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Asset Finance & Personal Loans Now Available

Reventon-Personal-And-Asset-Finance

The Reventon finance team, winners of multiple industry awards for mortgage financing, are pleased to announce that we can now offer both business asset finance and unsecured personal loans. Whether you need finance for business equipment or for a car, boat, caravan loan etc, our experienced lending team understands the market and is dedicated to helping you find a personalised finance solution based on your needs.

One question that we often get from our clients revolves around the differences between asset finance and personal loans. Both options can be beneficial, depending on your needs, especially when it comes to financing a vehicle.

Firstly, let’s discuss asset finance, which primarily relatess to business-related expenses. Asset finance is a type of loan that allows businesses to acquire equipment, vehicles, or other assets they need to run their operation. Unlike a standard loan, where you receive a lump sum of money, asset finance allows you to spread the cost of a high-value item over a set period. It’s like renting the equipment or asset, with the added advantage of owning it at the end of the agreed term, depending on the type of asset finance agreement. This type of loan can be beneficial for businesses due to tax benefits, the flexibility of payments, and not tying up large amounts of capital at once.

On the other hand, a personal loan is an unsecured loan that consumers can use for almost any purpose, including purchasing a car. The ‘unsecured’ nature of these loans implies that they are not backed by collateral, like your home or vehicle. Instead, they are granted based on factors like your credit score, income level, and debt-to-income ratio. Personal loans can offer fixed interest rates, which means your payment amount stays the same throughout the life of the loan, and they may also allow more flexibility in terms of usage compared to asset finance.

When it comes to car loans, both asset finance and personal loans can be utilized. However, the choice largely depends on whether the car is for personal use or business use.

If you’re purchasing a car primarily for business use, asset finance, often known as a ‘car lease,’ could be a viable option. Here, the lender purchases the car on your behalf, and you make regular payments until the full cost is repaid. After this, depending on the type of agreement, you may have the option to purchase the vehicle for a residual value. Advantages of asset finance for cars include potential tax benefits and the flexibility to upgrade vehicles.

Conversely, if you’re buying a car for personal use, a personal loan might be the best option. Personal car loans allow you to borrow a lump sum to purchase a car, then repay the amount over a set period, plus interest. These types of loans offer a straightforward way of financing a vehicle and can often be arranged quickly, which can be advantageous if you need a car urgently.

f you’re unsure which financing method is right for you, our expert team at Reventon is always available to help guide you

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Level 9, 420 St Kilda Road
Melbourne, VIC, 3004

Phone: 1300 039 376
Email: finance@reventon.com.au

ABN: 402 724 401 73

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