Vehicle finance, business car leasing, car finance #basic #finance


#business car finance

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Business vehicle finance

Existing Westpac business banking customers
if you’re already a Westpac customer, because we know about your finance history, you may qualify for on the spot approval with no need to provide financials if your credit check meets our lending criteria.

Choice – 3 vehicle finance options to choose from: finance lease, commercial loan and commercial hire purchase. (People sometimes refer to a commercial loan as a goods loan or chattel mortgage)

Potential tax benefits – depending on the business vehicle finance option you choose.

Get certainty with fixed payments on a finance lease and commercial hire purchase, or a fixed interest rate on a commercial loan.

  • Negotiate flexible repayment terms to suit your expected cash flow and budget – monthly, quarterly, half-yearly, annually or structured as negotiated
  • Minimum finance amount – $15,000
  • Terms from 1 to 5 years
  • Use the vehicle you’re purchasing as security.

Features

Learn about our three different vehicle financing products

There are 3 different vehicle financing products that allow you to know exactly how much you need to pay for the life of the agreement:

  • Commercial loan has fixed interest rates
  • Commercial hire purchase and finance lease have fixed payments
  • Revolving limit is available. Ideal for customers with a fleet
  • Residual value for finance lease or balloon for commercial hire purchase or commercial loan is available.
So which finance option suits you best?

Commercial Hire Purchase

We purchase the asset at your request and rent it to you for an agreed period.

You source and own the asset and we provide a loan secured by the asset.

We purchase the asset at your request and you buy it from us in instalments.

Who owns the asset?

We do and you rent it from us.

You do and we hold it as security.

We do until the agreement has been paid when ownership is transferred to you.

What is the potential tax benefit?

The rental payments are generally tax deductible.

The interest on the finance and depreciation of the asset are generally both tax deductible.

The interest on the finance and depreciation of the asset are generally both tax deductible.


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