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*iSelect does not arrange business loans products, but can refer you to Valiant who does provide such services and can help you compare business loan products. Valiant Finance Pty Ltd (ABN 95 606 560 150) holds Australian Credit Licence 500 888. iSelect and Valiant do not compare all providers in the market, or all products offered by all providers. If you click through to the Valiant website and acquire a business loan through Valiant, iSelect earns a commission from Valiant. Learn more
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Business loans are generally taken out for one of two reasons: to finance the purchase of an asset, such as a vehicle or equipment, or to assist with your business’ working capital. Business loans are generally either secured or unsecured.
Business loans function similar to other loan products. If approved, your lender will provide finance to assist with your business’ working capital or the purchasing of an asset, and you’ll be charged either a fixed or variable interest rate over the loan term.
With an unsecured loan, you’re able to secure financing for your business without using an asset as collateral. Because you’re not borrowing against an asset, the lender will typically assess your business’ cash flows, trading history, and creditworthiness as part of your application.
Secured business loans are generally provided for a fixed period of time, and require a physical asset to be served as collateral for the loan. Examples of a secured asset include residential and commercial property, vehicles, and equipment.
A chattel mortgage is a business loan product that’s commonly used for equipment financing. With a chattel mortgage, a lender provides your business with cash in the form of a loan to purchase the equipment, and this equipment is then used as collateral for the life of the loan.
Also referred to as “asset finance”, equipment loans are commonly used by businesses to purchase things like machinery, vehicles, and other technology. There are various loan arrangements available for this kind of financing, including a chattel mortgage, a hire-purchase agreement, and a lease agreement.
There are a range of business loan products which are available in the market. At iSelect, we’ve partnered with Valiant to make the process of finding a suitable business loan easier for your business. Below are some of the products which Valiant compare from their range of providers:
Wondering which product is suitable for your business? That can depend on a range of factors, including whether you’re looking for a working capital loan, or to finance the purchase of an asset. Whatever your requirements, the team at Valiant can help find a loan product that suits you.
Cash is the lifeblood of any business. Maintaining positive cashflow helps your business make payroll, purchase stock, pay invoices, and continue your operations. A working capital loan product can help you make these regular payments if you’re having cashflow issues, or are just looking for a cash buffer for your business. Working capital loans can include the following products offered by Valiant:
Asset finance relates to lending products which are used to purchase physical assets. This includes machinery, equipment, business vehicles, and commercial property. In many cases, the asset you’re purchasing could be used as collateral for the loan – which is referred to as a ‘secured loan’. With this arrangement, the lender provides cash to finance the asset purchase, and you’re require to pay back the lender, with interest. However, if you default on your loan, then the lender may have the ability to seize the asset.
When it comes to equipment financing, there are various kinds of loan arrangements which you can organise with your lender. These include a Hire-Purchase agreement, or a Lease Agreement. Speak to the team at Valiant today to get a better idea of which loan product is suitable for your small business.
The application process you’re required to go through for your business loan can depend on a range of factors. This can include the particular business loan product, the loan value, any assets that are being used as collateral, the nature and size of your business, and how long you’ve been in operation. At iSelect we’ve partnered with Valiant to make it easier for iSelect customers to compare business loan products from their range of products and lenders. And the best part? You can get started online today.
The short answer is, it depends. There are certainly loan products available to either purchase an existing business, as well as to start a business. It’s likely that the lender will assess things such as your credit worthiness, your professional or trading experience, the nature of the industry you’re looking to enter, and whether you have any other personal or business-related assets which could be used as collateral for your loan.
Unfortunately, there is no “best” business loan. Finding a product that’s suitable for your business’ financial requirements can vary based on a range of factors. That said, here are some factors worth considering when you’re comparing business loan products:
Unfortunately, just like the question above, there is no “cheapest” business loan. Sure, some loans may come with a lower interest rate, but they could also come with other strings attached, such as the requirement to use an asset as collateral. This could mean that the lender could seize this asset if you default on your loan. For this reason, the interest rate is just one thing to consider in your search for a suitable loan.
How fast you can receive approval for your business loan, as well as the actual capital, can depend on a range of factors. This can include the lender or broker you’re working with, the particular loan product and value, the nature of your business and wider industry, and your credit score.
In order to secure financing in the shortest time possible, it can help to anticipate some of the questions a lender or broker may ask or request. This can include:
There are a range of factors to consider when comparing business loan products in order to find one that’s suitable for your small business. One of the key factors is the interest rate, as this will have a significant impact on how much you’ll have to repay the lender in addition to the loan’s principal. If you think of the interest as the cost of borrowing the money, then it’s good to keep in mind that different lenders will have different costs. That’s why it’s important to compare interest rates from different lenders to ensure you’re getting a good deal. That said, the interest rate is just one loan feature worth considering. Some others include:
In short, absolutely. At iSelect we’ve partnered with Valiant to help you easily compare business loan products from their range of products and providers, and see if you can refinance to find a better deal. For example, if you were on a fixed rate business loan, and lenders in the market lower their interest rates, you could remain stuck paying a higher rate of interest than you need to. If this is the case, Valiant could help you compare lenders and see if you can switch to a business loan with a lower fixed rate, or even switch to a variable rate loan, potentially saving you money on repayments. That said, it’s important to factor any break-fees and sign-up fees, as well as other loan features (such as having a redraw facility), into your assessment of whether the new loan makes more financial sense.
*iSelect does not arrange business loans products, but can refer you to Valiant who does provide such services and can help you compare business loan products. Valiant Finance Pty Ltd (ABN 95 606 560 150) holds Australian Credit Licence 500 888. iSelect and Valiant do not compare all providers in the market, or all products offered by all providers. If you click through to the Valiant website and acquire a business loan through Valiant, iSelect earns a commission from Valiant.
Any advice provided on this website is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy.