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Auto finance FAQs
There's a wide variety of car loan options, which in itself can cause a lot of confusion. But don't worry, we will help you select a car loan that suits you best and manage the whole process for you. These are the three most common types of car loans.
Our advisors are always looking at improving their services; what they offer, new products, interest rates and ways to help customers reduce their overall repayments. Yes, they get a commission from the lender they represent and they're worth every cent, purely on the added value they offer for both the customer and the lender.
Consumer Fixed Rate Car Loans
Fully Maintained Novated Lease
Business Use Car Loans or Car Loans for Business
This is the most common type of loan for a car where the interest rate is fixed for the whole term of the car loan. This helps you budget your living expenses because there's no interest rate increase surprises along the way.
Loan terms are usually between 2 – 7 years with monthly or fortnightly repayments.
You could spend a lot of time shopping around all of the car finance companies in Perth, trying to understand and compare their car loans and whilst we strongly encourage you to ensure that whichever car loan you choose is the right one for you, choosing a car loan solely because you think you're getting a lower interest rate may end up costing you a lot more in the long run.
A fully maintained novated lease combines the cost of the actual car and the vehicle's running expenses over a given period (usually 3 years) into one monthly lease payment. The running costs usually includes; servicing, maintenance & tyres; fuel; registration and insurance; accident management; other tax costs & FBT.
This type of car finance is an agreement between an employer, employee and finance company. An employee leases the car from the finance company and the employer agrees to take on the obligations (make the payments) under that lease agreement. The employer pays the monthly lease payments on behalf of the employee and provides the vehicle to the employee as part of their salary package. If employment ceases, the lease obligations revert to the employee.
As an employee, a fully maintained novated lease may reduce your income tax and may saves you the GST costs on the purchase of the vehicle and its running expenses. At the end of the lease term, the equity in the vehicle is yours, not your employers. You choose the vehicle you want, you purchase the vehicle and the lease agreement is in your name. As part of your agreement with your employer, a portion of your earnings is salary sacrificed in return for the vehicle. The lease portion is deducted from your pre-tax earnings and PAYG tax is calculated after the lease portion has been deducted.
Employers benefit by being able to offer a flexible salary package with little or no-extra cost to the business without risk.
Talk to your employer to see if they offer salary packaging and find out what choices you have.
Chattel mortgage or commercial hire purchase (CHP) are each different types of car loans designed for all types of businesses from a sole trader through to large corporations. Both these types of business car loans are designed by the ATO to maximise your tax benefits and claim the GST (if you're registered). But please remember, consult your accountant or tax advisor for advise about your individual circumstances.
The car loan term, deposit or the residual can be adjusted to help make the monthly repayment fit into your budget and your business.
We have years of experience helping businesses in Perth with business car finance. We understand the benefits of buying a car through your business. In a lot of cases, we can help organise an approval within a few hours, without all the rigmarole and streams of financial paperwork some of the major banks require.