Car loans by Auscare
Auscare Home Loans can also help you buy the car or any other set of wheels you’re after. There
are a few different types of vehicle finance available in the market. Have a look to see which one
suits you best.
are a few different types of vehicle finance available in the market. Have a look to see which one
suits you best.
Novated Leasing:
If you are in a steady job, Novated Lease can be an option for you to buy a car and have the tax benefits of buying a car as a business owner. A Novated Lease is a three way agreement between an employer, employee and finance company whereby the employee enters into a car lease with the financier and the employer agrees to take on the employee's obligations under the lease. Talk to your employer to know the company’s policy on Novated Leases.
If you are in a steady job, Novated Lease can be an option for you to buy a car and have the tax benefits of buying a car as a business owner. A Novated Lease is a three way agreement between an employer, employee and finance company whereby the employee enters into a car lease with the financier and the employer agrees to take on the employee's obligations under the lease. Talk to your employer to know the company’s policy on Novated Leases.
Chattel Mortgage:
A Chattel Mortgage is a secured loan that is wholly or predominantly for business use. The financier advances the funds to the borrower in order to purchase the vehicle, whilst the financier takes a mortgage. Title to the goods remains with the borrower. Under Chattel Mortgage, borrower may be entitled to claim interest paid and depreciation on the goods.
A Chattel Mortgage is a secured loan that is wholly or predominantly for business use. The financier advances the funds to the borrower in order to purchase the vehicle, whilst the financier takes a mortgage. Title to the goods remains with the borrower. Under Chattel Mortgage, borrower may be entitled to claim interest paid and depreciation on the goods.
Hire Purchase:
People also refer to it as Commercial Hire Purchase. Under this loan arrangement, the customer hires the vehicle from the financier for a fixed monthly repayment over a set period of time. During that period, the customer has the use of the vehicle but is not the owner of the vehicle. At the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car. Hence the name Hire Purchase.
People also refer to it as Commercial Hire Purchase. Under this loan arrangement, the customer hires the vehicle from the financier for a fixed monthly repayment over a set period of time. During that period, the customer has the use of the vehicle but is not the owner of the vehicle. At the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car. Hence the name Hire Purchase.
Car Loan:
This is the most common of all types of vehicle finance. A Car Loan is suitable for individuals who wish to purchase a late model car and do not have significant business use of their vehicle.
This is the most common of all types of vehicle finance. A Car Loan is suitable for individuals who wish to purchase a late model car and do not have significant business use of their vehicle.
