CAR FINANCE TYPE GUIDE

Hire Purchase: Provides for the financing of the vehicle over a fixed term with a pre-agreed payment plan. When you pay off the loan in full, legal ownership is transferred to you. Benefits: You can finance 100% of the vehicle purchase price, or place a part deposit You can purchase the vehicle at any time during the term of the agreement Pre-agreed payments with a fixed interest rate provides certainty if rates increase If you use the car for income producing purposes the interest component of the payment and the depreciation on the car may be tax deductible Considerations: The full cost of maintaining the vehicle is your responsibility.

Disclaimer: The above is a generic representation only. It does not constitute financial advice or mortgage structuring advice. It is only to be used as a guide only. Please discuss your financial needs with a financial planner, accountant or your banking representative. No reliance should be placed on the above information.