A Car Loan is a personal finance product where the financier lends the customer funds for the purchase of a vehicle, and secures the loan against that vehicle. A Car Loan is can also be known as a Consumer Loan or a Secured Car Loan.
Under a Car Loan the customer takes ownership of the vehicle at the time of purchase, and the financier takes an interest in the vehicle as security for the loan. Once the contract is completed, the financier lifts their interest in the vehicle, giving the customer clear title.
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A Personal Loan is a type of unsecured car loan, whereby the financier lends you money but doesn't take any security over the vehicle. Personal loans have all the same benefits as Car Loans without the vehicle used a security
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A Chattel Mortgage is a commercial finance option whereby the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase. The financier then takes a "mortgage" over the vehicle as security for the loan, by registering their interest over it with the PPSR. Once the contract is completed, the security interest is removed giving the customer clear title to the vehicle.
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Commercial Hire Purchase
Under a Commercial Hire Purchase (CHP) arrangement the financier agrees to purchase the car 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 vehicle 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 car.
Commercial Hire Purchase can also be known as a Corporate Hire Purchase, Hire Purchase or Offer To Hire.
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A Car Lease or Finance Lease is a commercial finance product which enables the customer to have the use of a car or commercial vehicle and the benefits of ownership, while the financier retains actual ownership of the vehicle.
The financier purchases the vehicle on behalf of the customer, who then leases the vehicle back from the financier and pays a fixed monthly lease rental for the term of the lease.
At the end of the lease the customer can either pay a residual value (final instalment) on the lease and take ownership of the car, trade it in or re-finance the residual and continue the lease.
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Novated Lease (Salary Packaging):
Novated Leasing is a method of salary packaging a car, under which an employee leases a car and the employer agrees to take on the employee's obligations under the lease, paying the monthly lease rentals from the employee's pre-tax income ("salary sacrificing" this income).
Under a Maintained or Fully Maintained Novated lease, the car's operating expenses, such as fuel, servicing, registration and other running costs, can also be packaged.
A Novated lease is a three way agreement between an employer, employee and finance company, and under this arrangement, the employer pays the monthly lease rentals on behalf of the employee (by way of salary sacrifice), and provides the vehicle for the employee to use as part of their salary packaging arrangement. If employment ceases for any reason, or the lease agreement is finalised, the Novation ceases and the obligations assumed by the employer revert back to the employee.
Please contact us to see if a novated lease benefits you.