Chattel Mortgage
What is a chattel mortgage?
A chattel mortgage is a loan that enables business owners to purchase vehicles, thereby gaining full ownership of them. This financing option is particularly popular among business owners who need vehicles or equipment for their operations. It is suitable for businesses of all sizes, from small enterprises to large corporations, as well as for individual entrepreneurs across Australia.
The advantages of a chattel mortgage include:
- Flexible loan terms ranging from 1 to 7 years.
- A balloon value (residual) option between 0% and 70%, customizable to your financial needs.
- Access to highly competitive interest rates.
- The interest on the loan is tax-deductible.
- The ability to claim depreciation on the asset.
- Options for 100% financing, partial payment through a deposit, or vehicle trade-in. The chattel mortgage can then cover the remaining purchase amount.
- Ability to claim GST on the purchase in your next Business Activity Statement (BAS).
- No GST charged on your regular repayments or the final balloon payment.
- Consistently low fixed interest rate.
- Payment plans that can be tailored to align with your business’s cash flow requirements.
Novated Lease
The most tax effective way to own your dream car today!
Owning your dream car becomes more tax-efficient with a novated lease! This method not only saves you money on your next car purchase but also simplifies your life. With a novated lease, forget about the hassle of paying for fuel, servicing, tyres, registration, or insurance – it’s all included. We handle everything, so you can enjoy peace of mind.
How does it work?
First, it consolidates all your vehicle-related expenses, managed by the finance company. This means you only have one predictable payment each month, covering all necessary costs like insurance, servicing, registration, fuel, and tyres. Second, a novated lease allows you to use some of your pre-tax income for repayments. This smart financial strategy reduces your taxable income, lowering your tax burden and increasing your monthly disposable income, a benefit you don’t get with standard car loans.
- Your taxable income decreases due to pre-tax salary contributions, leading to higher net pay.
- The vehicle is available for entirely personal use.
- Enjoy GST savings on the purchase of the car, including any accessories and extras.
- Roll your car-running expenses into your pre-tax payments.
- Electric vehicles (EVs) benefit from an exemption from fringe benefits tax, offering even greater savings.
- Freedom to lease either new or used cars.
- Select your desired vehicle and keep it, even when changing employers.
- Flexible terms with fixed interest rates, without the need for an initial deposit.
- Simplified budgeting and financial planning with all car-related costs included in one monthly payment.
- Enhanced cash flow management, aiding in personal financial stability.
Low Doc Car Loans
We understand Low Doc Car Loans
Navigating low doc car finance for business owners and the self-employed: If you’re self-employed or a business owner and need car finance but lack the standard documentation to prove your income, we’re here to assist you in securing the vehicle you require.
How do I get low doc car finance?
Securing low doc car finance: Without traditional payslips, we use alternative methods to confirm your income for low doc car finance. This may include examining your bank account conduct and other acceptable documents. Lenders might also look into your past employment history and perform a credit check.
Finance up to 100% of your car’s value
You can often finance the entire value of your car, including on-road costs, stamp duty, and registration, without needing a deposit.
Flexible repayment terms up to seven years
Choose a loan term between one and seven years to keep your repayments manageable.
Customisable repayment schedule
Align your loan repayments with your income cycle, opting for weekly, fortnightly, or monthly payments.
Streamlined application process
Our team works to simplify the application process, making it quicker and more straightforward for you.
No GST on car purchases for business use
Claim the GST on your car’s purchase price, potentially saving you thousands.
Tax-deductible interest
The interest on your loan repayments is a business expense and can be claimed on your tax returns.
Claim vehicle depreciation
The depreciation of your car can also be claimed as a business expense on your taxes, offering additional savings, especially if purchasing a new vehicle.
Support and guidance
We provide expert advice and support throughout the process, ensuring you understand every aspect of your low doc car loan.
