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Frequently Asked Questions
What can asset finance be used for?
Asset finance covers a wide range of assets – for individuals it could be the purchase of a car, motorbike or boat, or for a business, asset finance could be used to cover the purchase of machinery, equipment or business vehicles.
What are the advantages to using asset finance over cash?
Cash is a valuable asset in its own right. If you’re running a business or managing your own personal cash flow, it may make sense to spread the cost of necessary purchases with asset finance. Fixed monthly repayments can allow you to acquire the assets you need, so you can grow your business or expand your operation without affecting valuable capital.
Why is asset finance different to a loan or an overdraft?
Unlike an overdraft, asset finance is not repayable on demand. Also, as we take the quality of the asset into consideration, our assessment criteria may be more flexible. Every request for asset finance is individually assessed across a number of different factors, just get in touch to find out if asset finance is the right solution for you or your business.
Who can benefit from asset finance?
Individuals, small businesses, farmers, and tradespeople can all benefit from asset finance
What does a finance broker do?
Finance Brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow. Brokers help to ensure that you don’t take out a loan that is not right for you.Additionally, our brokers have access to finance products from a wide variety of lenders. This means your broker can compare lending products from different lenders to find a loan that’s just right for you.
Why should I use BOA Finaance rather than my bank?
Your bank only has their products and will never send you to a competitor for a better deal, while our panel of 50+ lenders have hundreds of products that may better suit your situation.We take the time to know every bank’s interest rates and lending policies to make your application process informative, cost effective and effortless.You will also have lots of paperwork to do if you go direct. If you work with us, we do all the hard yards for you.When comparing us against the banks we can secure the exact same interest rates for you. We strategically secure the right loan approval without requiring you to fill out a large number of application forms and without the delays or lack of communication a Bank Manager will provide to you.
How long does it take for me to get my application approved?
Here at BOA Finance,we appreciate the value of time to you and your business. Every situation is different, but our straightforward systems allow us to process your application quickly and efficiently,we can get approval for you in as quickly as 3 hours. Sometimes it can take longer, but it depends on your individual circumstances. Most of our customers are approved within 1 to 3 business days.
What is the application process?
You'll need to identify your needs, estimate costs, and choose a finance option. You may need to provide information about your business, the asset you want to purchase, and your credit history.
What do I need to get approved?
Many of the loans we provide are low doc, so usually you will just need your driver licence or another valid Australian photo ID. You will also have to be a permanent resident of Australia, or residing in Australia on one of the appropriate working visas.
What will this service cost me?
the costs of the loan are the same. These costs depend on the loan and lender you choose.You don’t have to worry about paying anything out of pocket for our services. We work on a commission basis, which means that we receive payment from the lender, not from you. Our focus is on finding the best financing options for your business while keeping your financial goals and constraints in mind.
What kind of assets do you finance?
We specialise in vehicle, truck and machinery finance across civil construction, agriculture, and transport. This means that we will finance almost anything that helps your business grow.
I have bad credit. Can I still get a loan?
Yes, we secure loan approvals for Low Credit Score applicants. We are comfortable on getting your loans approved with a low Credit Score or Credit Defaults. We fully understand that what happens in the past doesn’t dictate necessarily where you are right now. Of course,the best thing for you is to speak with one of our consultants to evaluate your case. If you don’t qualify right away, our internal credit team can help you clean up your credit file.
If I use asset finance, do I need to insure the assets?
Yes, as soon as you take delivery of your assets, you’re obliged under the terms of our agreement to insure it against loss or damage. We’ll ask you to provide details of your insurance policy, and if you don’t have insurance arranged, we can put you in touch with our preferred third party insurance provider.
