Business Loans Perth

There are several ways you can look to cut down on the total interest paid over the life of your small business loan in Perth. Perhaps the two most effective are making early repayments towards your loan amount to reduce your loan term (which sees your interest total reduce more sharply) and simply selecting a shorter loan term in the first place. Additionally, all costs coming from the interest rate on business loans are able to be claimed as a tax deduction, so you can cut it out altogether in some instances.

No – deposits are an optional part of the business loan process, as lenders are able to finance 100% or more of the expenses which need covering. However, paying a portion of your expenses with your business’ available cash will reduce the size of your loan, allowing you to take less time to pay off your debt and pay less interest and fees overall. Because of this, if you’re in a position to do so, it might be worthwhile paying some of your available funds instead of solely relying on a loan.

No – with access to lenders across Australia, you can be approved and funded regardless of where you or your lender are based. Your Perth business could receive funds from a lender in Cairns in theory, so geography won’t need to factor into your decision making. This gives you more freedom to compare a wide range of finance options with Savvy.

Yes – sole trader business loans are often considered a greater risk than larger businesses with more moving parts, as they generally come with a lower turnover and overall cashflow. Because of the fact that lenders assess them following the same criteria as any other business, they may sometimes find it more difficult to get approved for larger loan sums. However, this doesn’t mean you won’t be approved at all by any stretch of the imagination. You can still access the full suite of loan options provided your business is in a position to support its repayments, with our loan repayment calculator helping you see what different loans might cost overall.

If you’re looking to purchase a specific piece of machinery, for example, Perth equipment finance might be a good option for you. This is a type of loan which is designed specifically to purchase your chosen asset, which is then used as collateral for the loan. This type of finance brings with it a greater potential borrowing power (as there’s no real maximum amount), as well as longer loan terms up to seven years and lower interest rates.

One of the key qualification points is a required minimum turnover in order to be approved for financing in Australia. Some of the lenders we’re partnered with will set this as low as $5,000 monthly, but others require more revenue incoming, up to as much as $1 million annually and beyond.