad credit personal loan we will require a vehicle, motor home, motor-bike or home as security. These assets must be unencumbered or have sufficient equity for the creditor to be able to take security over them. 

 Depending on your current financial position you may need a family member or friend to co-sign your personal loan as a guarantor, to help have your loan approved.

 As this loan is over a maximum period of 12 months, it will not only assist you with that extra cash you need, but, with a proven record of repayments made on time over those 12 months, it will assist you to get your credit rating back on track.

 The minimum amount for a secured personal loan is $500-$5000 over a 12 month period. CONTACT US

 

Documents required for approval

 Proof of income

 Proof of identity

 Proof of residence

 Proof of ownership of asset used for security (secured only)

 2 months bank statements (secured only)

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COMMERCIAL LOANS

 

Arranging a commercial loan can be a challenge if you don't have the right advice. Our expert brokers have had many years of experience in finding the best possible product to suit your needs. We will liaise with you, your accountant and your financial consultant to ensure we gather all the necessary information to meet your requirements.

 

Whether you are looking for to finance equipment, business loans, debtors, commercial properties, a lease, or any other business finance, we can help. We help you structure the deal correctly, advise you each step of the way, and help you obtain competitive market rates from a choice of commercial lenders.

 

There are many different options available within commercial finance, with many different benefits. Listed below is some information on just a few which will hopefully educate you on the product best suited for your business. Depending on tax implications and cash flow, there maybe some information which can help you to understand the different options available. Contact Us

 

Chattel Mortgage

 

As an alternative to leasing or hire purchase, a chattel mortgage or bill of sales arrangement is a fixed interest rate loan with security provided by a mortgage over the relevant equipment i.e. vehicle, boat etc. This is a particularly favourable solution for those businesses that wish to retain the equipment at the end of the term and account for GST on a cash basis. A chattel mortgage, unlike a lease or hire purchase agreement, gives you immediate ownership of the asset from the beginning of the loan. The contract or repayments do not attract GST or stamp duty.

 

Residual/Balloon: You can choose to have a balloon payment as the last payment of your finance agreement, but it can also be the first month's payment. This balloon payment is between 10% - 40% of the cost price. A balloon payment allows for lower monthly payments and leaves you with more working capital to run your business.

 

Accounting Benefits: You can elect to pay the GST portion of the invoice price from working capital or fund it as part of the loan amount (the loan can be structured so that when the income tax credit is received, from your next BAS lodgement, it is paid off the loan to reduce the debt). The interest components of all repayments are fully tax deductible, provided goods are used 100% for business purposes. The depreciation on the goods is also completely tax deductible.

 

Term: The term of the finance agreement can be from 1 to 7 years

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Leasing

 

There are different types of leases, but generally leasing is used for financing the purchase of assets like cars, telephones, computers, equipment, machinery etc. It is a popular form of financing as it saves spending the business' capital. The borrower doesn't own the goods and in effect pays ‘rental’ to the financier. The full lease payment is tax deductible if the equipment is used 100% for business, but the value of the item cannot depreciate over time. A lease generally requires that a pre-agreed amount (balloon/residual) will be owing at the expiry of the term.

 

Leasing Versus Buying (Equipment, Vehicles, Plant, Computers) Leasing is another way to finance something and sees the financier take ownership of the equipment. The financier then gives you the use of the goods under contract for a specified period. There are two main issues affecting the cost of your new asset and the returns it generates. The first is the interest rate and repayment structure you choose, the second is the tax implications involved. Your first objective is freeing up your working capital. You would do this with the advice of your accountant or relevant financial advisor. You don't want to have cash locked in depreciating assets as it reduces your source of flexible capital you can call on. There are different methods of financing or leasing depending on your business needs. Here are some considerations:

 

The effect on your cash flow - When you're looking to finance new equipment, your first consideration should be how it will impact your business. The best way to assess this is to prepare a cash flow report with the  help of your accountant, so you can easily see how the new financing will affect your bottom line. One point worth keeping in mind when setting up a cash flow statement is matching repayments with the useful life of the asset

 

You should consider the expected productive life of an asset so you can upgrade or add to it, as you don't want to be paying for a piece of equipment long after its useful days are over. Alternatively, you don't want to be paying for an asset too quickly and thus putting unnecessary strain on your cash flow.

 

Taxation Notes - If your investment in new plant and equipment produces assessable income, there are two main tax considerations that could influence your finance choice: the tax deductibility of loan interest or rental payments and the depreciation of the equipment itself.

 

Deductibility - if you use a hire purchase or equipment loan arrangement to acquire a new asset, the loan charges and interest component of your repayments may be tax deductible. Typically within the repayments, the interest component is usually higher than the principal during the early part of the agreement. This can lead to higher deductions in this period. With a finance lease however, the entire amount of your rental payments may be treated as a tax-deductible expense. That is why you should check that if you don't require high deductions in the early life of the goods you acquire, it may be prudent to lease the goods as the payments are equal over the life of the lease.

 

Depreciation - Most assets depreciate in value over time. This could offer tax advantages because the annual depreciation could be an allowable tax deduction. If you finance an asset with an equipment loan, you legally own the asset and lenders take a mortgage over the asset as security. With a hire purchase, you own the asset after you have made all the repayments. In both cases however, you can claim depreciation and interest as a tax deduction. On the other hand, if you lease an asset via a finance lease you cannot claim depreciation, as the financier is the legal owner of the asset. But, the rental payments may be tax deductible. (Please refer to the ATO at: www.ato.gov.au/businesses for further information). You should always seek advice from your accountant on the depreciation and taxation rules and how they apply to your particular business and equipment.

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Hire Purchase Agreement

 

A  hire-purchase agreement allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. The buyer, who has the use of the goods, is not the legal owner during the term of the hire-purchase contract. Hire purchase is frequently advantageous to consumers because it spreads the cost of an expensive item over an extended period of time. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. Please refer to the ATO at: www.ato.gov.au/businesses for further information.

 

Residual/Balloon: You can choose to have a balloon payment as the last payment of your finance agreement. This balloon payment is usually between 10% - 40% of the cost price, but may be as low as one dollar, depending on the equipment. This decision is usually influenced by the level of monthly payments you are comfortable with.

 

Accounting Benefits: For income tax and GST purposes, a hire purchase agreement is treated very differently to a finance or operating lease. Under GST, a hire purchase agreement is treated as a ‘taxable supply’ on the commencement of the arrangement between the hirer and the financier.

 

With a hire purchase arrangement, there is deemed to be a sale of the equipment from the financier to the hirer, the GST liability arises at the commencement of the arrangement. Even though the total amount payable under the agreement will be paid by periodic installments, ownership of the equipment will not pass to the hirer until the final repayment. The financier, being the supplier, is responsible for the payment of the GST liability. Therefore the amount financed is inclusive of GST, and your monthly repayments are not subject to GST unless you are on a cash basis for GST. (Seek advice from your accountant). You can claim the interest component of all repayments. The depreciation of the goods is tax deductible providing goods are used 100% for business purposes. The goods you buy become assets that show on the balance sheet of your business. The goods will also be a contingent liability until the end of the finance agreement. You may be liable to pay fringe benefits tax and should refer to the ATO at: www.ato.gov.au/businesses for further information. You should always seek advice from your accountant on the rules and how they apply to your particular business and equipment.

 

Term: The term of finance agreement can be from 1 to 5 years

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Commercial Hire Purchase

 

Hire purchase is similar to leasing except that the item is seen to be owned by the borrower. This means that only the interest payments made on the purchase are tax deductible. Depreciation is also allowed as a tax deduction. The interest rates on both hire purchase and lease are fixed for the term of the agreement.

 

Debtor or Cash Flow Finance / Factoring

 

If you're a successful wholesaler, manufacturer or service-based business who sells on credit terms with debtor finance, you can borrow funds using the trade value of your debtors as collateral. This allows you to gain access to your accounts receivable prior to actually receiving the funds, maximising your business’ cash flow. To qualify for debtor finance, you'll need a minimum amount of annual turnover (usually in the hundreds of thousands range) and your business will need an established credit history. While this type of loan is harder to get than traditional loans, it may well be worth the effort if your company qualifies for one.

 

Low Doc/No Doc Loans

 

If you have difficulty showing documentation to demonstrate your income, or you have limited business financials, a low document or no document loan might be a solution for you. Many self-employed business operators have difficulty substantiating income or producing full records of their income. Interest rate can be around the standard variable interest rate depending on the loan-to-value ratio, and in some instances these rates will come down after a period of on-time repayments.

 

Typically, you will be required to complete a simple income declaration form to accompany the loan application. No tax returns or financial reports are usually required.

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HOME LOANS

 

Whether you are looking to purchase your first home, an investment property, to refinance your existing property to consolidate some bills, or to set up a redraw facility, we have extensively trained financial planners to help you find the right homeloan to suit your needs. Contact Us

 

 

 

More information on Residential Mortgages will be available soon, in the meantime please don’t hesitate to contact one of our friendly staff on 07 5493 7916 or email us at info@iloans.com.au