Phone: 1300 669 411

Fax: 1300 669 422

Commercial Hire Purchase &
Chattel Mortgage for Business Purposes

We now offer Commercial Hire Purchase and Chattel Mortgages for vehicles and those that are self employed or are contractors.

Even if you have credit defaults on your credit file we still may be able to assist you in obtaining a car for business purposes.

A balloon payment (a final payment made at the end of the loan term) is optional with both products.

 

 
 

 

The GST refund can be paid off the loan balance (in the 4th month) reducing the other monthly instalments.

Companies, partnerships & sole traders looking for business car finance or a business car loan have a range of options available to them.

The most appropriate type of finance for each business' needs will depend on business structure, cash-flow requirements, GST registration status and tax considerations.

 

Vehicle Inclusions

Passenger Vehicles/Light Commercial	Available for the following types of loans: Full Doc Loans, Low Doc Loans and Start Up Businesses
Purchase of Taxis	Please note that restrictions apply for the purchase of taxis. Applicants should hold the appropriate taxi (vehicle) license
Commercial Vehicles	Generally finance is available for vehicles up to 7.5 tonne. These include Fiat Ducati, Ford Cargo & Trader, Hino Dutro, Isuzu NKR, NPR & NPS, Iveco Daily & Turbo Daily, Kia Combi, Mazda T2600, T3000, T3500, T4000, T4100 & T4600, Mercedes Benz Sprinter, Mitsubishi Canter & Rosa, Mitsubishi Fuso Rosa, Nissan Civilian, Oka 4x4, Renault Master, Toyota Coaster and Dyna, Volkswagen Crafter & I.T.
Prime Movers	Finance is available for this type of vehicle.

 

 
 

 

Product Details

	Full Doc	Low Doc	Start Up Business
Vehicle Types	Vehicle purchase from a Licensed Motor Dealer	Vehicle purchase from a Licensed Motor Dealer	Vehicle purchase from a Licensed Motor Dealer
Loan Term	2 - 5 years	2 - 5 years	2 - 5 years
Interest Type	Fixed for the term of the loan	Fixed for the term of the loan	Fixed for the term of the loan
Repayment Type	Repayments are calculated on Principle and Interest only. Balloon/Residual payments are available	Repayments are calculated on Principle and Interest only. Balloon/Residual payments are available	Repayments are calculated on Principle and Interest only. Balloon/Residual payments are available
Repayment Option	Monthly. Can be made in advance or arrears. Weekly & fortnightly by arrangement)	Monthly. Can be made in advance or arrears. Weekly & fortnightly by arrangement)	Monthly. Can be made in advance or arrears. Weekly & fortnightly by arrangement)
Repayment Method	Direct Debit Only	Direct Debit Only	Direct Debit Only
GST	Applicants can pay the GST instalment applicable to their loan in the forth month of the loan term as an additional payment to the minimum monthly repayment	Applicants can pay the GST instalment applicable to their loan in the forth month of the loan term as an additional payment to the minimum monthly repayment	Applicants can pay the GST instalment applicable to their loan in the forth month of the loan term as an additional payment to the minimum monthly repayment
Max Loan Size	$120,000	$100,000	$50,000
Minimum Loan Size	$10,000	$10,000	$10,000
Security	Passenger and Commercial Vehicles up to 7.5 tonne. This will include cars, utilities, vans and people movers.	Passenger and Commercial Vehicles up to 7.5 tonne. This will include cars, utilities, vans and people movers.	Passenger and Commercial Vehicles up to 7.5 tonne. This will include cars, utilities, vans and people movers.

Product Details

	Full Doc	Low Doc	Start Up Business
Customer Profile	Full doc loans are suitable for applicants who can clearly establish income but might not otherwise meet the requirements of traditional lenders	Low Doc is available to applicants who partially or wholly relied on self-employment for at least 24 months and who may not be able to prove income by traditional means	Start Up is available for recently self-employed applicants who can demonstrate experience in their industry
Entity Structure	The structure of entities which are acceptable for assessment include PAYG applicants receiving car allowances, Sole Traders, Family Trusts, Partnerships and Companies	Sole Traders, Family Trusts, Partnerships and Companies	Sole Traders, Family Trusts, Partnerships and Companies
Verification	Fully verified income for businesses & Self Employed applicants. A minimum of 12 months as Self Employed. Income verified from Tax Return and accompanying Notice of Assessment, supported by bank statements. Payslips as well as employment contracts for PAYG applicants applying for business use vehicles	Stated income assessment is an option for self employed applicants. 2 years required as a minimum period as self employed (ABN registered). Applicants to provide a stated annual average Pre-Tax Profit (based over 2 years) and supply latest 3 months bank statements	Documentation will differ depending on the type of start up application. Fully verified income based on previous established PAYG employment in the same industry for newly created businesses. Income verified from Tax Return and accompanying Notice of Assessment, supported by bank statements. Copies of relevant contracts for newly established business
Verification	Fully verified income for businesses & Self Employed applicants. A minimum of 12 months as Self Employed. Income verified from Tax Return and accompanying Notice of Assessment, supported by bank statements. Payslips as well as employment contracts for PAYG applicants applying for business use vehicles	Stated income assessment is an option for self employed applicants. 2 years required as a minimum period as self employed (ABN registered). Applicants to provide a stated annual average Pre-Tax Profit (based over 2 years) and supply latest 3 months bank statements	Documentation will differ depending on the type of start up application. Fully verified income based on previous established PAYG employment in the same industry for newly created businesses. Income verified from Tax Return and accompanying Notice of Assessment, supported by bank statements. Copies of relevant contracts for newly established business
Applicant Types	All applicants must be Australian Citizens or Permanent Residents. Companies must be registered in Australia. Applicants need to be at least 18 years of age	All applicants must be Australian Citizens or Permanent Residents. Companies must be registered in Australia. Applicants need to be at least 18 years of age	All applicants must be Australian Citizens or Permanent Residents. Companies must be registered in Australia. Applicants need to be at least 18 years of age
Applicant Under 23 years of Age	Need to have good stability in employment and a proven payment history on a regular commitment (rent/credit card/Loan or another regular payment that has had at least 6 months good history)	Need to have good stability in employment and a proven payment history on a regular commitment (rent/credit card/Loan or another regular payment that has had at least 6 months good history)	Need to have good stability in employment and a proven payment history on a regular commitment (rent/credit card/Loan or another regular payment that has had at least 6 months good history)
Acceptable Guarantors	Applicable where the borrower is a company/trust	Applicable where the borrower is a company/trust	Applicable where the borrower is a company/trust
Acceptable Income	Any PAYG including second jobs and car allowance with varying minimum employment terms. Fully verified income from self employment is also acceptable. Restrictions apply to casual income	Stated net income needs to be supported/evidenced through bank statements. Restrictions apply to casual income	Previous PAYG income with varying minimum employment terms. If acquiring a business or franchise relevant financial statements and contracts. Restrictions apply to casual income
Rental Income	Rental income is acceptable at 80%	Rental income is acceptable at 80%	Rental income is acceptable at 80%
Drivers License	Require valid Drivers License showing current residential address for PAYG and Sole Trader applicants. Learners Permit is not acceptable	Require valid Drivers License showing current residential address for PAYG and Sole Trader applicants. Learners Permit is not acceptable	Require valid Drivers License showing current residential address for PAYG and Sole Trader applicants. Learners Permit is not acceptable
Insurance	Comprehensive vehicle insurance is required in all instances and can be paid 12 months in advance or under a pay by the month or Insurance Premium Funding Plan. Evidence of payment of first month required for all pay the by month policies	Comprehensive vehicle insurance is required in all instances and can be paid 12 months in advance or under a pay by the month or Insurance Premium Funding Plan. Evidence of payment of first month required for all pay the by month policies	Comprehensive vehicle insurance is required in all instances and can be paid 12 months in advance or under a pay by the month or Insurance Premium Funding Plan. Evidence of payment of first month required for all pay the by month policies

 

GET YOUR COMMERCIAL LOAN

With OUR Proven Commercial Hire Purchase and Chattel Mortgages Services........

..Without Time Consuming Office Visits