Whether you’re in the market for a used car loan or a new car loan; or if your considering car finance to lease a business vehicle, your local mortgage broker from Homeloans Plus can make applying for finance a simple process.
We work with lenders who specialise in vehicle finance; who offer competitive rates and flexible solutions to get the car loan that’s right for you.
A secured car loan is when the financier lends the client money for the purchase of a vehicle and takes security over the vehicle to protect the loan.
The lender will lift the title over the vehicle at the end of the term, allowing the title to be transferred to the client.
If you're in the market to buy a new or used car and you don't want to use the car as security against the loan, you may consider an unsecured car loan.
An unsecured car loan is a loan that allows you to purchase a vehicle without the need of using the car as security. Interest rates are normally higher on an unsecured car loan.
If you're a sole trader or business owner wanting to finance a business car, there is a range of vehicle finance options.
Unlike personal car loans, a business car loan will often come with tax benefits and flexible lease options.
Find out what type of business vehicle finance is right for you and compare your options for a business car loan below.
A Chattel Mortgage is a commercial product available to ABN registered businesses or sole traders. Individuals that receive a car allowance from their employer can also access this product. Under a Chattel Mortgage, the customer takes ownership of the vehicle at the time of purchase. This is the most commonly used loan for businesses.
Commercial Hire Purchase is where the lender purchases the vehicle on the client’s behalf, the client then hires the vehicle from the lender for a fixed monthly repayment over a set period of time.
The client can use the vehicle but is not the owner. The client will take ownership of the vehicle at the end of the term and once all payments have been made.
A Finance Lease is where the client has use of the vehicle and the benefits of ownership, while the lender retains ownership of the vehicle. The client can take ownership, trade or refinance the vehicle at the end of the term.
A novated lease is a 3-way agreement between yourself being (the employee), your employer and the lender. A novated lease allows a business to lease a motor vehicle on behalf of an employee. The responsibility of the lease and ownership of the vehicle is with the employee. Lease payments are made from the employee's pre-tax income.
Homeloans Plus can do more than just help you with your home or car loan.
If you’re thinking of buying you’re dream boat, caravan, motorhome, campervan or motorbike, give us a call as we have access to lenders who specialise in a range of leisure vehicle finance.
Finance for caravans, motorhomes and campervans can be obtained for either personal or business use.
Marine finance covers a range of different marine craft, including new or used boats, cruisers, jet skis and wave runners.
We can also help with loans for new or used road bikes, off road bikes, custom built bikes, scooters or ATV's.
All content is general in nature. Before undertaking any financial decision, please obtain personal financial advice that is tailored to your situation and is documented in our credit guide.
Jeffrey Parker is an authorised credit representative (Credit Representative Number 394045) of Custom Equity Group Pty Ltd (Australian Credit Licence Number 383666).
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