As an employee, get into a dream car and benefit from potential tax deductions, and as an employer, don’t let your cash flow get tied up in a depreciating asset.
Purchase the perfect vehicle for your business needs with our tailored business vehicle finance options. Enjoy money-saving features, potential tax deduction benefits, and with unlimited free extra repayments, you could take a month off payments when you need to ease your cash flow.
We have two types of Business Vehicle Finance options available. The first one is a Car Hire Lease which is suitable for the self-employed who use their car for work a lot. The second option is a Novated Lease suitable for business owners and employees who enter into a salary packaging arrangement to help the employee fund the car from pre-tax income. The main benefit of both options are the tax benefits that can be claimed. You may be eligible for business vehicle finance if you fall in these categories.
The biggest benefit of vehicle finance is the tax benefits you can claim while driving the car you want. For example, if you’re self-employed and registered for GST, then either a portion or the whole amount of your payments can be claimed back. As an employee, if your employer offers salary packaging, you could sign a finance agreement with them so that they can deduct your car loan payments from your pre-tax salary. This would benefit you as it reduces your taxable income. Can I pay off a car loan quicker?
Yes you can make unlimited extra payments directly into your loan and pay it down quickly and save on interest. This is also a good way to build up savings for a rainy day. You can access the extra payments using the redraw facility. Direct salary crediting into your loan offset account is another way to save money because that way you only pay interest on the difference between the balance in your offset account and your loan amount.
Whether you’re looking to buy your first car or upgrade to a newer, more safer and economical model, you may not have ready cash to buy a car outright. That’s where a car loan comes in handy. It allows you to own your car now and pay it off over a set period of time with regular repayments. We also have different car loan options for personal use and business use so you can choose the one that’s right for you.