Car loans for Individuals or Businesses
Whether you are buying a brand-new car, a demo or a second-hand vehicle, we have loans to suit each individual purchases.
Types of Car Loans
Standard Loan (Bank, Credit Union, etc)
The financier lends you the money to buy a new or used car against the vehicle as a security. It is the simplest of the loans but approval will depend on your current financial situation, employment and expenses. Finance can include on-road costs and is generally spread over a 5-7yrs loan term with flexible payment arrangements. Loan can be fixed or variable interest rate.
Commercial Hire Purchases
The financier buys the car and hires it to you over a set period. Can be for individuals or businesses. Monthly repayments generally payout the loan during the set period and then vehicle ownership can be transferred to you when all payments are completed. Flexibility allows financing of the entire price of the vehicle and allows balloon payments. Interest rate and repayments are fixed over the term with no GST on repayments.
Finance Lease
The financier buys the car and leases it to you. It allows immediate use of the vehicle with little or no capital outlay. Available to both individuals and businesses with fixed monthly payments and you are financially responsible for maintenance and trade-in residual risk value of the car at the end of the term. You will then be given the choice of refinance, return, sell or buy the car for the residual amount. Repayments are tax deductible from pre-tax dollars and GST is applicable.
Novated Lease
A three-way arrangement where the employee's wage is reduced - salary sacrifice - in exchange for an equal value of vehicle benefits. The employee leases the car directly from the financier. The employer has the obligation to pay the financier through a novated deed on the employee's wage. All operating costs of the car - registration, insurance, servicing, tyres, etc - are covered by the motorist. The motorist has sole responsibility for the car on termination of employment.
Operating Lease
An agreement where the financier buys the car and rents it to you. Financier retains the ownership; you have no risks associated with the ownership or residual at the end of the period. At the end of term, you have an option to buy the car, continue to rent or upgrade to a newer vehicle. Rent is tax deductible.
Chattel Mortgage
A fixed loan where financier advances you the money to buy the vehicle. The financier holds a charge over the car which is used as a security for the loan. You can either pay a deposit or trade-in a vehicle at the time of purchase and can also arrange residual payments at the end of term. Flexible contract terms, fixed repayments and is exempted from GST. Depreciation and interest payments are tax deductible.
Equipment Finance for Businesses
Equipment loans may be suited to businesses looking to own the asset as soon as possible and potentially claim an instant tax deduction.
Four Main types of equipment loans are:
- Finance Lease
- Operating Lease
- Commercial Hire Purchase
- Chattel Mortgage
We think relationships are important. That’s why we assign a car loan specialist for you from start to finish. Your specialist will take the time to really understand your situation so they can get you the perfect solution. We will process your application quickly as we know exactly what each lender needs and who they will approve, so you don’t have to waste time. We will look at a range of lenders and find you the lowest rate we can for your situation. Once we get your loan approved, funds can be transferred as quickly as the same day. The whole process from start to finish can be done in as little as 24 hours. You will be able to have the flexibility of choosing how many years you’d like to pay off the loan for, between 1-7 years. This way if you want a lower monthly repayment, you can choose to pay off the loan for a longer period, with the option to make additional repayments with no penalty. Fixed rates are also on offer, so that you will have certainty of repayments and don’t need to worry about the rate going up in the future.
Auto Loan Refinancing: Refinancing gives you the opportunity to find a better rate or loan term, and it can lower your monthly payments. To refinance, you take out a new loan and use it to pay off your old car loan.
Contact us today and see how much you could save!
