Question 1

What is asset finance?

Accepted Answer

Asset finance is a form of lending that helps business and individuals. In business, asset finance secures loans for assets – like a vehicle, machinery, office equipment – needed to operate a business. Asset finance also helps people with personal loans for vehicles, boats, caravans and other items for personal use.

Question 2

What are the advantaged of asset finance?

Accepted Answer

One of the most significant advantages with asset finance is the ability to use the asset as collateral for the loan. Other advantages are:

Asset finance is generally easier to obtain than bank loans
You avoid dipping into your own capital and/or compromising your ability to meet other expenses and outgoings
Because you repay the loan over time, it makes it easier to fix an operational/personal budget
Most asset finance agreements come with fixed interest rates
You can gain faster access to funds to buy assets that you might not otherwise have been able to afford.

Question 3

I have had credit issues in the past can I still get a loan?

Accepted Answer

Yes. Aim Financial Services has successfully helped people with asset finance, despite previous issues with credit. However, every case is individual and is considered on its merits. Our access to a large range of lenders also creates more opportunities to secure asset finance.

Question 4

Which banks and lenders does Aim deal with?

Accepted Answer

Aim Financial Services works with banks, credit unions and other finance companies throughout Australia. That broad network is to our customers’ advantage, creating a greater choice of lenders and a broader knowledge of their priorities, preferences and procedures.

Question 5

How long do I have to pay back my loan?

Accepted Answer

Loan periods vary, depending on the asset. After all, a loan for a motorbike is markedly different to a loan for a B-Double truck, just as a loan for an office computer is different to a loan for a caravan. The good news is that Aim Financial Services covers almost all loan options. And we will work with you and your lender to come up with a repayment arrangement that reflects the asset and suits you both.

Question 6

Can I pay my loan back earlier then the arranged schedule?

Accepted Answer

Generally speaking, all financiers have mechanisms to allow early repayment of asset finance. However, because all financiers are different, the formulas they use to calculate before-term payouts may also differ.