Car loans

Save on tax with a chattel mortgage

Chattel mortgages can be a great way to finance your company car. The loans are made out of two parts: the chattel, and the mortgage. The chattel is your car, which becomes the property of your business. The lender then mortgages the car, using it as security for your loan. 

As you own the car upfront, you can get some great tax benefits. These include claiming the interest you pay on your repayments as well as the depreciation on the car itself (up to depreciation limits.) But your savings don’t just stop there. As it’s a cash sale, you can claim the GST on the purchase price as well as the full input tax credit. 

Chattel mortgages come with a range of repayment options, including balloon payments, so they can be tailored to fit your business’ cashflow needs. And as it’s a secured loan we can find you a great deal as these types of loans often come with lower rates. 

That said, chattel mortgages are not suitable for every ABN holder. Our team can help guide you through the process of deciding if it’s right for you. Contact us today to find out more.

Can’t prove your income?

When you’re a small business owner, self-employed or a sole trader, getting a car loan can be a struggle. That’s because most lenders want you to show proof of a stable income such as payslips, complete tax returns and bank statements. So it can be a big hassle if your income ebbs and flows or you don’t have the right paperwork easily on hand.  

Let us solve your problem! We’ve regularly helped many ABN holders get their businesses moving by finding them a great low-doc car loan. You don’t need as many supporting financial documents and can even self-verify your income to qualify. 

As we work with over 30 lenders, we can match you with the right low-doc car loan at a competitive rate that suits your needs.

Find the right low-doc loan for your business by filling out our online application form today.

Confused about novated leases?

Novated car leases are similar to car loans except they involve three parties: your employee, a lender, and yourself as a business owner. You lease a car from a lender on behalf of your employee, taking the repayments out of their pre-tax salary. They get a tax-break – and so do you (if you meet payroll tax thresholds).   

The best bit? You’re essentially giving your employee a pay rise and a company car at no cost to you. So it can be a great way to retain and reward your staff and, unlike other fleet options, if they leave – the lease goes with them! 

Still not sure if novated leasing is the right option for your business? Then talk to us, as business car finance is our thing. We can help you identify what product works best for your business needs. Contact us today to find out more.