Secured or Unsecured loan?

Sep 01
2010
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Are you thinking of making a new purchase but unsure about the type of loan you should be looking at? Before making the choice be sure to get some insight on what each option offers and will fulfill your needs best, there are two main loans – secured and unsecured.

Secured Loans

When considering a secured loan you must be confident that you won’t be defaulting in any payments and that your budget can afford the extra expense. Although this type of loan usually has a lower interest rate with a larger amount of money than unsecured loans there is a slight catch. Finance companies will only give you this loan if you are willing to use an asset, such as your car, as security. This is done incase you cannot make the monthly repayments; the lender will not hesitate to repossess your car in order to receive the payment.

Unsecured Loans

Are quite difficult to obtain in this time and day. The lender will not be holding an asset, as security therefore will be following strict criteria as to whether you will be eligible for the loan. Interest rates and repayments are often much higher than secured loans due to the client be bound by only a “promise” that they will be able to make all the payments on time until completion. The only advantage is that there is no asset that can be repossessed!
There are a few factors that must be taken into consideration before even thinking of which loan to go for.
1. Credit Rating – If you have been bankrupt or have defaulted you may not be able to go ahead with your application straight away, you may need to wait a few months then apply for a loan again. If you have a good credit rating and have kept up to date with all your previous/current loans you are on the right path in making another purchase.
2. Employment Status – Are you part-time, casual or fulltime? Depending on the hours and base rate you are at may be the reason you don’t qualify for a loan. You must no be on probation, if you are contact your financier when you are stable in the position and they will guide you from there in to find the best option for you.
3. Income/Outgoing Bills – Can you afford another expense? If you feel that you can pay your bills comfortably and find yourself with cash left over at the end of the month you may have enough to take out another loan. Another option is to save a deposit over a few months and finance less, saving yourself some interest!
For more information on which finance option is best suited for you contact Natloans on 1300 955 791 or visit our website www.natloans.com.au

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Boat Finance Made Easy with Natloans

Aug 29
2010
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Buying a boat can be an exciting experience. However, before you hit those Boat Dealerships, you need to make some careful consideration on how you will finance it.

Natloans has been financing boats for their clients for nearly 10 years.  A vast majority of our savvy buyers arrange Pre-Approval of the money first before they commit to a boat purchase. That way, they have peace of mind that they can obtain the finance and concentrate on negotiating price with the dealers.  Since the Global Financial Crisis, the marine industry was hit hard.  There are many opportunities to pick up bargains as dealers are desperate to move stock.

According to Mary Nebotakis from Natloans, the main product used for financing a boat is a Personal Secured Loan.  This means the boat is used as security against the loan.

Following are some of the features of a Secured Boat Loan:

  • Finance terms – range from 1 year to 5 years.
  • Fixed repayments allow for your budgeting needs and protect you against interest rate fluctuations.
  • A deposit is generally not required but is desirable as this minimizes the lenders exposure to the asset. A condition of approval could be up to 25% deposit, so make sure you have some savings behind you.
  • If your boat is to be used for business purposes you may qualify to claim part of the interest and depreciation as a tax deduction.
  • Equity in your marine purchase can be increased, by making additional payments without penalty.
  • Direct debiting of your monthly repayments can be arranged.
  • “Low Doc” Secured Boat Loans are available for Self Employed clients

Natloans will take the work out of applying for a loan. You may apply directly to us either over the phone on 1300 955 791 or online at www.natloans.com.au. Natloans can also assist in insurance needs for boats as well.

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Tips for buying a boat

Jul 28
2010
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If you are looking a purchasing a new boat make sure you have done thorough research in order to make sure you get exactly what you want. Start by make a list of likes and dislikes of boat activities, this will eliminate various models and help you in narrowing down to the ideal product. Keep in mind the manufacturers recommendations, specifically the number of occupants and the maximum weight. You don’t want to be making a purchase then realizing that it’s not the right one for you.

Are you a first time buyer?

It is a good idea to buy a used boat just in case you realize boating isn’t what you enjoy. You can still find a decent boat that has been well maintained and serviced for a great deal. Remember, majority of people use their boats in their spare time, so most of the time boats sit.

When reviewing a boat, go by your first impression. If the boat looks well maintained it is highly likely the owner has been looking after it. Don’t hesitate to lift any objects on the boat; you would be surprised what you’d fine. If there’s any sign of discoloration or rust it is highly likely the boat has been uncared for.

Before contacting the seller think of questions you can ask like: Is their anything that needs to be repaired now?  Has the boat ever been in an accident? What accessories are included? Review numerous boats, asking the same questions, once you have a fairly good idea of which boat is the one for you determine a reasonable price and negotiate with the seller!

To obtain a boat loan contact natloans on 1300 628 562 for all your boating finance needs.

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