When you have a business, your transport costs are an important overhead expense to consider. Finding the right loan for your small business or company can lead to big savings on GST and the running costs of your company car.
We're here to help. Our expert brokers can negotiate a solution with our leading network of lenders – we work with specialists who understand the various ABN car loan products that are available in the market and how to save.
The three key ABN car finance options for business owners, sole traders and sub-contractor are chattel mortgages, novated leases and low-doc car loans.
What is a chattel mortgage?
A chattel mortgage is a commercial car loan solution that can work for ABN holders. This type of loan works in two ways. The chattel is the vehicle itself which when purchased becomes the property of the company. The bank then mortgages that vehicle and it is used as security against the loan. There are often many low rate chattel mortgage products available, with flexible repayments options including balloon payments.
What is a low-doc car loan?
A low doc car loan is a loan suitable for ABN holders who don't have all the traditional paperwork to get approved. Some small business owners, sole traders and sub-contractors are unable to produce the required pay slips, tax returns and bank statements some lenders require to assess income. We can help. We work with lenders with more flexible lending criteria – this means you can still get a car loan for your business!
What is a novated car lease?
Novated car leases are similar to car loans however this product includes three parties; the borrower (you), the commercial car seller and your employer. This option is suitable for business owners who want to provide employees with company vehicles but do not want to purchase the vehicles as commercial cars. The repayments are made from an employee's pre-tax income, this reduces the employee's taxable income. The leads to savings for both the employee and employer.
If you're just not sure, talk to National Finance + Loans. ABN car loans are our thing – we can help identify what product will work best for your business.
Our teams have the knowledge and experience to find and compare different types of ABN car finance solutions from our panel of over 20 lenders. Our panel of lenders includes banks (both big and small), non-traditional lenders, and peer to peer lenders. Find a great car loan, fast!
An ABN car loan is a loan suitable for ABN holders (business owners, sole traders and subcontractors) who want to purchase a car for commercial use.
Get National Finance + Loans on your team. Ask questions or apply today by phone, online or in person.