Start-up Application for Car Finance

 

At Quantum Finance Solutionwe offer a fairly new and unique product called a Start-up application. A Start-up application is a tailored made car loan product that suits people who have just ventured into owning there own business. A start up will suit sole traders, partnerships and companies.
For the applicant to qualify for a Start-up they must be able to demonstrate previous experience in their industry.

Example: John Swan is a fully qualified plumber and has been working for ‘On the spot plumbing’ for the last 2 years. John, after 2 years decides that he wants to venture into his own business, so he opens his own business called ‘John Swan plumbing’. After operating for 3 months, John’s van breaks down and he needs a replacement.

No bank will look at his application because he has not been in business for a minimum of 2 years and he also cannot provide any fully verified documentation from his accountant because he has not completed a financial year as yet.

This is where a start-up application can assist John in financing a business vehicle to keep his business running.

The facility will be a start-up commercial loan. The vehicle must be used for business purposes and will either be set up as a chattel mortgage or Hire Purchase.

With a start-up application, the finance provider will request a previous group certificate to verify previous employment. They will also request 3 months worth of bank statements to verify income and any relevant contracts for the newly established business.

Benefits of a start-up application?

Be able to finance a business vehicle with minimum paperwork.
Be able to set finance even if business has not been running for 2 years which is a general requirement for most lenders.
Fixed interest rate for the term of the loan
Balloon (residual) can be set up to reduce monthly repayments
Tax benefits will apply because the transaction will either be set up as a Hire purchase or Chattel mortgage.

Why choose Quantum?

Quantum finance solutions is a company that “will work for you” from start to finish in order to provide you with the best possible solution. We guarantee the best rates and lowest repayments on the market and you can feel comfortable knowing that you are dealing with an expert in the field of car finance.

Need further information?

If you require further Start-Up application assistants, either call 1300 974 066 to speak with an experienced car finance consultant or complete a quick enquiry form

 

What is the best car finance solution for you?

At Quantum Finance Solutions we have a diverse list of car finance products for you to choose from. Whether it is a Hire purchase, Chattel mortgage, Car lease, Novated lease, Secured car loan, Unsecured car loan, Low-doc loan, No –doc loan or Start- up application; we have the right solution for you. 

To work out which solution best suits you please either call 1300 974 066 to speak with an experienced car finance consultant or complete a quick enquiry form