Uber Car Loans

Uber Car Loans

by | Jan 7, 2020 | Bad Credit Loans, Car Loans, Commercial loans

Uber Car Loans

From bursting onto the transportation scene as an illegal ridesharing business to evolving and progressing into the highly successful and lucrative ridesharing business it is today, there is no denying that Uber has become exceedingly popular, and Uber has left its mark on the transportation industry as we know it. Uber has swept our nation giving people a cheaper economical alternative to the taxi industry, of which has caused outrage amongst the taxi drivers in the industry.

Uber is also extremely accessible, almost any person can be an Uber driver providing they meet the requirements set out by Uber which are simplistic and easy to meet. Another benefit of Uber opposed to taxi driving is the cost of a taxi driving license which are quite expensive. Uber drivers on the other hand do not require a taxi license, which further adds to Uber’s accessibility. With all that in mind, you are left with the question of what car should you choose to begin your Uber career. Perhaps you are an established Uber driver, then it may be time for an upgrade. Regardless of whether you are just starting or upgrading, choosing a vehicle can be quite difficult, after all as an Uber driver, your car is your office and you are going to be spending a lot of time in it, therefore making the correct choice is imperative.

Below is the list of requirements for an Uber X Vehicle.

Uber X Vehicle Requirements

  • Vehicle must be in excellent working condition
  • No older than 10 years old
  • Must be able to seat 4 passengers and the driver
  • Must be able to pass a Redbook Inspection
  • Vehicle must be registered relative to your state E.g. a Victorian Uber driver must have their registered in Victoria
  • Vehicle must be free from cosmetic damage and commercial branding
  • Vehicle cannot be a taxi, government, branded or rebuilt vehicle

As an Uber driver looking at purchasing a new vehicle there also some other factors you need to take into consideration that were not listed above.

Safety – Safety is by far and away the most important feature to a car to both you and your customers. Whilst you are a safe driver, other drivers may not be, so having a car that can be prepared for the unexpected will be a wise choice.

Comfortability – As previously stated, your car is going to be your new office, so you want something that you are comfortable sitting behind the wheel of the whole day. You are also going to want your customers to have enough space at the back and possibly some space for any potential luggage they take.

Operating costs – Fuel efficiency, insurance costs and servicing are some important costs to keep in mind, a fuel-efficient vehicle is ideal, so fuel costs don’t take a chunk out of your wallet. Servicing and insurance costs tend to be higher for the “luxury” brands such as your BMW’s and Mercedes so it may be best to avoid these if you are tighter on budget

Vehicle Price – A common misconception is that you must spend a fortune on getting a brand spanker to keep up to date however that is not the case. See below for some affordable 2018 options that we recommend you look at.

Toyota Camry Ascent Hybrid 2018 – $29,990

Toyota is a Japanese powerhouse in the Australian Car Market, bringing us reliable cars like the Corolla which is well known for being practical and easy to drive, the Camry Ascent Hybrid is no different. It is currently a popular choice across taxi companies and the Australian public alike, this is not without good reason. The Camry feels just as nice and easy to drive as the Corolla, if not better, however unlike the corolla, the Camry is more spacious allowing for more leg room for both the driver and the customers. The Camry is also nice and quiet at lower speeds thanks to its hybrid drivetrain allowing your customers to have a conversation without competing with the noise of an engine. When you are buying a hybrid, fuel efficiency will be at the forefront of your mind, and the Camry is the most efficient out of the cars on this list. The Camry also features a five-star ANCAP Safety Rating which will give you and your passengers peace of mind.

Mitsubishi Outlander 2018 ES 7-Seater – Starting from $30,990

If you have a larger family and planning to only do Uber on the side, the Mitsubishi Outlander might be the car for you. The Outlander is a relatively flexible car as although it is five-seater SUV, it can transform into a 7-seater, perfect for when the unexpected happens. The back 2 seats are not the spacious under the sun however it is more than serviceable for children, adults will still fit in the back but not as comfortably. The Outlander has Apple CarPlay and Android Auto which are standard across the range, which is a nice touch, so you can use your favorite music streaming app such as Spotify or use your own maps app over the cars sat nav. The Outlander and the Camry share one major benefit, the safety rating. The entire series of Outlanders were awarded a five-star ANCAP Safety Rating when they were tested in 2014. 

Ford Mondeo Titanium Wagon 2018 – starting from $33,190

The Ford Mondeo is a car that not a lot of people have heard of, when was the last time you remember this car show up on a Ford Ad on TV? The Mondeo is a little bit more expensive then the previous models listed in this article, but this is affordable luxury that you and your clients will love. The rear seats are both comfortable and have plenty of legroom. The rear seats are also quite spacious so having 3 adults in the back is not a problem. Safety is also not a problem as the Mondeo shares the same five-star ANCAP safety rating that the aforementioned Outlander and Camry have. The Australian public might still be feeling a sting of sadness and disappointment after the end of the Ford Falcon dynasty, the Ford Mondeo may just be the replacement that not only we are looking for but also may be your next uber car.

You will notice some things in common with the above cars, they are all roomy and spacious. They are all fuel efficient and most importantly they are all safe. All of which are extremely important when it comes to selecting not only a car in general, but even more so when it comes to getting an car for Uber.

So, you now know what the requirements are for an Uber X vehicle, you know what to look out for in a car and you have some examples above of what to purchase there is only one thing left to do, buy the car. That is where Auto Link Finance comes in, we can help you achieve a commercial car loan that is best suited towards your own personal circumstances.  Don’t put off getting your car any longer, call us on 03 9368 3298 or apply now to get your application started today.

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Bad Credit Truck Loans

Bad Credit Truck Loans

by | Jan 7, 2020 | Bad Credit Loans, Commercial loans

Business Xpress Truck Loans

Are you having trouble getting a commercial loan for a truck you desperately need to add to your fleet? Has a mistake led to some bad credit that is continuously coming back to bite you? Tax Returns or other Financials not completed due to more important things keeping you busy?

Trust us, you are not alone in the predicament mentioned above. However just because bad credit is haunting your credit report, do not let it stop you any longer from getting that new addition or upgrade to your fleet.

At Auto Link Finance we understand the difficulties and annoyances of getting commercial finance today, most lenders set their guidelines out for businesses to have their financials/tax returns done and for them to have clean credit leaving those with bad credit out to dry. Be that as it may, Auto Link Finance is now able to offer a new product we have brought on board called Business Xpress Loan.

Business Xpress Loans have made getting commercial finance such as bad credit truck loans easier than ever. What makes this product different to others for bad credit truck loans, you may be asking? First of all, we are understanding that your priorities will be on the road, driving your truck or running your business so no financials, no worries, all that is required for income verification is 3 months business bank statements showing consistent income and enough income to service the loan payments.

What about defaults and judgements?

We can assist with those too, provided there are no unpaid finance defaults or judgements are over $3,000 within 2 years unless it has been under a payment arrangement for at least 6 months. We can also help if there are no unpaid finance defaults or judgements over $7,000 in 5 years unless it has been under a payment arrangement for at least 6 months.

There are some exceptions to the amount of each default/judgments listed above, if you can display a good payment history on any other current loan/rental contract you currently have that has been running for 12 months or longer with no late payments.

Loan amounts range from $10,000 all the way to $75,000 with loan terms between 36 – 84 months depending on the age of the truck.

If you are a discharged bankrupt, that isn’t an issue, all that is required for you to be accepted is to be a minimum 6 months discharged from bankruptcy.

Minimum Requirements to Qualify

  • Must be ABN registered for at least 6 months
  • Must have at least a 10% deposit, i.e. if the truck purchase price is $75,000, then your deposit towards the purchase will be $7,500 and the loan amount would be for $67,500
  • Must provide 3 months of business bank statements showing all business income going into the business account.
  • Must not have any payday loans
  • No unpaid finance defaults or judgements are over $3,000 within 2 years unless it has been under a payment arrangement for at least 6 months.
  • No unpaid finance defaults or judgements over $7,000 in 5 years unless it has been under a payment arrangement for at least 6 months.

Not after a bad credit truck loan? Perhaps another piece of business equipment or vehicle takes priority, that’s no worries, our Business Xpress Loans apply to a wide range of business equipment and vehicles. So, don’t put it off any longer, click the apply now button and reap the rewards of a Business Xpress Loan today.

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Finance Lease

Finance Lease

by | Dec 9, 2019 | Car Loans, Commercial loans

Finance Lease

Finance Lease & What You Need To Know!

A Finance Lease is a commercial finance product, which enables the customer to have the use of a car or commercial vehicle and the benefits of ownership, while the financier retains actual ownership of the vehicle.

How does a Finance Lease work?

The financier purchases the vehicle on behalf of the customer, the financier then leases the vehicle back to the customer, the customer pays a fixed monthly lease rental for the term of the lease. At the end of the lease the customer can either pay a residual value (being the final instalment) on the lease and take ownership of the car, should you choose to own it, otherwise you can trade it and upgrade, or re-finance the residual if you don’t have the funds to buy it and continue the lease.

Benefits of a Finance Lease

  •  Flexible contract terms ranging from 1 to 5 years months
  •  Fixed interest rate for the term of the lease
  • Fixed monthly lease rentals
  • Costs are known in advance
  • A residual is applied to a lease, lowering monthly payments
  • Tax deductions are available when the vehicle is used for business purposes
  • As the GST contained in the car’s purchase price is claimed back by the financier, only the vehicle’s price exclusive of GST is financed, lowering monthly payments
  • Ability to make limited advance lease payments for tax deduction or cash-flow purposes
  • The lease is secured against the vehicle, providing lower interest rates

 Who does a Finance Lease suit?

 Finance Leasing is suitable for companies, partnerships, sole traders and individuals where the leased vehicle is used for income producing purposes. It is also ideal for employees who want to salary package a vehicle through a Novated Lease as part of their remuneration..

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Hire Purchase

Hire Purchase

by | Dec 9, 2019 | Car Loans, Commercial loans

Hire Purchase

Hire Purchase & What You Need To Know!

A Commercial Hire Purchase (CHP) is a commercial finance product where the customer hires the vehicle from the financier for a fixed monthly repayment over a set period. Commercial Hire Purchase can also be known as a Corporate Hire Purchase, Hire Purchase or Offer To Hire, and is often abbreviated as CHP or HP.

How does a Hire Purchase work?

Under a Commercial Hire Purchase arrangement, the financier agrees to purchase the car on behalf of the customer, and then hire it back to them over a set period, generally between 1 & 5 years. The customer has the use of the vehicle for the term of the contract but is not the owner of the vehicle, the lender is. At the end of the contract term when the total price of the vehicle (minus any balloon) and the interest charges have been paid in full, the customer takes ownership of the car.

Benefits of a Commercial Hire Purchase

  • Flexible contract terms ranging from 1 to 5 years
  • Balloon value (balloon or final instalment) may be placed on contract
  • Fixed interest rate for the term of the loan
  • Monthly repayments are fixed
  • Costs are known in advance
  • Deposit (either cash or trade-in) may be used
  • A tax deduction is available when the vehicle is used for business purposes
  • GST is not charged on the monthly rental or balloon payment (but is charged on fees and interest)
  • Customers registered for GST can claim the GST in the vehicle price, plus fees and interest
  • The finance is secured against the vehicle, allowing lower interest rates

 Who does a Commercial Hire Purchase suit?

A Commercial Hire Purchase may be suitable for business (including companies, partnerships and sole traders, and some individuals) who account for GST on either an Accruals or Cash basis, the goods must be used predominantly for business use, which means greater than 50% Prior to 1 July 2012, Commercial Hire Purchase was commonly used by individuals receiving a car allowance and using their vehicle predominantly for business purposes, which means greater than 50%. However, due to changes to the GST treatment of CHP that came into effect on 1 July 2012 a CHP is now significantly less attractive in this circumstance, and employees with a car allowance may wish to consider other finance options.

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Chattel Mortgages

Chattel Mortgages

by | Dec 9, 2019 | Car Loans, Commercial loans

Chattel Mortgages

Chattel Mortgages & What You Need To Know!

A Chattel Mortgage is a commercial finance product where the customer takes ownership of the vehicle (chattel) at the time of purchase.

How does a Chattel Mortgage Work?

Under a Chattel Mortgage, the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase. The financier then takes a “mortgage” over the vehicle as security for the loan, by registering their interest over it with the PPSR (personal properties security register). Once the contract is completed, the security interest is removed giving the customer clear title to the vehicle

Benefits of a Chattel Mortgage

  • Flexible contract terms ranging from 1 to 5 years
  • A balloon value can be applied to the contract enabling the monthly repayments to be tailored to your budget
  • Fixed interest rates for the loan term
  • Monthly repayments are also fixed
  • Costs are known in advance
  • Deposit (either cash or trade-in) may be used
  • A tax deduction is available when the vehicle is used for business purposes
  • A customer who is registered for GST can claim the GST contained in the vehicle price upfront as an input credit on their next Business Activity Statement (BAS)
  • No GST is charged on the monthly repayment or the contract balloon amount
  • The finance is secured against the vehicle, providing lower interest rates

 Who does a Chattel Mortgage suit?

A Chattel Mortgage is suitable for those companies, partnerships and sole traders who use the cash method of accounting (they record business income and expenses as and when they occur) as it allows them to claim the GST in the vehicle’s price up-front.

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About Interest Rates

About Interest Rates

by | Dec 1, 2019 | Applying For A Loan, Bad Credit Loans, Car Loans, Commercial loans, Interest Rates, Loan Tips

About Interest Rates

4 MAJOR FACTS THAT INFLUENCE YOUR CAR LOAN INTEREST RATE
If you’re looking at buying a new car and getting a car loan, it pays to be prepared. We look at some of the factors that can influence what sort of interest rate you can get on a car loan.
The first thing a lender will want to see when determining your car loan interest rate is evidence of your financial status such as your current income, other loans or credit.
What is a car loan interest rate?
When applying for a car loan (or any type of loan for that matter), it’s important to look at interest rates. An interest rate is essentially a fee you’re charged for borrowing money from a lender. It is expressed as a percentage of the total loan amount per annum (or year).
There are a number factors that can influence the potential car loan interest rate you can get – such as your personal finances, credit history, deposits and not to mention the amount of shopping around that you do. Let’s have a closer look at some of these.
Financial Status
The first thing a lender will want to see when determining your car loan interest rate is evidence of your financial status. Factors like your current income, your credit score, other loans or credit you might be paying off and your spending habits also have a big influence on your potential interest rate. A way to help reduce this process is to sit down and calculate how much you can realistically afford each month.
Vehicle age
Vehicle age is another thing that lenders will take into consideration, with some lenders refusing to loan if the car is older than five years, and some older than 9 years, however there are lenders that will look at cars that are up to 25 years old, but one important thing to keep in mind is that the older the car the higher the rate will be due to the increased risk on older cars. This is because cars are one of the common purchases that lose value (depreciate) over time. If you default on a payment and the lender has to seize your car and sell it, they may not get the full amount they’re owed back from the sale, which creates a high risk, so the older the car the higher the risk and the higher the interest rate.
Credit history
Your credit score indicates to a lender how much of a ‘risk’ you are as a borrower. Many people think that by applying to multiple lenders at the same time, they can get the best interest rate possible. However, each time you apply for credit, your score can be negatively impacted, each time you apply for credit your credit score reduces – so making multiple applications could backfire and end up impacting your credit score which will impact your interest rate and also reduce your chances of getting a loan at all if your credit score is too low. Make sure you’re aware of your credit rating before applying for a loan because if your application is rejected by the lender, this could also impact your credit history.
The other items looked at from your credit report is, do you have defaults, judgments, basically any bad credit you have had will also place you in the high risk category and will have a major impact on 2 things, one is, can you get credit at all, the other is, if you can get credit then due to the high risk you fall into because of the bad credit history you have the rate would be high as well, the interest rate is then calculated on how high of a credit risk you are, the higher the risk category you fall into the higher the interest rate would be, however keep in mind that you can still get reasonable interest rates if you have had bad credit and you fall into a low credit risk category.
Applying for a car loan through a licenced broker
When applying for a car loan with a licenced broker, our credit check will never appear on your personal credit report, therefor it doesn’t impact your credit score and will never reduce your chances of getting a car loan, applying though a licenced finance broker is always a better choice when you are wanting to know if you can get a car loan, and what car loan packages/options are available to you based on your overall profile. A licenced financed broker has access to many lenders and can place you with the correct lender the first time based on your personal circumstances and credit profile.
At Auto Link Finance we provide a free credit assessment that provides this service for you, during this process we are able to tell you if you can get a car loan, what options are available to you, what the interest rate would be, what loan amount you can get, what the actual repayments would be, and finally what the fees associated to your car loan are as well, this is a very comprehensive accurate assessment conducted by our Senior finance consultants with over 30 years’ experience in bad credit car finance & good credit car finance,
Want to know what we can do for you, apply now for our free credit assessment, its free, has fast results, its very accurate and provides you with everything you need to know in order to make an informed decision before proceeding to get your car loan.

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