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Business Car Loan Comparison Tool
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Business Car Loan Specialist
With over 25 years of experience in finance, we have a reputation for negotiating great rates with same-day approvals.
Business Vehicle Loan Products
Unlike personal use auto loans, businesses have a selection of commercial finance facilities to choose from for the car loan. Jade offers the full portfolio of loan products including:-
- Chattel Mortgage, also known by some lenders as Business Vehicle Loan
- Leasing
- CHP
- Novated Lease with Salary Sacrificing
The Jade Finance Advantage
As a major lender in business vehicle finance, Jade has a track record for achieving great outcomes for our customers. All our business car loans include:
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Fixed car loan terms, structured to suit your business requirements
Fixed monthly repayments negotiated to work with your projected cash flow
Negotiated terms and rates with loans sourced from a large selection of banks and non-bank lenders
No deposit car finance available unless deposit is requested by the lender
Quick quotes, fast approvals, prompt settlement
Professional experienced consultants to handle your loan and assist with the paperwork from initial enquiry right through to settlement
Types of Vehicles
Vehicles purchased by a business for use in that business generally meet the criteria for business financing. These include passenger cars such as sedans and hatchbacks, a large range of SUVs, utes and work vehicles such as cab chassis models, light delivery vans and other types.
Both new and used cars can be financed with a business motor loan. The age and features of used cars are often taken into consideration by individual lenders when making an offer. Your Jade credit consultant will discuss these issues, if relevant, with you. If purchasing a used car, your consultant can assist with REVs checks and other verification issues.
Both new and used cars can be financed with a business motor loan. The age and features of used cars are often taken into consideration by individual lenders when making an offer. Your Jade credit consultant will discuss these issues, if relevant, with you. If purchasing a used car, your consultant can assist with REVs checks and other verification issues.
- Dealer purchases
- Private sales
- Auction purchases
The full price range of cars also qualify for business car finance, subject to individual lender and Jade thresholds. Minimum loan amounts apply and some lenders will have maximum loan amounts for some applicants.
Business car finance is available for one car, multiple vehicles or entire fleets.
Business Car Loans Similarities and Differences
The business automotive financing products include similarities and differences. In general terms:
- Chattel Mortgage is suited to the cash accounting method.
- Leasing is suited to off balance sheet requests.
- Commercial Hire Purchase (CHP) is suited to accruals accounting.
- With Chattel Mortgage and CHP (when accrual accounting) the full GST on the purchase price can be claimed on the next BAS return following purchase. With leasing, GST is applied to the leasing payments and claimed by the borrower accordingly. GST does not apply to the interest portion of any business loan.
- With Chattel Mortgage, the ownership of the automobile is held by the borrower from the time of settlement/purchase with the lender using the automobile as security (holding a mortgage) against the loan. With Leasing, the lender retains ownership of the vehicle through the loan term and on finalising all payments, ownership is transferred to the borrower.
- With Leasing, the monthly repayments are tax deductible as an operating expense. With Chattel Mortgage and CHP contracts, the tax benefit is realised when the business end of year accounts and income tax return is prepared with the depreciation allowance on the vehicle.
- With Leasing, as the car is not listed as an asset/liability in the borrower’s books, it is considered as ‘improving the balance sheet’ for the borrowing business. This can be an appealing for some business operators.
- All business car finance contracts have the option for a balloon (Chattel Mortgage and CHP) or residual (leasing). This is an amount represented as a percentage of the purchase price of the vehicle, not the total loan amount, which is not included in the monthly repayments but set aside for payment at the end of the loan term. By varying the residual/balloon, the repayment amount can be varied to suit the individual requirements. Some lenders will have limits on balloon/residual amounts.
Specialty Business Car Loans
Business vehicle finance is a major area of our business and Jade has the expertise, connections and experience to assist customers that do not meet all the criteria as established by some banks and lenders. Jade Finance is accredited with a range of non-bank lenders that can be more flexible than the major banks when it comes to offering business vehicle finance to operators that do not tick all the standard boxes.
Our specialist business credit services include:-
- ABN loans
- Low Docs Car Loans
- No Doc Car Loans
- Bad Credit
These loans can be an easier option compared with full documented motor finance, but in many cases, present a highly workable solution. Our Jade consultants work closely with each customers towards achieving a cost-effective outcome.
Jade is a specialist in business car finance and consistently achieves better interest rates and cheaper business vehicle loans for our customers. The business automotive loan category is one of the most competitive in the lending sector and with so many operators, using the services of Jade to source your financing offers many advantages.
In order to be eligible for a business use loan, the vehicle being purchased must be intended to be primarily used in the business and the applicant must, at a minimum, hold an ABN. Business car loans are priced more competitively than personal use vehicle lending with lower interest rates than for personal lending.
Business car loans are available for all types of business structures including sole traders, SMEs, partnerships, family business and large corporations. Jade Finance works with all types of business customers to achieve a cost-effective auto finance deal at the cheapest interest rates.
To expedite your business vehicle finance deal, simply contact Jade and we’ll handle the process with our smooth, streamlined and efficient service to save you time, hassle and money.
To discuss business vehicle finance contact Jade Finance on 1300 000 008.
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*The purpose of the interest rate comparison table is to provide a guide only and for comparing the interest rates on different commercial loan products. Quoted repayments are based on advertised rates and do not include lender fees and charges. An offer made to you by a lender may be at a different interest rate and have a different repayment. Using this device is not an application, any indication of an offer, and is not a loan approval.
DISCLAIMER: This comparison chart is provided for general reference purposes only. It is not in any way intended as a loan application, it is not a quote for business finance or any indication that an application has been received or approved. The rates quoted are for business use where the funds are predominately for business use and may not include all the fees and charges that may be applicable. The interest rates and the repayments displayed do not account for any conditions pertaining to your individual loan application. Therefore the interest rate and repayment you may be offered may vary from the amount shown.
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Business Car Finance FAQ's
Due to the wide range of different businesses, business motor loans require a more personalised and individual approach than personal use loans. While we have endeavored to address the major aspects of business vehicle finance in our web pages in general terms we realise, some people need more details. All business finance deals are individually negotiated and structured by a Jade consultant based on specific requirements of that business. In this series of FAQs we’ve covered a few specific details and if you still have questions, please contact us 1300 000 008
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As long as the vehicle is being purchased for primarily business purposes, in general, all cars and vehicles are eligible for business car loans. This includes work vehicles such as utes, vans, cab chassis and other light delivery and other vehicles. The full range of cars are usually eligible including SUVs, 4WDs, wagons, passenger cars, hatchbacks and sedans.
New and used cars can be financed. The condition and/or age of a used car may be taken into consideration by a lender when offering a car loan. Thresholds may also apply to minimum and maximum loan amounts, depending on individual lender requirements and individual applications
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Businesses have the choice of a number of loan types to finance their vehicles: Chattel Mortgage, Leasing, Commercial Hire Purchase and Novated Car Lease. These loan products, known as commercial finance facilities, are universal in their structure and are applicable (with the exception of Novated Car Leasing) across other business asset acquisitions such as trucks and equipment.
Commercial finance facilities are structured to suit either cash accounting or accruals accounting method and deliver tax benefits in varying ways. There are differences in the ownership of the car throughout the loan term though with each loan, the borrower has full use of the car and is responsible for all operating expenses.
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The car must be predominately used (more than 50%) business use and the minimum requirement is to hold a current ABN. Common business chattel loans include Chattel Mortgage, Commercial Hire Purchase (CHP), leasing and Rent to own.
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Lenders can request a range of financial documentation in the application. This may/usually includes:- the business registered for GST, BAS returns, business financials (income/expenditure), annual accounts, income tax returns, assets/liabilities details and other debts. For business that do not have all the documents to meet these guidelines there are low docs and no doc finance options.