In today’s market, where the cost of living continues to rise, making savvy purchasing decisions is more important than ever. When it comes to leisure assets like cars, caravans, and jet-skis, the question often arises: Should you buy new or opt for second-hand? While the allure of brand-new might be tempting, there are several compelling reasons why second-hand leisure assets are still a great investment.   1. Cost-Effectiveness One of the most significant advantages of buying second-hand is the immediate cost savings. New cars, caravans, and jet-skis often come with hefty price tags, not to mention the additional costs like taxes, registration, and insurance. By choosing second-hand, you can enjoy substantial savings, freeing up your budget for other experiences, such as travel or upgrades.   2. Depreciation Advantage Depreciation is a critical factor when considering the value of your leisure asset. New items lose value rapidly, but second-hand items have already taken this hit. This means when you buy second-hand, your asset’s value will remain more consistent, allowing you to potentially resell it later at a minimal loss. For assets like caravans and jet-skis, this can be particularly advantageous if you decide to upgrade or switch to a different model in the future.   Many second-hand leisure assets have already undergone the initial depreciation. For example, a new car can lose up to 20-30% of its value within the first year. By buying used, you avoid this steep depreciation, making the value of your car, caravan, boat or other leisure asset more stable over time.   3. Wide Range of Options The second-hand market is vast and diverse, offering a wider selection of models and types than you might find new. Whether you’re looking for a ready to tour 4wd, a retro-style caravan, or a high-performance jet-ski, the second-hand market often has exactly what you’re looking for, and often they are barely used! Additionally, older models may come with features that have been phased out in newer versions, giving you more flexibility in finding an asset that perfectly suits your needs.   4. Proven Durability Buying second-hand doesn’t mean sacrificing quality. Many leisure assets, especially those from reputable brands, are built to last. A well-maintained used car, caravan, or jet-ski can provide many years of enjoyment and reliability. Plus, with the availability of service histories and mechanical inspections, you can make an informed purchase knowing the asset’s condition and history.   5. Eco-Friendly Choice Opting for second-hand is also a sustainable choice. By reusing an asset, you’re reducing the demand for new manufacturing, which in turn lowers the environmental impact. This is especially true for vehicles like cars and jet-skis, where the production process involves significant resource use. Buying second-hand helps to minimise waste and promotes a more circular economy.   6. Easy Access to Financing At Set Up Finance, we understand that whether you’re buying new or second-hand, securing the right financing is key to making your purchase as smooth as possible. We offer tailored financing solutions that cater to both new and used leisure assets. Whether you’re eyeing a pre-owned car, a gently-used caravan, or a well-loved jet-ski, we can help you finance your purchase with competitive rates and flexible terms, just like we would for a new asset.   Financing a second-hand asset can be particularly advantageous, as the lower purchase price often means smaller loan amounts and potentially quicker repayment periods. Plus, with our expertise in financing leisure assets, you can rest assured that you’ll get a deal that works for your budget and lifestyle.   Buying second-hand leisure assets like cars, caravans, boats and jet-skis is not just a smart financial decision, but also a sustainable and practical one. With the right approach, you can find high-quality, reliable assets that bring joy and adventure into your life without breaking the bank. And with Set Up Finance by your side, getting the right financing has never been easier.   Ready to explore your options? Contact Set Up Finance today and let us help you turn your leisure dreams into reality. Contact us

When you’re planning a significant purchase, like a new caravan, car, campervan, or jet-ski, it’s crucial to have your finances in order. Pre-approval for finance offers numerous advantages, helping to streamline the purchase process for many leisure assets. Knowing your pre-approval limits helps you budget and purchase accordingly, which is especially helpful at lifestyle shows and expos, where you can view and explore different leisure assets like caravans.   Know Your Budget Pre-approval helps you understand your borrowing capacity. This means you can focus on options within your budget, avoiding disappointment from considering unaffordable choices. Knowing your budget can also help distinguish between repayments on different prices.     Strengthen Your Negotiation Position With pre-approval, you’re seen as a serious buyer. Dealers and sellers may be more willing to negotiate, knowing you are ready to purchase. This puts you in a stronger position to secure better deals and favourable terms, ultimately saving you money.   Save Time and Reduce Stress: Knowing your financial limits allows you to streamline your search. You can quickly eliminate options that don’t fit your budget, making your shopping experience more efficient and enjoyable.   Avoid Emotional Over-Investment Pre-approval helps you stay realistic about what you can afford. This prevents you from getting emotionally attached to a caravan or other leisure asset that’s beyond your means, reducing potential stress and disappointment. By understanding your financial boundaries, you can make rational decisions that align with your budget.   Speed Up the Purchase Process: Having your finance pre-approved means you can act quickly when you find the right caravan. With pre-approval in hand, you can make an immediate offer, increasing your chances of securing the caravan you want, at a competitive price.   Gain a Clear Understanding of Financing Terms Getting pre-approval means you don’t have to rush the finance process, giving you the time to get the right loan for your situation. Pre-approval also provides you with clarity on interest rates, loan terms, and repayment schedules. Knowing the details in advance helps you avoid surprises and ensures you’re comfortable with your financial commitments. Increase Your ConfidenceAttending a lifestyle or caravan show with pre-approval gives you the confidence to explore various models without financial uncertainty. You can engage with dealers, ask questions, and test out caravans knowing exactly what you can afford. This confidence empowers you to make decisions that align with your needs and preferences. Getting pre-approval for finance not only clarifies your budget but also enhances your buying power and confidence. Whether you’re eyeing a sleek new caravan or another leisure asset, pre-approval is your ticket to a smoother, more focused shopping experience. Chat with us at Set Up Finance about how we can help you on your journey to a more exciting and fulfilling life with a new leisure asset purchase. Contact us

As the End of Financial Year (EOFY) approaches, it’s the perfect time to upgrade your business equipment and take advantage of financial opportunities. Set Up Finance is here to help you secure the right loan while leveraging the Federal Government’s FY23-24 instant asset write-off scheme. This scheme allows businesses with an annual turnover under $10 million to claim immediate deductions on eligible assets each worth up to $20,000, if delivered and ready for use by June 30, 2024.   Why Consider EOFY Financing? EOFY financing provides a strategic advantage for businesses aiming to maximise their tax benefits and enhance operational efficiency. By investing in new equipment, you not only improve productivity but also benefit from significant tax deductions. This financial move can help in balancing the books and ensuring that your business starts the new financial year on a strong footing.   What Can You Finance? Our EOFY financing options cover a wide range of business assets, including:   ·      Construction Tools ·      IT Equipment ·      Machinery ·      Gardening and Agricultural Equipment ·      Coffee Machines ·      Medical and Manufacturing Equipment ·      Tailored Financing Solutions   At Set Up Finance, we understand that every business has unique needs. That’s why we offer personalised financing solutions designed to match your specific financial situation. Our process is streamlined and hassle-free, providing you with no obligation quotes and ensuring no impact on your credit file. We work with you to find the best possible deal, making it easier for you to focus on growing your business.   The Benefits of Acting Now Taking action before the EOFY deadline of June 30th means you can take full advantage of the instant asset write-off scheme. This can lead to significant tax savings and provide a much-needed boost to your cash flow. Additionally, upgrading your equipment can lead to improved efficiency and productivity, giving your business a competitive edge.   Don’t miss this opportunity to boost your business capabilities and enter the new financial year stronger than ever. Contact our friendly team at 1300 313 354 or visit our website for more details. Our experts are ready to assist you in navigating the financing process and ensuring you make the most of the available tax benefits.   Get in touch with us for comprehensive information specific to your situation. Contact us Terms and conditions apply. Please consult your accountant for eligibility and benefits under the instant asset write-off scheme.

Budget-Friendly Tips for Your Great Australian Road Trip Adventure 1 May 2024 Embarking on an epic road trip around Australia is a dream for many adventurers. The allure of the open road, diverse landscapes, and the freedom to explore at your own pace is undeniable. But how do you keep your dream trip from turning into a budgetary nightmare? Here are some essential tips to help you plan an extended lap around Australia without breaking the bank. 1. Embrace Free and Low-Cost Attractions Australia is bursting with natural beauty, and much of it can be enjoyed for free. National parks, beaches, and hiking trails offer endless days of exploration without a price tag. Use local tourism websites to find free community events and outdoor activities. Remember, the best things in life (and travel) are free! 2. Camp Smart With a country as vast as Australia, accommodation costs can add up. Utilise apps like WikiCamps or Camp Australia to find free or low-cost camping sites. Many spots offer basic amenities, and the experience of camping under the stars is priceless. When you do pay for campsites, those with kitchen facilities can help you save on food costs, too. 3. Plan Your Meals Dining out every day is a sure-fire way to strain your wallet. Instead, plan to cook your own meals. Local markets and roadside stands often offer fresh produce at lower prices than supermarkets. Treat yourself to a restaurant meal occasionally, but let the majority of your culinary experiences be self-made. 4. Fuel for Thought Fuel will likely be one of your biggest expenses. Track your route and estimate the distance to budget for fuel accordingly. Prices can vary widely in remote areas, so fill up in larger towns when possible. And don’t forget to sign up for fuel discount schemes or loyalty programs. 5. Factor in the Full Cost of Long-Term Travel Beyond day-to-day expenses, long-term travel involves costs that can be easy to overlook. These include insurance, roadside assistance, and regular maintenance, plus any normal expenses for your life at home, including mortgages and bills. If you’re renting out your home or using storage, account for these fees in your budget. 6. Stay Insured and Assured Ensure you have comprehensive insurance for your vehicle and caravan. Roadside assistance can be a lifesaver when you’re miles from the nearest town. While it’s an added expense, it’s cheaper than a major repair bill or towing fee. Ensure that you have assessed your cover and are aware of its limitations. Have your policy numbers handy in the event that you need them. 7. Keep a Buffer for the Unexpected Always have a contingency fund. Even the most thorough budget can be upended by unforeseen events. A buffer will help you deal with emergencies without derailing your trip. This emergency fund should be used if anything was to not go to plan both on the road, and at home. A lap of Australia is an enriching and unforgettable experience, and with the right approach, it doesn’t have to be a luxury only a few can afford. With careful planning, a bit of resourcefulness, and a willingness to embrace the simpler things, you can make your extended road trip both affordable and extraordinary. So start planning, get budgeting, and hit the road – an adventure of a lifetime awaits you! If you need help with financing a caravan, tow vehicle, campervan or camper trailer to make your travel dreams possible, get in touch with us! We can help you get on the road however you need!

Car Purchasing Tips 10 April 2024 Sometimes life happens and you need to buy a car. Whether it’s an upgrade to tow your new caravan or an accident’s occurred and you need new wheels to get around, buying a car doesn’t have to be stressful. Whatever your reason for needing to purchase a car, Set Up Finance is here to help find your best match for purchasing a car, to suit your personal financial situation. Understanding Your Finance Options Taking out a car loan can be daunting, but we’re here to help make the process as smooth as possible. Set Up Finance is partnered with a range of trusted lenders who can provide car loans at competitive rates and flexibility to tailor the loan to your needs. Steps to Buy a Car Step 1: Determine Your Budget Before looking at cars, it’s crucial to understand how much you can afford to spend. Consider the total cost of ownership – including insurance, registration, maintenance, and fuel, in addition to the purchase price. Sticking within this budget is essential to maintaining healthy cash flow without needing to sacrifice elsewhere financially. Reach out to us for a free budget template that can help you purchase your dream car. Step 2: Research Your Vehicle Options Once you have a budget in mind, research the cars that fit your needs and preferences. If you need a tow vehicle, ensure that your new car has these capabilities before making a decision. Ensure that you also consider factors such as size, fuel efficiency, reliability, and safety ratings when picking a car. Decide whether a brand-new car is necessary, or if a second-hand vehicle can meet your needs. We can source financing for both options. Make sure that you test drive the car to ensure it meets your expectations. If you’re buying a used car, consider getting it inspected by a qualified mechanic and ensure that it will pass a road-worthy. Step 3: Get Pre-Approval for Finance After deciding on your next car purchase, talk to us about pre-approval to streamline the finance process. Getting pre-approved for a car loan clarifies how much you can borrow and strengthens your negotiating position with dealers. Step 4: Negotiate the Price Don’t be afraid to negotiate the price with the seller, whether it’s at a dealership or with a private seller. Understanding the market value of the car can assist you in negotiating a fair price. Set Up Finance is experienced and knowledgeable in the car market and can help determine if you are receiving a competitive price. Step 5: Finalise the Finance and Purchase Once you’ve agreed on a price, we’ll take your loan application to lenders to finalise your finance arrangements. Having access to a wide range of lenders means we can provide you with a competitive loan that suits your financial situation. Learn more about our finance process: Step 6: Insurance and Registration Before driving your new car, insure and register your car before hitting the road on your next adventure! Buying a car is a process that requires thorough research and careful financial planning. Remember, the key to a successful car purchase is to take your time, do your homework, and never rush into a decision. Set Up Finance is here for you every step of the way to your new car! Learn more about how we can help you finance your next car:

Why Cheaper Interest Rates Don’t Always Mean You Pay Less for a Loan 22 March 2024 Securing a loan for your next leisure purchase comes with many considerations, with the interest rate often becoming the focal point of the decision-making process. You might think the most important thing to look at is the interest rate – the lower the better, right? But it’s not that simple. Factors such as loan terms, fees, and other charges playing pivotal roles in the true cost of a loan. This complexity suggests that the impact of interest rates on loan repayments might not be as significant as many think, as a lower interest rate doesn’t always mean you’ll pay less over the life of your loan. Understanding Interest Rates Interest rates are essentially the cost of borrowing money. They are expressed as a percentage of the principal loan amount and can be fixed or variable. While it’s true that a lower interest rate can reduce the amount of interest you pay, it’s not the only factor that determines your overall loan repayment. The Role of Loan Terms The term of your loan, or the repayment period, plays a significant role in determining your monthly repayments and the total interest paid over the life of the loan. Extending the loan term can lower your monthly payments but increase the total interest paid. Conversely, a shorter loan term means higher monthly payments but less interest over time. Let’s illustrate this with an example: At first glance, Loan B might seem more attractive due to the lower interest rate. However, the extended term means that, overall, you could end up paying more in interest compared to Loan A, despite the lower rate. The Impact of Fees Another aspect to consider is the fees associated with taking out a loan. Set up fees, application fees, account keeping fees and other charges can add up, affecting the total cost of your loan. Sometimes, loans with slightly higher interest rates may offer lower fees, making them a more cost-effective option in the long run. The below table illustrates the differences between two different loan structures, with alternate interest rates and account keeping fees. While Loan B offers a lower interest rate, the overall repayment is higher due to additional fees. Loan A’s fees have been built into the interest rate, meaning there are no extra surprises when it comes to repayments. The table also shows how the loan amount can considerably impact your repayment, making higher deposits more favourable.   Loan Amount $80,000 Loan Amount $90,000 Loan Amount $100,000 Loan A Weekly Payment @ ie. 7.99% with no account keeping fees (true weekly repayments) $293 $329 $365 Loan B Weekly Payment @ ie. 6.99% with account keeping fees of $13 per month $308 $346 $384 Borrowers often fall into the trap of focusing solely on securing the lowest interest rate possible, overlooking other crucial elements like loan term and fees. A lower rate can indeed save you money on interest, but when paired with a long loan term, the savings can be offset by the increased interest accrued over time. Moreover, if lower interest rates lead you to choose a loan with higher fees, the initial savings can quickly be nullified. Therefore, it’s essential to consider all aspects of a loan, not just the interest rate. A useful figure to look for when assessing loans is a comparison rate, a tool designed to help borrowers understand the true cost of a loan by combining the nominal interest rate with most of the loan’s upfront and ongoing fees. This rate is expressed as a single percentage figure, making it easier to compare the total cost of different loan products side-by-side. It’s a better reflection of the cost of a loan than solely the interest rate. When evaluating loan options, it’s important to look beyond the interest rate. Consider the term of the loan, any associated fees, and the comparison rate. Use Set Up Finance’s free loan calculator to compare different scenarios and understand how changes in interest rates, loan terms, and fees can impact your total repayment amount. At Set Up Finance, we can help you demystify the often confusing world of loans and repayment options, and advise you on the best loan for your specific needs. Low-interest rates are tempting, but smart borrowers know to look at everything involved with the loan. By understanding all parts of the loan, like the length of time you have to pay it back, the fees, and the comparison rate, you can make a better choice for your money. The best loan for you is one that has a good balance of a fair rate, a reasonable time to pay it back, and low fees. *Approximate figure. Calculated with regular repayment schedule and no additional repayments. Before deciding, chat to our expert and friendly team to explore your options based on your unique financial situation and long-term goals. Remember, the right financing choice can make a significant difference in your financial health and how quickly you achieve your dream life.