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CAR FINANCE TYPE GUIDE

Finance Lease:

It works like a rental agreement, where you lease the vehicle from the finance company for an agreed period of time (usually 4 years).

The financing of the vehicle may be spread over a fixed term with the final payment representing a balloon payment (usually 30% of the value). Legal ownership is transferred to you once final payment is made.

Benefits:

  • You can set the terms with a fixed interest rate to provide your payment certainty
  • If you use the car for income producing purposes you may claim the full payment as a tax deduction
  • Lease rentals are subject to GST but you may claim GST credit if your business is registered for GST

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.

CAR FINANCING OPTIONS

HIRE PURCHASE
FINANCE LEASE
OPERATING LEASE
NOVATED LEASE
CAR/CHATTEL LOAN
LINE OF CREDIT
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