When your clients are ready to upgrade their car to new model, they are sometimes faced with the dilemma of how to sell their current car. There are two common methods to consider: trading it in at a dealership, or selling the car privately.
Both methods have their pros and cons, so how you or your clients decide to go about it will depend on your priorities and needs. Do you need to sell it quickly? How much time do you have? Or do you need to get as much money for it as possible so you can finally go on that holiday?
Trading in to a Dealer
A car dealership will accept a car in any condition. You obviously won’t get top dollar if repairs are required, but you will easily rid yourself of the car and all its headaches
It’s simple, convenient and saves you time. The deal can be done in a matter of minutes and the dealership takes care of all the transfer paperwork
The trade-in amount can be deducted from the price of your new car
You generally won’t make as much money on your trade at a dealership. You are likely to receive 10-20% less than market value
Negotiating with a dealer to get the best trade-in price, can sometimes be daunting. Make sure you are prepared to haggle
Selling privately is likely to put more money in your pocket
You have control of the selling price
If you have a popular model car, with all the features that customers want, all your service history and low mileage, your car is likely to sell quickly privately
You will need to do your research on numerous websites to decide on the acceptable “market price” for your car
The car will need to be spotless and all repairs done, as the private buyer will scrutinise the vehicle from top to bottom
You’ll need to arrange your own advertising
It’s best to have proof of your vehicle’s service and maintenance history to avoid curly questions from buyers
Most buyers ask for a mechanical inspection report before purchasing, so it’s best to be on the front foot with this
Waiting around for people to come and look at the car can be tiresome and unproductive…not to mention it could take weeks or months to finally find the right buyer
Make sure you ask your buyer for ID and check they have insurance before test driving your car. Most importantly don’t sign any transfer papers until you have been paid for it
Whether you are selling privately or through a dealership, you should consider doing a PPSR (Personal Property Securities Register) search before selling. This will provide you with a certificate to hand on to the prospective buyer proving that there’s no finance owing on the vehicle. The buyer will have peace of mind that they aren’t taking on any debt with the second-hand car and it will speed up the sales process.
Car Buying Service
Another option is to consider a car buying service and avoid the dealerships and selling privately altogether. Our sister company Fleet Avenue, can arrange to buy your new dream car at a discounted fleet price, deliver the car to your home or work and take away your trade-in at the same time. Out with the old and in with the new without leaving your house!
Just remember, consider what your needs are, and whether it’s worth selling privately and possibly making more money, or if you’d benefit by trading in and saving both time and effort. We have experts on hand to assist you with all things cars – from unbiased advice on the best cars for the best resale, through to finding you the best finance options for personal or business use.
A chattel mortgage is the most popular form of finance for vehicles that are primarily used for business. Want to know the ins and outs of a chattel mortgage and how it can benefit your clients?
How does a chattel mortgage work?
Under a chattel mortgage, you borrow money from a lender to buy ‘moveable’ property – in this case, a car. The lender secures the loan against the car (much like a secured loan) and holds the mortgage until the loan is repaid.
Will I own the car outright?
Yes, you can own the vehicle outright at the end of the term, but until the finance is repaid the lender holds a ‘mortgage’ over it, as security. Once you’ve paid the loan out in full, the mortgage is removed. Alternatively, if at the end of the loan term you haven’t paid the loan out in full, you can choose to re-finance the residual value or trade the vehicle in for a new one.
What are the product features?
Fixed interest rates and monthly repayments over the term of the loan
Choice of flexible repayment periods spread over one to seven years
Option to reduce monthly repayments through a residual or balloon payment (only available one to five years)
You can finance the total purchase price, pay a deposit or use a trade-in to reduce the loan amount
Minimal capital outlay so you don’t eat into your cash flow
Are there tax benefits?
You can potentially claim tax deductions on the loan interest charges if you use the car primarily for business purposes
If you are registered for GST you may be able to claim input tax credits on your BAS
Business owners may also benefit from claiming vehicle depreciation in their tax return
Who does this finance product suit?
Both businesses and individuals are eligible for a chattel mortgage, as long as the car is being used predominantly for business purposes.
Use these features and benefits as a guide when you are speaking to customers to see if a chattel mortgage is suited to their business and situation. To find out more, give us a call and we’ll help you choose the right loan for your customers.
It’s the perfect time to talk to your commercial clients and highlight the potential benefits that are available this EOFY.
The Asset Write-Off threshold has increased from $20,000 to $30,000, so there’s never been a better time for owners to invest in their business.
The Federal Government made improvements to the Asset Write-Off initiative in April and it now consists of three tiers with an expanded eligibility for larger businesses.
Here is a high level breakdown:
The scheme was previously reserved for smaller businesses turning over less than $10 million a year but has been widened to include those turning over less than $50 million per year. Eligible businesses will be able to claim the write-off every time they purchase an asset under the applicable threshold cap.
What do the changes mean for your customers?
It’s pretty simple – if they buy an eligible asset under tier 1, 2 or 3, they can immediately write the purchase off on tax (customers should always seek independent financial advice on the above). So, whether your customers need a car, ute or equipment for their business, from now until June 30 is a great time to buy.
Speak to the Asset Finance broker support team on 1300 730 856 for more information today.
Not only do we have low doc car loans, but we can also service self-employed clients who wish to purchase new plant or equipment to help grow their business. They can upgrade their capital or office equipment without providing full financials.
They just need to meet the following criteria:
ABN for more than 2 years and is registered for GST
Asset-backed in the borrower’s name or spouses name
Clear credit file
20% deposit required and an asset finance credit reference for non-home owners
There are two tiers of different equipment which have different MAX amounts financed.
Here are some examples of what goods are in each tier:
If the item depreciates, we can finance it. Speak to your BDM or the Asset Finance broker support team on 1300 730 856 for more information.
Do you have self-employed clients that could be entitled to obtain their next car and finance package using a low doc facility? This product could help them focus on their business rather than running around gathering tax returns and proof of income. We have “no financials” products that could help provide your client decent tax deductions before June 30.
Some of the basic guidelines are:
Lend of up to $150k
Private sales permitted
No early payout penalty
No rate loading for low doc
To be eligible, the self-employed profile is as follows:
ABN for more than 1 year
Property owner or 20% deposit
Using the vehicle for commercial purposes
Clean credit file
Vehicle less than 7 years old
Did you know that we can also offer Professional Packs on cars?
Contact our Asset Finance broker support team on 1300 730 856 to learn more about our low doc commercial car loans.
You should never have to offer your clients a product that doesn’t suit them.
That’s why we’ve worked hard to build strong relationships with an extensive list of reputable, reliable lenders. From top-tier lenders like the big 4 Banks, Macquarie and Pepper Money, to boutique lenders for specific vehicle and equipment requests, we’ve got them all.
With more choice comes better client outcomes, greater financial benefits for brokers, and a stronger Platform Community. Here’s a snapshot of what Australia’s largest panel of Asset Finance lenders looks like:
Are you working with SME customers who need finance for equipment, machinery, or other growth essentials?
Platform specialises in commercial asset finance that can be tailored to specific business structures and individual accounting requirements. With over 40 lenders on our panel, we’ve got you and your clients covered.
From small ticket items for businesses like coffee machines, computers, gym equipment and solar panels, to major investments such as agricultural machinery and prime movers, we’ll have the product you are looking for.
Novated leasing is one of the simplest and most affordable ways for your clients to purchase a new car.
Offering up average yearly savings of $4,132 on tax and GST alone, it comes with a host of benefits, including:
• Convenient Fuel Cards so you are never out of pocket
• Competitively priced insurance
• Consistently priced servicing and tyres at fleet rates
• Fleet discounts on new cars and direct to their door delivery
Best of all, one regular payment out of their pre-tax salary covers everything, making it easy to hit and stick to their budget. A choice of lease terms, no minimum kilometres and the option to sell, upgrade or own at lease end is sure to seal the deal. Contact us to learn more.
When your clients want to buy a new car, the last thing they want to do is compare costs at multiple dealerships and negotiate with car salespeople.
With our car buying service, you can help them take the guesswork out of the equation, providing the convenience, choice and flexibility they need to make a great decision. Thanks to our sister company Fleet Avenue, we take the hassle out of car buying by reaching out to our 1,300+ fleet dealers nation-wide. We then access exclusive discounted pricing, arrange the finance through their broker and lock down the best possible deal for your clients. Throw in independent car advice from our expert consultants, trade-in advice and quotes and a highly personalised service and they’ll never buy from a dealership again.
It’s as easy as:
Identify – Your clients let us know what kind of car they’re after Search – We research, tender and locate the best option, unlocking exclusive discounted pricing Negotiate – Our experienced consultants lock down the best possible deal Deliver – We deliver your client’s brand new ride direct to their door with a full tank of fuel and floor mats – deal done!
Energy Finance Solutions
Help your customers say 'Yes' to Energy Saving Solutions
Help your customers say 'Yes' to Energy Saving Solutions
Why should you offer Solar Finance?
Adding the option of energy finance to your offering will help to create a competitive advantage for your business. It will also provide an opportunity for businesses to install solar without the need for capital outlay and improve their cashflow.
Make sustainable solutions and services easier to acquire
We can finance the full value of the deal, up to $165,000 inc GST
Speed up the sales process by having the finance options ready to go, less hassle for your customer and more certainty for you
Allow your sales team to quote and produce finance contracts at point of sale
Energy Saving Assets that can be financed:
Solar storage and batteries
Hot water including hybrid systems
Energy efficient lighting
Power factor correction (PFC)
Voltage optimisation (VO)
Heating, ventilation and air conditioning (HVAC)
Contact our Energy Finance experts to make an application to become a Platform Energy Finance vendor today – [email protected]
Let’s face it, navigating the world of insurance can be a bit of a nightmare.
Give your clients the peace of mind and flexibility they crave with a range of insurance options and products. Competitively priced and tailored to suit individual requirements, it’s security and simplicity combined. Our insurance solutions include: