Commercial Finance & Loans
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Running a business comes with certain financial obligations. What you need is a partner that you can turn to in trying circumstances. Whether you plan to expand, purchase new equipment, hire more employees, or simply to improve other aspects of your company, we is here for you.
Do You Need aCommercial Loan?
Before you apply for commercial finance, you may want to know a few things first. Many businesses do not know if they should build their credit before they apply. Like any loan, lenders will look at your credit history and score. Do you pay on time? Does your business have other existing loans? Building your credit is a sure way to get great offers and rates.
When you are ready to expand, financing your business becomes crucial. Looking for the right source of funds is not always easy. It is why it pays to compare your available options before you apply for a loan.
What Types ofCommercial Loans Are Available?
Commercial finance comes in different shapes and sizes. You have plenty of options, but you must pick the one that suits you best. When you need to upgrade your fleet, here are your top choices and how you can benefit from them:
Low Documentation car finance is precisely what the name implies. Many small businesses do not have the required documents to get a loan just yet. To help you out, you can seek low doc car financing, which allows you to get a loan for a car purchase without matching the complete requirements. Someone else will guarantee the loan for you so that you can get approved quickly. You may be able to claim the GST, interest, and depreciation of the car purchase.
Also known as a secured car loan, you can purchase a car that you will use for your business activities. For instance, you are a tradie who requires a ute to move equipment from one site to another. A chattel mortgage is one of your best options.
This commercial finance product is essential for those who wish to hire vehicles from a lender. It is often much cheaper and useful for businesses that only require the car for a set period.Â
A rental or operating lease is a comprehensive finance agreement between you and the financier. The latter remains the owner of the rental, even if you have paid your dues. Repayments you have made will typically be tax-deductible.
In its simplest form, a novated lease is an arrangement alongside a salary package. The employer will pay for the car lease and its running costs using the employee’s salary.
You may know this type of commercial finance loan as an overdraft or debt facility. Using the line of credit, your business can access a pool of funds that you can withdraw. Some lenders offer revolving lines of credit while others can expire after a certain period. One benefit of an overdraft account is that you only have to pay for the interest of the amount you used.
How WeCan Help
Loans Unlimited offers you a variety of financing options that you can use for your business. We have commercial loan experts who understand your needs. Choose from a commercial loan product, and we will help you locate the best lender that meets your requirements. Ask one of our experts to find out which option is best for you today.
Commercial Finance CalculatorHow Much Do You Need?​
Commercial finance isn’t the easier decision to make, but having an idea of how much it will cost you weekly or monthly will help you decide if it’s the right move for your business.
Our calculator can give you estimates about how much you could take on. Loans Unlimited can give you advice on these estimates to make your finance easy!
Commercial Finance FAQs
Who Needs Commercial Finance?
A commercial loan or finance in Australia is any type of finance that has nothing to do with residential properties. Instead, it focuses on commercial properties, including retail and industrial establishments. It does include multi-family residential properties, such as apartment complexes.
The loan can be used for the development and construction of the commercial property or purchasing equipment and franchises. If you plan to start a business or expand on an existing one, you can turn to commercial finance.
How Much Can I Borrow?
Before we can provide you with an accurate answer to how much you are allowed to borrow, we will first ask you to fulfil specific requirements. Usually, commercial financing amounts start from $1,000. It can go up to $100,000 (or maybe even more, depending on your eligibility).
Make sure that you consider the interest rate per annum before you request for a higher amount. Don’t forget to contact us or fill out the form on this page to know how much you can afford. Alternatively, you can use our calculator to estimate the amounts.
Do I Qualify for Commercial Finance From Loans Unlimited?
There is a great chance that you qualify for a commercial loan from us! Our requirements are easy and convenient, even for new businesses. We have minimum gross annual turnover requirements, as well as three months of bank statements.
If you have been in your industry for at least a year, your application could be approved almost immediately. Please make sure that you have no recent or prior bankruptcy.
What Will My Interest Rate Be?
One of the things that we take pride in here at Loans Unlimited is that we offer very low-interest rates for commercial loans. Note, however, that your interest rate can vary from our other customers. We take into consideration different factors, including your business credit score.
Currently, the lowest rate we give to businesses and commercial establishments is 4%, and the maximum is 15%. If you would like to know your tentative interest rate, please do not hesitate to fill out the form on the website. It will not affect your credit score.
How Can a Commercial Loan Help My Business?
If you run a business and you are facing financial hardship at the moment, you can take out a commercial loan from Loans Unlimited. You can use the money for any business purpose until you get back on track.
Make sure, however, that you repay your loan, so you do not hurt your business credit score. The funds can be used for virtually anything relating to a commercial property or your business operations, such as purchasing stock, equipment, and marketing products. You can also use the funds for renovation, hiring new staff, or acquiring business.
Do I Need to Provide Security?
We may or may not require you to provide security, depending on your business credibility and eligibility. In most cases, however, we will not take security over any of your assets, either your business or personal assets. We will only require you to give us a personal guarantee. On the other hand, some borrowers may need to provide a deposit, starting from 10 per cent of the asset value.
Better Answers andLowest Rates Start Here
Getting your rate here will not affect your credit score
