Last month we launched our updated product and pricing and are pleased this month to launch our new look newsletter, which includes a new article on industry news. This month’s article is on Australia’s most popular tradie vehicles, we hope you enjoy the read. We have made some tweaks to the rate card to ensure Selfco’s pricing is even more competitive, this sees pricing on Primary Assets starting at 7.95%.
Loadings have been slashed!
Trucks, trailers, yellow goods, warehousing and other assets now starting from 7.95%!Increased limits, lower rates and less loadings!
Did you know?
Brokers can now choose to include a Broker Documentation Fee on finance contracts.
By the Numbers: Australia’s Most Popular Tradie Vehicles
Take a look at some of the latest statistics about the best selling cars in Australia and which brands tradies are most likely to drive.
Can you guess which tradie vehicle is the top seller in Australia?
Fast Doc Equity Funding
Selfco has relaunched our popular equity funding program, and now made it available under No Doc.
Run a scenario past your BDM
We have an experienced on the ground sales team that is here to help.
Loadings have been slashed!
Our updated products and pricing sees Fast Doc rates from 7.95% for PRIMARY ASSETS with loan amounts of up to $150,000.
Changes to the rate card include:
- No Asset Class loading for Primary Assets
- No Asset Class loading for Primary Assets
- Loading on older assets halved (Assets > 20 years old at End of Term)• No loading for sub-36 month terms
CLICK HERE for updated rate card.
Did you know?
Many of our brokers have asked for the option to include a Documentation Fee payable to the broker in the finance contract. This is now available. The fee is capitalised to the loan and noted as “Documentation Fee” on the Chattel Mortgage contract.
The maximum total fees to the client (being the sum of the Selfco Establishment Fee and Broker Documentation Fee) is $1,100, inclusive of GST.
Selfco charges an Establishment Fee of $440 for Dealer Sales and $660 for Private Sales. On a Dealer Sale a broker is therefore able to charge a Documentation Fee of up to $660 including GST and on a Private Sale up to $440 including GST.
The Documentation Fee should be noted as a line item on the broker’s brokerage invoice with the fee disbursed at Settlement.
By the Numbers: Australia’s Most Popular Tradie Vehicles
Best selling cars in Australia
Take a look at some of the latest statistics about the best selling cars in Australia and which brands tradies are most likely to drive.
Can you guess which tradie vehicle is the top seller in Australia?
Choosing what to drive is a big decision. There are so many variables to consider, from size and features to cost and power.
From Audis to Volkswagens, there are around 50 car manufacturers selling vehicles in Australia. It’s no wonder
people feel overwhelmed when it comes time to make a purchase, especially for a trade-based work car.
However, whether it’s for work or personal use, most of us stick with what we know, meaning there are some clear winners when it comes to identifying the best selling cars in Australia.
Starting with utes and vans, take a look at a rundown of our nation’s most sought after new vehicles in recent years.
Best selling utes in Australia
4×4 and 4×2 utes remain popular in Australia thanks to their great looks and workhorse capabilities.
In 2020, according to Canstar Blue, the biggest selling ute was the Toyota HiLux. And it wasn’t only the best-selling ute, it was the best selling vehicle overall. Over 45,000 Australians drove a new HiLux home last year.
Rounding out the top seller list for utes were the following:
- Ford Ranger
- Mitsubishi Triton
- Isuzu D-Max
- Mazda BT-50
- Nissan Navara
- Toyota LandCruiser 70 Series
- Volkswagen Amarok
- LDV T60
- Great Wall Cannon
One of the reasons the HiLux is selling so well is the range of options; drivers can choose single cab, four-door, petrol or diesel, manual or auto, to name a few. There was also a 2021 HiLux released last year, which many buyers had no doubt been looking forward to.
Reviews describe the new HiLux as more comfortable and more technologically advanced (Apple CarPlay and Android Auto are now available). The latest upgrades mean the vehicle is quieter without losing load-carrying ability.
Top-selling vans
Not all tradies drive a ute. While van statistics are limited, 2019 figures show that Toyota rules in this category as well. The most popular models of vans sold in Australia include the following:
- Toyota Hiace
- Hyundai iLoad
- Ford Transit Custom
- Volkswagen Caddy Van
- Volkswagen Transporter
Best selling cars in Australia by brand
Oh, what a feeling… Toyota sold 204,801 cars in Australia in 2020, making it the best selling car brand. This represents an impressive 22.3% of market share.
The top five most popular car brands for 2020 were:
- Mazda: 9.3% market share
- Hyundai: 7.1% market share
- Ford: 6.5% market share
- Mitsubishi: 6.4%
In the first month of 2021, Kia edged its way into the top brands, replacing Ford in the fourth spot. Other popular car makes include Nissan, Subaru, Volkswagen and Mercedes-Benz.
Most popular vehicle types
According to the Federal Chamber of Automotive Industries, Australians bought over 900,000 new cars in 2020. This figure was down on the year before but the drop wasn’t unexpected given the difficulties caused by COVID. With so many Australians using their car for a combination of commuting, transporting family and travel, it’s no wonder SUVs were close to 50% of the vehicles sold. This number jumped from 45.5% of market share in 2019 to 49.6% in 2020.
From there, rankings were as follows:
- Light Commercial Vehicles (generally utes and vans): 22.4%
- Passenger Vehicles (sedans, hatchbacks etc): 24.2%
With car sales picking up again after a slow 2020, many tradies are experiencing a jump in demand and are ready to upgrade their vehicle. They will be doing their research, investigating the most reliable brands and seeking the most suitable ways to finance them so they can hit the road in a comfortable and practical vehicle.
Talk to Selfco about our range of flexible and cost-effective finance and leasing options.
Fast Doc Equity Funding
Do your clients have equity tied up in assets that they would like to access?
Many businesses have funded capital purchases via cash or have significant equity tied up in business critical assets. Selfco has a solution that allows clients to access this equity on a FAST DOC basis, even if the asset was purchased outside of the typical sale and buyback window of 3 – 6 months.
If the asset was purchased from a recognised dealer within the past 6 months Selfco can fund up to 100% of the original purchase price under a sale and buyback. This essentially allows the business owner to ‘roll back’ their decision to fund a capital item with cash- certainly handy when the client’s accountant advises that there was a better use for the cash than tying it up in an asset.
But what happens if it is a piece of gear that was purchased many years ago, remains business critical and can’t be sold to access the equity? Selfco allows the client to access the equity in these illiquid assets via our Equity Funding program.
Whilst not a typical ‘cash flow’ product, as it is not available to pay off tax debts, purchase inventory or be used for short term funding needs, it does allow clients to access a valuable store of equity in their existing fleet of vehicles or equipment.
Some useful examples of Equity Funding are to:
- Replace a motor in a truck
- Refit a commercial fishing vessel
- Fund the purchase of assets that are not readily acceptable to lenders
- Fund the purchase of an asset from overseas
So what is the process?
- Access equity in existing assets under Fast Doc for a defined non-working capital purpose.
- Funds are to be used for a specific business purpose that can be demonstrated via provision of aninvoice.
- The security asset is to be valued by one of Selfco’s panel valuers with funds advanced against theasset’s Auction Value.
- The advance rate is determined by the credit profile of the client and ranges between 100% and 70% ofAuction Value.
- Client will need to demonstrate ownership of the asset via registration papers or similar.
- Selfco advances funds under a Chattel Mortgage and takes security over the valued asset recordingour interest via the PPSR.
- Selfco will settle the vendor directly under the invoice. In some instances, such as an overseas supplier,this may not be possible and alternative arrangements will be considered at Selfco’s discretion.
- Valuation is to be arranged by the Broker and addressed to Selfco. Valuation fee is to be paid by thecustomer, however, may be funded via the loan advance and remitted to the client at settlement.
- A secured guarantee is required from property owners.
Equity Funding advance rates are as follows:
