What are your new year resolutions and goals? Buy a new car, get into boating, take a bucket-list holiday, get married, carry out home improvements, upskill with training? While setting goals can be motivational and inspirational, achieving those ambitions can often require finance. Jade Finance assists individuals to fund new year goals with affordable personal loans for cars, boats, motorcycles, RVs, weddings, holidays and other purposes.
Using our finance broker services is available to individuals requiring a loan for a wide range of purposes and purchases. Utilising our expertise and vast lender connections, individuals receive specialist support to secure finance at competitive rates which may make those resolutions and goals far more realistic and achievable than you think. Consider the options available and connect with us to discuss your specific objectives.
Eligibility for Personal Loans
Before booking that holiday or wedding venue or placing a deposit on that new boat, first check that you are eligible for a loan. Finance for personal purposes as opposed to business finance, is known as Consumer Credit. This is a sector of the finance market which operates with guidelines overseen by ASIC. Credit providers must adhere to these guidelines in approving finance.
Eligibility requirements include being over 18 years of age, having employment or regular source of income, residence in Australia and ID. Applicants will be required to provide verifiable details and documents such as bank statements, pay slips, tax returns, driver licence and other ID, etc. For more information on eligibility connect with us for confirmation.
Secured Personal Loans
A secured loan is credit which uses the goods being financed as the collateral for the loan. This type of loan is typically used to finance cars, boats, motorbikes, caravans and other goods which can be used as collateral for a loan. The lender will need to approve the goods as suitable collateral. Most new goods will be acceptable but used goods will need to be assessed.
With lenders having the goods as security, they may approve higher borrowing limits on secured credit which may provide for a lower deposit. The amount that an individual will be approved to borrow is referred to as their credit limit. This is determined by the lender assessing the financial position and credit score of the applicant. This in turn can determine what deposit the buyer needs to make on the purchase.
Compared with an unsecured loan, secured credit attracts lower interest rates. Interest rates are fixed and the repayment term also fixed. This results in a fixed schedule of monthly loan payments. Allowing for streamlined budgeting to make your purchase.
When considering a Secured Car Loan, Boat Loan, Motorbike or RV Loan, borrowers should be aware that insurance will be required on the goods.
Unsecured Personal Loans
If NY goals include expenditure for purposes not considered suitable as loan collateral, an unsecured loan may suit the purpose. This type of credit can be used for many purposes including holidays and travel, weddings and other milestone events, home improvements not eligible for construction loans, educational and medical expenses, and household goods such as furniture and electronics.
With the purpose of the finance not available to secure the loan with collateral, this type of credit attracts a higher interest rate than a secured loan. Rates may be fixed or variable, depending on individual lenders and preferences. Credit limits may apply, subject to individual lender guidelines. An unsecured loan can provide a flexible funding option with no break fees applicable if the loan is paid out before the end of the term. To discuss if this type of credit is a workable option to fund your goal, request a quote.
Achieving Goals with Best Personal Loan Rates
Affordably achieving those goals with credit may depend on being offered the best interest rate on your loan. Rates vary with different lenders and with different lending products and with the individual specifics of each applicant. Individuals may improve their prospects of being offered their best rate by addressing the credit score and personal balance sheet before applying for credit.
Good credit scores attract the best interest rates, which is critical to achieving the most affordable loan. How is your credit score? Individuals can request a copy of their Credit Report to review the entries and see if there are any errors that could be fixed to improve their rating. The steps required to do this are available on the Moneysmart website.
Now to the personal balance sheet. That is what is owed and what is owned by an individual. This can affect the credit limit approved by a lender for a new loan. Consider paying off other debts, including credit cards, to reduce liabilities and improve the balance sheet.
Budgeting for Personal Loans
To prepare a budget to fund those 2025 goals, use our Finance Calculator to work up loan repayment estimates. This tool can be used to calculate estimates on all types of credit by using the applicable interest rate. Estimates may be used to establish initial budgets, consider feasibility of proceeding, and to compare different goods to purchase. For a quote specific to your requirements, contact us to find you the best rates on a loan to suit your purpose.
For affordable personal loans to fund your 2025 goals, contact Jade Finance.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.
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