To qualify for a business loan, you must be:

• A company, partnership, or sole trader
• Based, registered, and operating in Australia
• Using the funds for business purposes.

Some lenders also require your business to have been active for a certain period of time and have a minimum monthly turnover.

At an absolute minimum, you’ll need to provide bank statements for the past 6 months. Depending on the lender, loan amount, loan type, and the structure of your business, you may also have to supply:

• Financial statements, BAS, and tax returns
• Proof of individual income
• Your trust deed, partnership agreement, or company registration.

If your business is newly established, you may also be asked to provide:

• Business plan
• Cash-flow projections
• Any contracts with current or future customers.

Business lenders often review your personal credit history, especially if you’re a sole trader, a very small business, or you haven’t been in business very long. A bad personal credit record will make it a bit harder to get a business loan. But don’t worry, Oxcel has plenty of options for people with a poor credit history!

To qualify for an asset lease, you must be:

• A company, partnership, or sole trader
• Based, registered, and operating in Australia
• Registered for GST
• Leasing a vehicle or equipment for business use.

An asset lease can offer tax advantages during the term of the lease. Depending on your circumstances, you may be able to:

• Claim your lease payments as a tax deduction
• Claim input tax credits for the GST on your lease and balloon payments.

You should refer to your accountant or tax advisor for more information about how an asset lease would affect your business.

A residual value or “balloon” payment is a lump sum that isn’t covered by your regular repayments. Your repayments will be lower, but you’ll have a large amount outstanding at the end of the term. Some business owners choose to set up a balloon payment at the expected future trade-in value of the asset.

A finance lease is a long-term form of lease suitable for assets you eventually want to own. While the financier retains legal ownership of the asset during the course of the lease, you enjoy the benefits of ownership, take control of the asset, and assume the costs of maintenance, insurance, etc. At the end of the lease period, you may be able to purchase the asset following payment of a residual sum.

An operating lease is a short-term lease suitable for assets with a relatively short lifespan and high risk of obsolescence. The financier retains legal ownership of the asset and takes responsibility for maintenance, insurance, and other ancillary costs. At the end of the least period, you can choose to return the asset, renew your lease agreement, make a new agreement with different assets, or purchase the asset at its current market price.

In Australia, asset lease interest rates currently start at around 4.50% p.a. Your interest rate will depend on your choice of lender, as well as:

• Nature and age of the asset you are financing
• Loan amount and term
• Frequency of repayments
• Your business and personal credit history
• Nature and age of your business
• Financial health of your business
• Your trading history
• Your monthly revenue.

To qualify for a chattel mortgage, you must be:

• A company, partnership, or sole trader
• Based, registered, and operating in Australia
• Registered for GST
• Purchasing a vehicle or equipment for business use.

Many business owners choose a chattel mortgage for its tax advantages, both up front and during the life of the loan. Depending on your circumstances, you may be able to:

• Claim the GST on the asset’s purchase price on your next BAS
• Claim the loan interest as a tax deduction
• Claim depreciation on the value of the vehicle.

You should refer to your accountant or tax advisor for more information about how a chattel mortgage would affect your business.

A residual value or “balloon” payment is a lump sum that isn’t covered by your regular repayments. Your repayments will be lower, but you’ll have a large amount outstanding at the end of the term. Some business owners choose to set up a balloon payment at the expected future trade-in value of the asset.

In Australia, asset lease interest rates currently start at around 3% p.a. Your interest rate will depend on your choice of lender, as well as:

• Nature and age of the asset you are financing
• Loan amount and term
• Frequency of repayments
• Your business and personal credit history
• Nature and age of your business
• Financial health of your business
• Your trading history
• Your monthly revenue.

The lowest interest rates are offered to established businesses with a clean credit record and strong turnover, who are financing a brand-new asset.

To qualify for a commercial hire purchase agreement, you must be:

• A company, partnership, or sole trader
• Based, registered, and operating in Australia
• Registered for GST
• Purchasing a vehicle or equipment for business use.

Many business owners choose a commercial hire purchase arrangement for its tax advantages during the term of the agreement. Depending on your circumstances, you may be able to:

• Claim input tax credits for the GST on your rental payments
• Claim the interest as a tax deduction
• Claim depreciation on the value of the asset.

In Australia, commercial hire purchase interest rates currently start at around 3% p.a. Your interest rate will depend on your choice of lender, as well as:

• Nature and age of the asset you are financing
• Loan amount and term
• Frequency of repayments
• Your business and personal credit history
• Nature and age of your business
• Financial health of your business
• Your trading history
• Your monthly revenue

The lowest interest rates are offered to established businesses with a clean credit record and strong turnover, who are financing a brand-new asset.

To qualify for cashflow finance, you must be:

• A company, partnership, or sole trader
• Based, registered, and operating in Australia
• Selling to other businesses on credit terms
• Accessing finance for business purposes.

The costs of cashflow finance are broadly equivalent to those of an unsecured bank overdraft. There are three main kinds of charges:

• Service fee: a percentage of the total amount of each invoice you are financing. This fee currently ranges from around 0.30% to 5%.
• Discount fee: the interest charged on funds advanced by the lender. The interest rate currently ranges from around 5% to 13% p.a.
• Due diligence fee: a flat fee to cover the lender’s analysis of your debtor ledger.

Some lenders charge additional fees, including:

• Establishment fees
• Annual management fees
• Bad debt insurance fees
• Early exit fees
• Minimum use/non-utilisation fees
• Audit fees.

Your service fee and discount fee will depend on your choice of lender, as well as:

• Type of finance (invoice discounting vs. factoring)
• Extent of finance (entire debtor ledger vs. individual invoices)
• Your monthly turnover and volume of invoices
• Nature and age of your business
• Creditworthiness of your customers
• Your payment terms

Invoice factoring is a form of cashflow finance which is disclosed to your customers. The financier purchases your unpaid invoices and deals with your customers directly, taking responsibility for managing your accounts receivables ledger and debt collection. Invoice factoring is most suitable for small businesses who do not have their own established credit management systems.

Invoice discounting is a form of cashflow finance which is not disclosed to your customers. It is more like a short-term loan which is secured against your accounts receivable ledger. You retain responsibility for managing your accounts receivables ledger and debt collection. Invoice discounting is most suitable for larger businesses who have well-established inhouse credit management systems.

A whole turnover arrangement requires you to finance your entire sales ledger.

In a spot discounting or factoring arrangement, you finance specific invoices rather than your entire receivables book.

The advance rate is the percentage of an invoice that the financier pays when you issue your invoices, before your customers have paid.

To qualify for an extended warranty, you must be:

• Over 21 years old
• Purchasing a car for personal use.

In addition, your car must be:

• Registered in Australia
• Less than 15 years old
• Have done less than 250,000km.

The cost of your extended warranty will depend on your level of coverage, the length of the extended warranty, and the type of motor vehicle you are covering.

Benefits under an extended warranty are limited to the market value of the vehicle.

To make sure you remain covered by your extended warranty, you must not:

• Use your car for business purposes, including UberEats, etc.
• Use or test your car for motorsports
• Modify your car in a way that effects the covered components.

You also need to stop driving your car immediately if you suspect that it has a fault.

Depending on the kind of extended warranty you purchase, you may be required to have your vehicle serviced every 10,000km or 6 months, whichever comes first. You will also need to submit evidence of each service to the insurer.

You are welcome to select your own (licensed) mechanic to perform regular servicing and maintenance for your vehicle. However, any repairs covered by your extended warranty will need to be conducted by a mechanic approved by the insurer.

You can cancel your extended warranty for any reason within 30 days from your application date. Any premiums you have paid will be fully refunded.

To qualify for asset protection insurance, you must be:

• Over 21 years old
• A permanent resident of Australia
• Purchasing a car for personal use.

In addition, your car must be:

• Registered in Australia
• Between 2 and 10 years old
• Subject to a loan contract
• Covered by a comprehensive insurance policy
• Purchased for $10,000–$120,000.

Additional criteria may apply depending on the use, age, value, make, or model of your vehicle.

In addition to your asset protection cover benefit, you will receive a contribution towards the costs of:

• Any excess paid under your comprehensive insurance policy
• Car hire, while you are without a vehicle
• Dealer delivery charges, registration, stamp duty, compulsory third-party insurance, and comprehensive insurance for your replacement vehicle.

Unless you cancel it earlier, your asset protection insurance will last for 5 years.

If you pay off most or all of your loan in less than 5 years, you will need to contact the insurer to cancel your asset protection insurance. If you have paid your premiums upfront, you will receive a refund proportionate to the remaining term of the policy, less a cancellation fee.

To make sure you remain covered by your asset protection insurance, you must not:

• Use your car for business purposes, including UberEats, etc.
• Use or test your car for motorsports.

You can cancel your asset protection insurance for any reason within 30 days from your application date. Any premiums you have paid will be fully refunded.

You are welcome to select your own (licensed) mechanic to perform regular servicing and maintenance for your vehicle. However, any repairs covered by your extended warranty will need to be conducted by a mechanic approved by the insurer.

Comprehensive car insurance is not legally compulsory. However, if your vehicle is currently under finance, the lender will require you to have comprehensive car insurance as a condition of your loan contract.

The cost of comprehensive car insurance is highly personalised. It depends on a wide range of factors, including the:

• Amount your vehicle is insured for
• Address where your vehicle is kept
• Type and level of vehicle use
• Age and gender of the driver
• Age and type of vehicle
• Any claims made on previous policies.

In general, you will be able to minimise your premiums by:

• Paying your premium annually
• Increasing your excess
• Listing all drivers on your policy schedule.

If your car is declared a ‘total loss’ while it’s less than 2 years old, the insurer will replace it with a brand new one.

An excess is the amount you have to contribute to the cost of any claim you make on your comprehensive car insurance policy. If you are not at fault in a collision and can provide the insurer with the full details of the responsible party, the excess may be waived.

Agreed value is an amount agreed on by you and your insurer when you take out or renew your insurance policy. If your car is stolen or written off, the insurer will pay you this amount, regardless of whether your car’s market value has depreciated.

If your car is stolen or written off and you are not insured for an agreed value, your insurer will pay you the estimated market value of your car. The market value will be determined by the insurer based on what the car would have been worth on the open market immediately before the loss.

To qualify for a secured loan, you must be:

• At least 18 years of age
• An Australian citizen or permanent resident
• Receiving a regular income
• Purchasing a vehicle for personal use.

The vehicle you’re purchasing may also have to meet certain criteria. Depending on the lender, there may be restrictions on:

• The age of the vehicle
• The type of vehicle
• Whether you can purchase the vehicle from a private seller.

Absolutely! Oxcel helps hundreds of Australians to get finance, regardless of their credit history. To increase your chances of approval, you should try to save a deposit and clear up any existing debts.

In Australia, secured loan interest rates currently range from around 4% to 18%. Your interest rate will depend on your choice of lender, as well as:

• The type and age of the vehicle you are financing
• The loan amount and term
• Whether you’re purchasing from a dealership or a private seller
• Your credit history
• Your financial position (e.g., savings, outstanding debts).

Some lenders offer reduced interest rates for the purchase of environmentally friendly cars.

The lowest interest rates are offered to borrowers with a clean credit record, stable employment, and a high income, who are purchasing a high-value, brand-new vehicle.

A residual value or “balloon” payment is a lump sum that isn’t included in your regular repayments. Your repayments will be lower during the life of the loan. However, if you wish to keep using the vehicle at the end of the term, you will need to repay the outstanding amount.

Yes. Whether you’re buying a car, caravan, boat, or motorcycle, the lender will require you to take out a comprehensive insurance policy before you receive secured finance.

To qualify for an unsecured loan, you must be:

• At least 18 years of age
• An Australian citizen or permanent resident
• Receiving a regular income
• Purchasing a vehicle for personal use.

Most lenders apply more stringent lending criteria to unsecured loans, so you need to have a relatively clean credit record. But don’t worry, Oxcel has plenty of other options for people with a poor credit history.

Unsecured loans pose a greater risk to the lender, so they usually attract higher interest rates. In Australia, personal loan interest rates currently range from around 5% to 21%. Your interest rate will depend on your choice of lender, as well as:

• The loan amount and term
• Whether your loan has a fixed or variable interest rate
• Your credit history
• Your financial position (e.g., savings, outstanding debts).

The lowest interest rates are offered to borrowers with a clean credit record, stable employment, and a high income.