This week we’ve interviewed Ben Needle from Bizi Loans who talks to us about what you need to know about getting finance. Bizi Loans helps people find the best finance options for their circumstances – from car finance to caravan, motorbike, boat and equipment loans, they can help you get the best deal on your finance.
How long have you been in the finance industry?
I have now been in the industry for over 17 years. Collectively our team has over 50 years experience.
What made you want to work in the industry?
I wanted to work in finance broking as opposed to what I was doing prior working in an actual car dealership providing on site finance options.
What are the most important things people need to know about car finance?
The key is to do your research the internet is a great tool to make sure you are paying the right money for the car or alternatively contact Bizi Loans we have software programs that can ascertain pricing from vehicles sold across Australia to ensure you are paying the right money for the car.
What’s the best way to work out your budget when it comes to big ticket items?
The best way is to speak to us at Bizi Loans so that we can go through different scenarios with you and you know exactly where you will be at payments wise etc based on the asset you are intending to buy.
What should people be looking at/thinking about/watch out for when they apply for finance?
I think one of the big things is practicality. Consider all of the other costs associated with the new asset purchase ie fuel, registration, insurance in addition to cost of borrowing the money if you do not have the cash. For example a 20 year old may well have the capacity to borrow for an expensive car but then there is excessive insurance costs due to their age, all these things need to be considered.
What’s the difference between secured and unsecured loans and how can you decide which option is best for you?
Secured are generally secured to the asset and interest rates are cheaper because the lend is lower risk, unsecured loans however have no security for the lender and therefore the risk is higher which attracts higher interest rates. Unsecured loans also tend to have lower early termination fees also.
Is it possible to minimise your car finance costs?
Interest generally accrues on accounts daily and is applied to accounts monthly so make more than your minimum required repayment or more regular payments will result in reducing the balance quicker and hence less interest repaid at the end of the term.
Why is it important to have a trustworthy Finance Broker?
It is absolutely important as a good finance broker can guide you through the whole process from the purchasing of the asset right through to settlement and beyond. It is also handy to have someone you can speak to for any asset funding whether it be a car, boat, caravan or even trucks and equipment for your business.
What kind of services do you offer?
We offer loans for all types of assets including cars, boats, caravans, trucks and equipment, and even can help with personal loans.
How do you build ongoing relationships with your clients?
We have great relationships with all of our clients just based on the fact that we are good at what we do and provide an honest, uncompromising personalised service to all of our customers.
Do you belong to any associations or industry bodies?
We belong to the Mortgage and Finance Association of Australia.