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CAR FINANCE TYPE GUIDE

Leasing is a very efficient way of funding for your personal or business ventures… whether you need to finance a car, a business or other equipment for any worth while purpose.

Leasing has become a smart way of preserving your hard earned cash by optimising your cash flow and maximising your tax deductions to produce a very effective financial solution. In most cases your repayments are 100% tax deductible.

By registering as member of Mybank you will be able to access a full comprehensive range of equipment lease and rental finance products.

CAR FINANCING OPTIONS:

There are many ways of financing a motor vehicle in addition to the outright purchase of the motor vehicle with cash. You can chose from hire purchase, finance lease, operating lease, novated lease, car loan or a line of credit against your home.

In many instances these finance facilities can be arranged as part of your salary packaging with your employer, through your own business or personally.

In addition, if you purchase a new motor vehicle through a business you are able to claim the GST in your BAS statement.

Under each finance method you are generally able to finance 100% of the motor vehicle purchase price, however each of these financing options do have their own advantages and considerations.

There are numerous reasons why you would finance the purchase of a motor vehicle. The number one reason is because you utilise your vehicle for business purposes and are therefore entitled to a tax deduction for the operating costs of the vehicle, including the associated borrowing/interest costs. Therefore any surplus cash available may be applied against those loans where the interest is not tax deductible, (i.e. on the family home) thereby improving your financial position.

Once you have decided that the most appropriate way to purchase a motor vehicle is by way of finance, you then need to determine the most appropriate type of finance for your individual situation.


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
BUSINESS FINANCING OPTIONS

OPERATING LEASE
FINANCE LEASE
COMMERCIAL HIRE PURCHASE
REVOLVING CREDIT FACILITY
CHATTEL MORTGAGE
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LEASE VS BUY
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