Page 3 – Platform Direct

Instant Asset Write-Off Increased

Posted on April 24, 2020 at 5:04 pm.

In mid-March, the Morrison Government announced a $17.6 billion stimulus plan to support Australian businesses and offer an immediate boost to the economy during these challenging times.

What does this mean for you as a small or medium business owner?

The government increased the Instant Asset Write-Off threshold to $150,000 from $30,000.
On 9 June, the program was extended from an end date of 1 July to 31 December 2020. Then in October, in-line with the 20/21 budget announcement, there was a further extension to 30 June 2021.
The write-off benefit will now be extended to businesses with a turnover of up to $500 million, up from $50 million before.
If you purchase a business vehicle or any income producing asset between 12 March 2020 and 30 June 2021, 100% of the cost can be written-off immediately, providing an instant saving on your acquisition.

What can you claim?

If you were looking to invest in your business, now is the time to bring this forward to benefit from this increased government incentive. For example, business assets that may be able to be immediately written-off are:

Vehicles used for work purposes (thresholds apply up to LCT for passenger cars)
Trucks and trailers
Farming equipment
Earthmoving & construction machinery
Medical equipment
Office furniture or computers
Shop fitout fixtures or fittings

Why now is the best time to buy!

Cheapest fuel in years
Lowest interest rates ever
Instant asset write-off benefits
Dealerships are offering BIG discounts to move stock

Maximise these new benefits by speaking to the asset finance experts at Platform Direct Finance. We will work with you to find the best lender and finance product for your business.

Get in touch with us:

Your quick guide to car finance

Posted on September 18, 2019 at 1:56 am.

Written by Michellep

For many of us, paying cash upfront for a new car isn’t an option. But thanks to car finance, you can have your new car and drive it too. Here’s how it works.

The process

Step 1 – Your details

A potential lender needs to know you are who you say you are and that you can afford to pay back the loan. So you’ll need to provide ID, income and bank statements, as well as details about your credit history. Your application will then be assessed and the lender will let you know whether your loan’s been approved or not.

Step 2 – The contract

Once your loan’s been approved you’ll need to sign a contract. It’ll outline what you’re borrowing, over what period and what terms and conditions apply. Take your time to read it over and ask questions about anything you don’t understand.

Step 3 – The transfer

So your loan’s been approved and the contract’s been signed. The lender will then transfer the loan amount either directly to the current car owner’s bank account or to the new car dealership so you can pay for your new car.

Step 4 – Possession

Once the car’s been paid for and you’ve taken delivery, you’re deemed to be in possession of the vehicle. You’re now required to pay back your loan over the agreed time frame. All the relevant info about interest rates and repayment amounts and frequency will be outlined in your contract, along with any additional fees or charges that may apply during the life of the loan.

Who should get a car loan?

If you plan to use your car for predominantly personal purposes and novated leasing isn’t an option, or you need a car for work or business, a car loan might be right for you. To ensure you find the finance deal that’s perfect for you, give our expert team a call. They can help you sort through your options and find the finance that best suits your budget, needs and lifestyle. We’re ready to talk when you are!

0% finance deals – Too good to be true?

Posted on September 15, 2019 at 1:28 pm.

Written by Michellep

0% finance deals may sound like a great idea, but they’re not always everything they’re cracked up to be. Here are some of the common catches to be on the lookout for.

Sales bait

Let’s keep it real – 0% finance deals are designed to get you into a showroom, not to give you a great deal. So you shouldn’t be surprised to find they often only apply to less popular models or those about to be replaced by a newer version. They’re also usually only available for a limited time, allowing salespeople to pile on the pressure while restricting your freedom of choice.

Less flexibility

Although 0% finance deals state they’re ‘interest free’, the reality is somewhat different. Finance providers still need to make money, so instead of spreading the interest over a set number of repayments, they factor it into the upfront cost of the car. Consequently, you’ll find dealers won’t be flexible on the price of the vehicle or provide a particularly generous trade-in, meaning you pay more than you need to.

Restrictive terms

As well as being available for a ‘limited time’, 0% finance deals are often spread over a shorter period (3 years is pretty average). The result? Your monthly repayments may be higher than they’d be with a longer-term loan and higher interest rate. The structure of the finance may also be less flexible, giving you little (if any) room to move when it comes to loan terms and balloon payments.

Talk to the experts

To avoid finding yourself in a sticky financial situation, talk to us first. With access to over 30 reputable lenders, we can have your pre-approval done and dusted within 24 hours. Whether you’re buying through a dealer or private sale, we can find the finance that’s perfectly suited to your needs, giving you more time to find your dream car, and less time worrying about how to pay for it. Give us a call today to get started.

Get the finance your business needs to continue succeeding

Posted on September 10, 2019 at 6:06 pm.

Written by Michellep

Getting finance is a critical aspect to both maintaining and expanding a successful business, but it can also seem like a very daunting process.

Although it is often hard to know where to start, it doesn’t need to be complicated.

Here are a few simple tips to help you secure the finance you need:

Keep your books up to date

It is important to spend an hour or two every week checking your accounts and keeping your books up to date.

Having your accounts as current as possible is vital when you’re looking to secure finance as this is also one of the first things a lender asks to see. Ultimately, it’s no good having a booming business if you don’t have any evidence to prove that this is the case.

Don’t fall into the trap of putting this off. If you land a job and require equipment urgently, you don’t want to miss out on the opportunity because your books were too out of date for your finance to be approved in time.

Justifying your finance application

There are two parts to this. Firstly you have to be able to prove that you have the financial means to stay on top of your repayments, without having to resort to any drastic measures.

Secondly, you must be able to show that it’s an expense that makes sense for your business. For example, a utility vehicle is likely to be a logical purchase for someone who works in construction, whereas they’ll have a much harder time proving they need a top-of-the-line industrial sewing machine.

If you can justify the size of the loan required and that your business needs what it wants to get financed, you should be well on your way.

Structure your debt right

It is important to ensure your debt is structured in a way that makes sense.

If you are financing a piece of equipment you’ll need for three years, it’s best to structure the loan and repayments on a similar timeline. While a longer timeline, such as five years, will make life easy at the start of the loan with lower repayments, it can become difficult when the project is done and the asset is no longer generating any income.

Equity is money in the bank

Building equity is one of the best ways to make your business appealing to a potential lender.

While cash flow is king the more assets you own improves your chances to secure finance for any future equipment purchases.

You should therefore aim to pay off debt as quickly as possible and build your equity. It may not be as immediately accessible as cash, but it is seen as evidence of a well-run business, and will ultimately help minimise your long-term repayments.

If you need finance for your business vehicles or equipment, contact us today and our expert brokers will find the right product and loan structure for you.

This article was originally published by OneAffiniti.com

The Secret to Smarter Car Buying

Posted on September 10, 2019 at 6:04 pm.

Written by Michellep

Dreaming of a new car, but dreading endless Saturdays stuck in showrooms? Hate the thought of haggling for the best deal? Slightly suspicious of slick salespeople? We hear you. Here’s why it’s the best way to buy your new car.

Access our exclusive network

You know what you want, you just don’t have time to get out there and find it. But thanks to our extensive database of dealers, we can source your new car in half the time. Simply let us know what make and model you’re after, we’ll contact our network and get back to you with the best price and delivery option. Seriously, it’s that easy.

Deals & discounts

As a solo car buyer, you never quite know whether you’re getting the best deal. But our dealers know they’re quoting on a genuine sale, so they’ll go the extra mile to get your business. That means prices usually reserved for fleet buyers and savings that can stretch into the thousands. We can also get you a great deal on your trade-in, softening the hit to your hip pocket.

Honest, independent advice

Our car buyers seriously know their stuff. So you can trust their expert advice is just that. And because they have no affiliation with specific dealerships or manufacturers, you can rest assured they’ll get you the best possible deal, regardless of who’s offering it.

Your dream car delivered to your door

We don’t like to stuff around, so along with the best possible price, we also get you the best possible delivery time. We also know you probably want to hit the streets right away, so we’ll deliver your new ride direct to your door, along with a full tank of petrol. Winning.

Ready to get cracking?

Our expert car buyers are raring to go. For more information on our car buying service, or for a quote on your dream car, get in touch.

We’ll find the car and the deal that suits you.

This article was originally published by OneAffiniti.com

The 5 Simple Steps to Obtaining the Best Car Loan for You

Posted on July 20, 2019 at 9:16 am.

Written by Michellep

Buying a car is always an important financial decision. For most people, it will be the biggest financial decision they ever have to make aside from their mortgage. That’s why it’s always best to be as prepared as possible if you want to get the right deal.

Unless you are lucky enough to have the assets to buy a car outright, the likelihood is that you will have to take out a car loan so you can afford to drive it off the lot.

To help you through this process, we’ve compiled five simple steps to help you get out on the open road quickly and smoothly.

1. Think before you apply

While it is always good to shop around for the best deal, don’t apply for your financing until you’ve found the most competitive deal. Every time you apply for a loan, credit reporting bodies make a note and this can negatively affect your credit score. Also, if the financing companies see you have applied for multiple loans in a short period of time they might consider you a high risk, and will reject your applications.

Never apply for multiple loans at once to see what happens. Take your time, check out your credit report to make sure everything is in order, and then apply once you’ve found the best rates.

2. Read the Small Print

A simple point, and one that is drilled into us over and over again. You probably won’t be surprised by the amount of people who don’t bother reading all the Terms & Conditions, but you will be surprised about how much you can miss out on if you skip this step.

For example, some companies add administration and arrangement charges in addition to interest rates – so unless you want to get surprised by hidden fees that you hadn’t budgeted for, make sure you understand every aspect of your contract.

It would be an untrustworthy company, however, that didn’t run through any details on your loan contract on request. If you need a hand understanding the jargon, or just want to double check the terms, ask your provider to help you, or contact a car loan expert.

3. Get your financed approved before you enter the shop?

Having a finance deal pre-approved when you enter a dealership will put you in a much better bargaining position and will speed up the buying process. You will also save money as local dealerships cannot compete with the rates offered by brokers that specialise in car financing.

4. Consider Buying New

I know it is tempting to buy a used car, but it becomes a lot easier to get financing if you are purchasing a shiny new car. While this will cost you more than buying used, you could get a better car loan deal for the price, as well as a manufacturer’s warranty just in case you need it.

Finance companies understandably view older vehicles as an increased risk when compared to newer ones. Older used cars could have hidden issues with them, are worth considerably less than new cars, and are harder to sell, which makes for less attractive collateral for the finance company.

5. Pre-prepare your paperwork

This is not just the first line of a tongue twister. If you can approach your chosen car loan company with all your paperwork ready to go you can reduce the time you’re waiting to be approved, as well as save a load of emailing back and forth. To increase your chance of being approved for a loan you will need proof of employment, such as payslips, a detailed employment and residential history for the last 3 years, and photographic ID such as your passport or driver’s license. If you can show you save money regularly and have a steady job, it will make your job getting approved for a loan much easier.

Hopefully, if you follow all these steps you should have no problem getting approved for the loan you deserve so you can drive away in your brand new car as soon as possible.

If you need any more help getting approved for a loan, get in touch with one of our knowledgeable consultants.

New Mazda 3 Revealed

Posted on May 13, 2019 at 11:40 am.

Written by Michellep

Having faced stiff competition from the likes of the Hyundai i30, Toyota Corolla, Kia Cerato and Ford Focus in recent years, the next-gen Mazda 3 has been reoriented for a more premium position in the market.

Reflecting customers’ moves away from the entry level model, this new offering brings luxury and safety to the forefront with a chic new exterior design and top of the line safety tech.

Now included as standard are a button start, seven airbags and upgraded tech like radar-guided active cruise control, blind-spot monitoring, rear cross-traffic alert, lane departure warning and front and rear autonomous emergency braking.

A new outward look

Thanks to a sleek new headlight and grille design and a C-pillar fitted at the rear, the bold new exterior has elicited a love or hate reaction. Slightly lower and shorter than the previous model, it still fits well into the ‘small car’ category, but with a sophisticated look you’d expect for a premium buyer.

All 5 options come in a range of standard colours, including ‘Snowflake White Pearl’, ‘Sonic Silver’, ‘Machine Grey’, Jet Black’, ‘Titanium Flash’ and ‘Deep Crystal Blue’. Metallics are available at an additional $495, with a choice of ‘Machine Grey metallic’, ‘Polymetal Grey metallic’ and the always popular ‘Soul Red Crystal metallic’.

18-inch alloy wheels are standard, and a subtle body kit’s also on offer with side skirts, a rear diffuser and front spoiler. A rooftop spoiler is standard on the hatch, with twin chrome exhaust standard on both hatch and sedan.

A chic interior view

Reflecting their new market position, all models now come with a head-up display, 8.8-inch screen, reversing camera, sat nav, Apple CarPlay and Android Auto, along with digital radio, Bluetooth and steering wheel mounted controls.

The G24 GT and G25 Astina now also boast a 12-speaker Bose stereo, but the standard eight-speaker system on the remaining grades is certainly nothing to sneeze at.

Minimalist design is the order of the day in the interior, with high quality feel materials, a dark colour scheme and subtle climate and media control labelling. Cupholders have been moved and are now in front of the shifter, ushering in a longer centre armrest and a bigger console. The centre screen is also now slightly further away, allowing for a more streamlined ‘cockpit’ like feel.

Upgraded hardware and software supports a new infotainment system, ensuring better loading times, conversational voice control and a cleaner user interface.

A smooth, quiet drive

Previously criticised for noise and vibration, the new model employs 49 different noise and vibration reducing techniques. Sound-deadening, different seals and revised engine mounts and dampers reduce tyre and wind noise, resulting in a smoother, quieter ride.

Buyers can choose two engine types, the G20 and more powerful G25, and from five model types:

Pure
Evolve
Touring
GT
Astina

G20 models come with a 2.0-litre naturally-aspirated petrol-fired four-cylinder engine, with a choice of six-speed manual or six-speed torque-converter-type auto transmission. G25 models come with the current 2.5-litre petrol four, but with a low-stress cylinder deactivation system designed to reduce fuel use.

All Australian models will come with front-wheel drive and are covered by a five-year unlimited-kilometre warranty.

The new Mazda 3 hatch is on sale now, with the sedan driving into dealerships around July.

Time to upgrade?

If you are interested in learning more about the new 2019 Mazda 3 range or any other vehicles, the team at Platinum Direct Finance have extensive experience in sourcing car finance for personal and business use.

Speak to one of our expert consultants for an obligation-free quote today. Call Platinum Direct Finance on
1300 554 553 or visit our car repayment calculator and upgrade today.

Which car finance solution is right for you?

Posted on May 10, 2019 at 1:58 am.

Written by Michellep

Navigating your car finance options can be a stressful and overwhelming experience. But it doesn’t have to be. Thanks to our simple guide on types of car finance, confident decision making is only a step away. Here’s all the information you need to get started.

When you need a car for personal use

Secured car loan

A secured loan is referred to as a ‘secured’ loan because the car you’re buying is held as security against the loan until it’s paid out. So if you miss or fall behind in your repayments, the lender can sell the car to recover the debt. Secured loans often come with lower interest rates and flexible repayment terms and are a good option when you’re buying a car purely for personal use and salary packaging isn’t an option.

Novated lease

Also referred to as salary packaging, a novated lease is a three-way arrangement between you, your car finance provider and your employer. Put simply, the financier buys the car and leases it to you. Your employer then takes a fixed, monthly payment from your pre-tax salary that covers your repayments, maintenance and running costs and pays it to the financier. At the end of the lease you can either sell or buy the car outright. Offering significant tax savings, they can be used for new or used cars intended for purely personal use.

When you need a car for business use

Chattel mortgage

Under a chattel mortgage, you borrow money from a lender to buy ‘moveable’ property – in this case, a car. The lender secures the loan against the car (much like a secured loan) and holds the mortgage until the loan is repaid. You can either finance the total purchase price or pay a deposit or use a trade-in to reduce the loan amount. Thanks to minimal capital outlay, flexible contract periods and significant tax advantages, it’s a great option for business owners.

Low doc loan

Low doc loans are particularly popular with sole traders or business owners who’ve been operating for more than two years and have been ABN registered for more than 18 months. Applicants for low doc loans don’t need to hand over all their financials and/or tax returns to have the loan approved, making it a great option for busy business owners. The pricing structure is like a full finance loan but remember you must be able to prove the vehicle is going to be used for commercial purposes.

Operating lease

Under an operating lease, the financier buys your vehicle and rents it back to you. Because the finance provider retains ownership of the car, you assume none of the risks associated with ownership, including the residual payment at the end of the lease period. You do however have the option to buy the car, continue to rent it, or change to another vehicle at the end of the lease. Your repayments are fixed over a set period and bonus, your rent is tax deductible too.

Speak to our Car Finance Experts today and they will help you decide on what type of car finance is best suited to you.

Instant asset write off scheme increased to $30,000

Posted on April 17, 2019 at 2:18 pm.

Written by Michellep

Thanks to an extension to the instant asset write off scheme, businesses all over Australia are set to benefit this EOFY. And with thresholds increased from $20,000 to $30,000, there’s never been a better time to invest in your business. Here’s what’s on offer and why the lead up to tax time is the best time to buy.

A three-tier scheme

The write-off scheme now consists of three tiers with an expanded eligibility for larger businesses. Here’s the breakdown:

Tier one

The first tier covers depreciable assets acquired before 29 January 2019, with a threshold limit of $20,000.

Tier two

Tier two has a slightly higher threshold of $25,000 and covers assets first used or installed ready to use between 29 January 2019 and 2 April 2019, up until the scheme cut-off date of 30 June 2020.

Tier Three

The third tier increases the threshold again to $30,000 for assets first used and installed between 2 April 2019 and 30 June 2020.

The scheme was previously reserved for smaller businesses turning over less than $10 million a year, but has been widened to include those turning over less than $50 million per year. Eligible businesses will be able to claim the write-off every time they purchase an asset under the applicable threshold cap.

What do the changes mean for you?

It’s pretty simple – buy an eligible asset under tier 1, 2 or 3 and you can immediately write the purchase off on tax (there are of course some conditions, so check out the ATO’s website for the full story). So whether you need a car, ute or business equipment, from now until June 30 is a great time to buy.

Ready to invest in your business?

We’d love to help you out. We can help you arrange finance for the purchase of all kinds of business equipment, from small ticket items like phones and computers, right through to the big stuff like vehicles and heavy machinery. To explore your options, give the Platform Direct Finance team a call on 1300 554 553.

For more information speak to your accountant or visit the ATO website.

Everything you need to know about balloon payments

Posted on April 4, 2019 at 10:26 pm.

Written by Michellep

When you’re navigating the sometimes tricky world of car finance, terms like ‘balloon payment’ can really throw you for a loop. If you’re thinking about getting finance to buy a new car, these are just some of the simple facts you need to know.

What is it?

A balloon payment – also known as a residual payment – is a once off lump sum payable to your financier at the end of your loan term. It’s calculated based on the depreciated value of your asset at the end of your loan and may be represented as a dollar figure or as a percentage of the total amount borrowed.

Why might you want one?

By attaching a balloon/residual payment to your car loan, you decrease the amount payable each month. By reducing your monthly repayments, you can potentially take out a larger loan and upgrade to a vehicle you may not have been able to afford if you were buying outright.

When is it payable?

Balloon payments are due at the end of the loan and must be paid in a lump sum. However, subject to approval, you can also refinance or ‘roll over’ the payment into a new loan, or sell or trade in your vehicle and use the proceeds to pay out the balloon payment and/or refinance a new loan.

What are the limits?

The size of your maximum balloon or residual payment depends on a range of factors and may include the age of the vehicle being purchased, the loan term, the type of loan and the borrower’s financial profile.

Ideally, you want your balloon payment to be less than or equal to the value of the vehicle when the balloon payment is due. That way, if you want to get a new vehicle at the end of the loan, you won’t be left out of pocket (and may even come out with a deposit to put towards your new vehicle).

Want to know more?

At Platform Direct Finance, we’re experts in car financing and can tell you everything you need to know about balloon repayments. Browse our website or get in touch to learn more.

What does this mean for you as a small or medium business owner?

What can you claim?

Why now is the best time to buy!

Get in touch with us:

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