Pegasus Finance | Loan service

Pegasus Finance

Phone: +61 419 032 377

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• Financial service
• Loan service
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• Insurance broker

24.01.2022 There’s a right & a wrong way to finance a motor vehicle. It’s interesting that we are now in an over watched climate of responsible lending and yet in my field of Automotive and Equipment financing, it is my humble opinion lenders and ASIC have still missed the point. Don’t be mistaken, I am all for responsible lending! Its been my training since day one having come from automotive financing specialists and I have been preaching certain aspects of what traps not to fall... for over 25 years. Sadly most general lenders and brokers don’t understand our field of financing depreciable commodities. Or if they do, they still don’t care providing they remain competitive, you are worthy of repaying the loan and more importantly now with ASIC’s new rulings, the applicant can undoubtedly prove capacity to repay the loan. All sounds pretty logical? Which it is, however, whilst most lenders have directed the focus of responsible lending on a person’s ability to repay the debt, they (and ASIC) have still missed the point. Responsible Lending goes much further than that. Particularly in my field of expertise. For too long now we (Lenders & brokers) have been allowing you (the client) to blindly choose ridiculous terms and structures. What’s responsible about allowing people to finance themselves into a negative equity situation, or potentially so, without at least pointing this out to them. Some lenders even have the audacity to ensure we have now advised you of the dangers of a 5 year term with a balloon and yet still allow us to offer 7 years without such advice. Where’s the difference? (you may well ask) The irony in this is I am referring to a so-called Automotive Finance specialists. My point, there is most definitely a right and wrong way to finance a motor vehicle. When next you are looking to do so, please contact me and let’s have a chat. My advice is free! I have a panel of some 20+ lenders, all of which offer the same terms and structures I refer to. All I ask is you listen to what I have to say after establishing you needs and requirements, if you still chose to go against what I advise, that’s fine also, at least I have given you sound advice based on 30+ years of experience and you can make an informed decision. I would still love the opportunity to help you with your purchase and offer you two or three options that best suit what’s important to you, depending on what you are trying to achieve. Call me any time Martin. My advice is based on experience only. I am not qualified in any specific subject and am not licensed to give you personal advice. My advice is general and deals in specifics and facts. It is my intention to supply you with two or three options, which you may or may not choose given your requirements.

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