In the market for a new vehicle to get your business moving? This is the perfect time to get a business car loan. Business car finance gives you the opportunity to purchase the vehicle your business needs without paying for the full cost upfront.
Business car loans are a convenient and cost-effective way for you to achieve your business goals. Aussie Car Loans offers commercial car finance solutions for individuals and companies seeking finance for vehicles to be used in the business or for employees.
Whether you require a new fleet, work van or a company car; the business car finance experts at Aussie Car Loans can help you save both time and money sourcing the right finance.
Business car finance with Aussie Car Loans
Aussie Car Loans can help you find the right car loan that fits the needs of your business. Aside from getting the car you need for your business as soon as possible; business car loans offer plenty of other benefits too.
When you take out a business car loan, you may get the following advantages:
- Free up cash flow. With business car finance, you’re not tying up your assets on just one purchase. You can get the benefits of using the business car while spreading out the cost over two to seven years.
- You have more car options. You can buy the vehicle you need but couldn’t otherwise afford it without a loan. You won’t have to settle for less. By not shortchanging your business needs, you can achieve your goals sooner.
- You can get tax benefits. Eligible businesses can claim the cost of an asset on their taxes. With a chattel mortgage, you could also claim the GST included in the purchase price of the vehicle.
A stress-free way to get a good low-rate business car loan
There are plenty of car loan finance options out there, which can get overwhelming, especially for businesses. Aussie Car Loans is here to help alleviate some of that stress.
We can help business owners find an array of chattel mortgages, which works like your typical loan but are designed specifically for vehicles used for commercial purposes. When you get in touch with us, we’ll find a loan that suits your specific financial situation.
Chattel mortgage: Is it good for business?
A chattel mortgage is a loan agreement where the funds are borrowed to purchase vehicles for commercial purposes.Business owners fund their commercial vehicle purchases through financing from a lender. The lender will use the vehicle as collateral or security in case the borrower defaults on the loan.
Similar to a traditional car loan, borrowers will make regular payments covering the cost of the principal amount borrowed plus interest. Borrowers have the option to add a balloon payment at the end of the loan term too.
Advantages of a chattel mortgage for business
With a chattel mortgage, business owners will be able to:
- Own their equipment outright. Unlike other types of commercial car finance, a chattel mortgage lets you own the equipment as soon as you buy it. This means the vehicle won’t be under the name of the lender or anyone else.
- Lower their repayments with a balloon payment. A balloon payment is a lump sum borrowers pay at the end of the loan term. This is used to make the repayments more manageable during the loan term which is extremely beneficial for businesses.
- Have repayment flexibility. You can choose the payment structure and loan term that best suits your business’s financial needs.
- Borrow 100% of the vehicle purchase price. You don’t need to put up a deposit or trade-in vehicles you already own. No more waiting until you have enough savings—buy a business car as soon as you get approved for the chattel mortgage.
- Get tax deductions. You may be able to deduct the interest on the loan and depreciation of the vehicle on your taxes. Look at the tax guidelines to see if you can take advantage of this benefit.
- Claim GST on the purchase price of the vehicle. If your business is eligible, you could claim the GST on the price of the vehicle.
As you can see, a chattel mortgage comes with plenty of perks. See what your potential repayments will look like once you take out a loan using our handy repayment calculator.
Requirements for a chattel mortgage
Chattel mortgages can be used by business owners, sole proprietors, partnerships, companies, trusts, or anyone who holds an ABN (Australian Business Number). When applying for a chattel mortgage you’ll need:
- Identification(e.g., driver’s licence)
- ABN
- Account number and BSB of your business account
For more information about chattel mortgage requirements, contact Aussie Car Loans today! Our team can apply for the loan for you and save you from all the stress too.
Learn more about business car loans
Still need more information about business car loan finance? Read up on the following business car loan articles.
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Find the right business car loan with ease!
Aussie Car Loans, powered by carloans.com.au , has a team of expert brokers who can find the best, low-rate business car loan for you. Have a quick chat with one of our brokers to explain your financial situation, and they’ll help you find a business car loan that suits your needs perfectly.
