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What are Business Vehicle Loans in Australia?

Enterprises and sole traders often find the need to buy a vehicle to utilize it for myriad business purposes. However, what does one do with insufficient funds to buy a car? In such scenarios, a business entity can apply for business vehicle finance or business car 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.

Reviews on Google

Alexander Pacitto
Alexander Pacitto
Saroj was fantastic in getting finance organised for my business. Efficient, responsive and concise. Recommend.
Arjuna Gunasekara
Arjuna Gunasekara
Callum Baxter
Callum Baxter
Vicky Angelucci
Vicky Angelucci
Quick, efficient and easily understood our needs as a small business. Thank you Saroj.
Raphael Mamudi
Raphael Mamudi
Saroj is a life saver. I’ve never met such a genuine and more passionate person about their job. He has absolutely gone above and beyond for me and my business and am so grateful our paths crossed. Thank you brother!
Shey Bhatti
Shey Bhatti
They are the best, I was having defaulted credit application and they sorted me with quick funds to resolve my issues, Also the best part they removed my Default flag on credit file. Many thanks SAROJ
Josh Zhang
Josh Zhang
Dealing with Saroj is nice and easy. He is really professional and diligent ☺ The process is so smooth, I just need to provide all the details then it's done.
Kate Tiller
Kate Tiller
Saroj was incredibly efficient and made this whole process so simpleand easy., I was thrilled to have my approval so quickly and managed so well. I highly recommend Saroj and this team any day of the week! Kate
As a Small Business owner of AA DOOR SERVICES, i would like to thank Sanroj for his help for my financial need with regards to Cash Flow so i can scale up and grow my business. Sanroj was very helpful from the minute i spoke to him over the phone. He walked me through it every step of the way to help me out and speed things up. Overall, a friendly guy and i did not feel pressured while i was on the phone with him. Everything went so smooth and within the duration of 48 hours maximum, the money was in my Business Account. Definitely recommend Broc Finance. Thanks again Sanroj Kind Regards, Alden Arrighi AA DOOR SERVICES
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What are the Key Features of Business Vehicle Finance?

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Business vehicle finance has distinctive features, separating it from other forms of asset finance. Here’s a list of its defining attributes:

  • Allows enterprises to secure funding as a business vehicle if they intend to use more than 51% of the time for business purposes. 
  • Fixed repayments and lower interest rates as compared to an unsecured business loan.
  • The loan is secured against the vehicle that you are buying so no additional security required.
  • Business vehicle finance is quite popular among small businesses and sole traders. It is quite beneficial to them. 
  • The interest rates against the loan vary as per the age, model and condition of the vehicle. 
  • The loan terms vary between 1-7 years. 

Business vehicle finance offers tax benefits to business owners and enterprises.

What Kind of Vehicles Can You Buy with Business Vehicle Finance?

There is a whole list of vehicles that you can buy using business vehicle finance, such as:

  • Cars
  • Heavy-duty vehicles
  • Medium to small vehicles
  • Vans, PIck-up and Utes
  • Truck, trailers, and buses
  • Motorbikes
  • Scooter
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What are the Benefits of Business Vehicle Finance?

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Business vehicle finance can benefit an enterprise in multiple ways, such as:

  • Helps to maximize the working capital and preserve its cash flow. 
  • Since the repayment amount is fixed, it helps the borrower in accurate and precise projection of the expenditure and income. 
  • There are flexible payment options, allowing the borrowers to choose an amount that will not deplete the cash flow. 

There are tax benefits like depreciation and interest claim on the profit and loss statement of the business.

How to Choose the Right Business Vehicle Finance?

A quick synopsis of the top 10 business loans in Australia has been presented in the comparison table below.
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.

How Can Broc Finance Help?

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.

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