Frequently asked questions & answers
A secured personal loan is a loan for which you offer the lender some sort of security, which is usually a vehicle with the same or higher value as the loan.
The alternative to a secured personal loan is an unsecured personal loan or personal loan where no security is required. Because this is more risky for the lender, unsecured loans can come with a higher interest rate over secured loans. Sometimes this can be balanced with the flexibility to payout your unsecured loan early without any early payout fees. Speak with your Fox Finance Group Lending Specialist about this for more information on how we can structure this for you.
A Tradesman Loan is a type of business loan designed specifically for tradespeople, such as carpenters, electricians, plumbers, and other skilled professionals who work in the construction industry.
The purpose of a Tradesman Loan is to provide funding for tradespeople to purchase equipment, tools, and supplies necessary for their work. These loans can also be used for other business expenses, such as vehicle purchases or hiring additional staff.
A balloon payment is a one-off lump sum that you agree to pay your lender at the end of your motorcycle loan term. If you decide to go with a balloon option, you can choose this balloon amount or percentage with your Lending Specialists guidance before you loan is submitted for approval.
A lot of customers choose to have a balloon payment to reduce their repayment commitments throughout the term of the loan with the knowledge of when they are likely to upgrade to the next motorcycle.
A balloon payment is a one-off lump sum that you agree to pay your lender at the end of your jet ski loan term. If you decide to go with a balloon option, you can choose this balloon amount or percentage with your Lending Specialist’s guidance before your loan is submitted for approval.
A lot of customers choose to have a balloon payment to reduce their repayment commitments throughout the term of the loan with the knowledge of when they are likely to upgrade to the next jet ski.
Business equipment finance is a specific type of funding used to purchase business-related equipment. The equipment you buy serves as security (collateral) for the loan, which often makes it easier to get than an unsecured business loan.
Car loan pre approval means a lender reviews your income, expenses, and liabilities, then provides an indication of how much they are willing to lend before you buy a car. It’s not a guaranteed loan but gives you a clear budget before you start shopping.
Debtor Finance is also known as invoice discounting; invoice factoring; partnership factoring; disclosed invoice discounting and undisclosed invoice discounting. It allows companies and businesses to borrow funds by using their outstanding invoices as collateral. To discuss debtor finance options today, speak to us or enquire here.
Franchise finance is the term used to describe the various funding options and financial solutions that are offered to people or businesses looking to buy a franchise. Aspiring franchisees can use it to help them raise the money they need to launch or grow their business. Fox Finance Group is accredited with several different commercial lenders to ensure they have the best tailored lending solution for your next franchise opportunity. Call a lending specialist today on 1300 665 906, or enquire online.
Invoice funding is also known as debtor finance, invoice discounting; invoice factoring; partnership factoring; disclosed invoice discounting and undisclosed invoice discounting. It allows companies and businesses to borrow funds by using their outstanding invoices as collateral. To discuss invoice funding options today, speak to us or enquire here.
The primary difference between a hire purchase and chattel mortgage is who takes ownership of the vehicle. Your financier “owns” the truck in a hire purchase, whereas ownership passes to you in a chattel mortgage. Always refer to your accountant or financial advisor about which option is best for your individual business structure. If you’d like some information on the best way to structure your chattel mortgage, we’d love to help – give us a call on 1300 665 906 today, it’s obligation free!
