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Enterprises and sole traders often find the need to buy a vehicle for a myriad of business purposes. However, what does one do with insufficient funds to buy a car? In such a scenario, a business entity can apply for business vehicle finance.
A business vehicle allows the borrower to claim GST against the car on purchase, denote the vehicle as a taxable offset, and claim depreciation on the purchase value.
Business vehicle finance is a fixed-term financing contract with a fixed interest rate. The vehicle you purchase using the loan amount will act as the security against the loan, even though you are the designated owner. The ownership rights allow businesses to earn tax benefits from business vehicle financing.
Our team at Broc Finance has years of experience in facilitating business vehicle loans for enterprises, big and small. We can connect you with credible lenders and ensure that you find the best rates and favourable loan terms to benefit your business.
Business vehicle finance has distinctive features, separating it from other forms of asset finance. Here’s a list of its defining attributes:
Here is a list to help you choose a vehicle for your business (that you can buy through business vehicle finance):
| Type of Loan | TERM OF LOAN | ADVANTAGES | DISADVANTAGES |
|---|---|---|---|
| Chattel Mortgage | 1-7 years | Can claim GST, Depreciation and other tax benefits. | Record of vehicle ownership on the business balance sheet. |
| Operating Lease | 1-7 years | Lower upfront cost, able to upgrade, potential tax benefits, no deposit required. | The business will not have ownership of the vehicle. |
| Hire Purchase | 1-7 years | More flexible payments, potential tax deductions | Full ownership only at the end of the loan term. |
| Finance Lease | 1-7 years | Balloon/Residual options, lower monthly repayments, tax benefits | Running costs are not generally included in the lease. |
*The information provided in critical information sheet is intended as a guide only. Please contact us for more information.
No matter what kind of business financing solution you seek, Broc Finance will help facilitate your funding needs, including business vehicle finance. We have been actively helping enterprises replenish their cash flow, through diverse business financing means.
Our team has an unscathed record of working with clients and businesses ranging from small to big enterprises, new businesses, and start-ups. Even companies with bad credit scores can benefit from our range of services concerning business financing.
Broc Finance acts as a bridge between business owners and lenders, matching them up appropriately after assessing the financial situation of the business and its funding requirements.
Seeking our help is easy. You only need to fill up a form online and submit it; our experts will reach out to you in no time.
Once you reach out to us, we spare no time to assess your financial condition and other business details to match you with the right lender. You can get approval in as low as 24 hours and consecutively access funds.
You can be eligible for a business vehicle finance if you intend to use the car at least 51% of the time for business purposes.
The interest rates against business vehicle finance vary from case to case. You will have to provide details to our experts so they can get the best interest rates for you from a credible lender.
Yes, that is possible. Over the years, we have helped many businesses with bad credit history get business financing with favourable terms and interest rates. Reach out to our experts for details.
Contact us today and discover how our expertise can help your small business thrive.
CALL US
1300 253 041
EMAIL US
enquiries@brocfinance.com.au
Broc Financial Services Pvt Ltd.
ACN 648 088 304
Credit Representative number 540795 is Authorised under Australian Credit Licence Number 389328