Asset Finance for car image for Urban Money

Asset Finance for car, truck or other worthwhile purpose

Description Asset finance for the purchase of a motor vehicle, boat, caravan, motorbike, truck, farm equipment or other worthwhile purpose
Loan Purpose Motor vehicle, boat, caravan, motor bike, truck, farm equipment or any other worthwhile purpose
Loan Amount $5, 000 +
Loan Term Up to 7 years
Finance Options
  • Consumer
  • Business – finance lease, commercial hire purchase, chattel mortgage, novated lease
Full Doc Income Requirements
  • PAYG with base income only – latest 2 payslips supported by the latest available tax assessment.
  • PAYG with OT and/or commissions. Latest PAYG payment summary (computer generated) or Tax Assessment Notice are also required.
  • Self Employed – 1 year full business/company and personal tax returns. This must also be supported by the latest available tax assessment notice.
Low Doc Income Requirements
  • Income Declaration
  • ABN Registered for a minimum of 12 months
Balloon/Residual Up to 50% of the asset value
Repayment Options Principal and Interest
Additional Repayments Yes
Repayment Frequency Weekly, Fortnightly, Monthly
Property Requirements Registered first mortgage over asset
Loan Protection Yes, quotes available on application
GAP Cover Yes, quotes available on application
Age of Vehicle
  • Up to 20 years old at the end of the loan period

Types of Asset Finance

Finance Lease

Equipment loan icon for Urban MoneyLease the vehicle or equipment you need with no upfront deposit, with flexible terms to match your cash flow requirements.

With a finance lease, you can manage and maximise your cashflow by leasing rather than buying the machinery, equipment or cars you or other items for your business.

A finance lease has a number of benefits. However, you should be sure to consult your accountant about your personal circumstances.

A finance lease will allow you to have immediate access to the equipment you need to run your business, without having to come up with the full purchase price. This frees up cash flow for the other things you need.

We work with you to decide on terms and payments to meet your budget and we can adjust your repayments to match seasonal cashflows or other operating requirements.

Tax benefits and deductions
Generally, the rental interest you pay is deductible to the extent the equipment is used in the business.

Things you should know:

As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. Applications are subject to the our normal credit approval and suitability of the asset. Fees and conditions apply.

You should seek independent, professional tax advice before making any decision based on this information.

Commercial Hire Purchase

Equipment loan icon for Urban MoneyA Commercial Hire Purchase is a commercial finance product where the customer hires the asset from the financier for a fixed monthly repayment over a set period of time.

Under a Commercial Hire Purchase arrangement the financier agrees to purchase the asset on behalf of the customer, and then hire it back to them over a set period of time.

The customer has the use of the asset for the term of the contract 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 asset.

Under a Commercial Hire Purchase arrangement the hirer may be entitled to taxation benefits, however, you should seek your own independent taxation advice, as this may not be applicable to your situation.

We can also organise a hire purchase agreement without the need for a deposit. However, if you would like to pay something upfront, we can organise that option for you as well.

Things you should know:

As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. Applications are subject to the our normal credit approval and suitability of the asset. Fees and conditions apply.

You should seek independent, professional tax advice before making any decision based on this information.

Chattel Mortgage

Equipment loan icon for Urban MoneyAn Equipment Loan (also known as a chattel mortgage) lets your business borrow funds to buy a car or equipment for business purposes. It’s a popular choice for a lot of businesses.

You can also choose a balloon payment (the remaining balance owed on your loan at the end of your loan term) to structure a repayment amount that suits you.

The main reason why chattel mortgages differ from consumer car loans is that your financier will secure the loan using the “chattel,” or vehicle you intend to purchase. You take ownership of the equipment upon purchase and once you pay the loan off, the mortgage is removed – much like a “traditional” mortgage.

Since a chattel mortgage is a business transaction, you can claim depreciation and other benefits reserved for business customers.

Things you should know:

As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. Applications are subject to the our normal credit approval and suitability of the asset. Fees and conditions apply.

You should seek independent, professional tax advice before making any decision based on this information.

Novated Lease

Car loan icon for Urban MoneyA popular car finance option for employees. A Novated Lease is a three-way agreement between you, your employer and your lender.

We make a lease arrangement with your employer to finance a car for your personal use through salary sacrifice.

A novated lease is arguably one of the most cost-effective car ownership options for Australians.

A novated lease allows you to access savings on income tax and GST through your employer.

Under a novated lease, you agree to forgo a portion of your salary to cover your car’s running costs, some of which you can pay for in pre-tax dollars. We then use your regular salary deductions to pay for your cars running costs on your behalf. This includes finance, insurance, registration, fuel, tyres and servicing, which makes running your car much easier and more affordable.

Our team can help you find out if you’re eligible and provide you with a personalised quote for your individual situation. Get in touch with us today.

Things you should know:

As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. Applications are subject to the our normal credit approval and suitability of the asset. Fees and conditions apply.

You should seek independent, professional tax advice before making any decision based on this information.

Contact us to get a quote

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