Motor vehicle lending products are different for private and business buyers, with varying eligibility criteria, rates and lender approval guidelines. Under Consumer Credit Laws, private car buyers requiring personal vehicle credit will need to be 18+ years old and provide information on employment, income, financials and other similar details.
Credit scores are reviewed by lenders with good scores, and history offered the best rates. Applicants with good creditworthiness and ability to furnish the loan may be offered no deposit BMW loans.
Businesses acquiring BMW vehicles for a commercial entity will require an ABN and will be requested to provide a range of financials. Some banks and lenders also require the business to have traded for 12-24 months to meet their guidelines.
To assist new and start-up enterprises that do not meet those trading time guidelines or do not have complete financials, we have connections with lenders that approve premium car financing on a No Docs and Low Docs basis.
Commercial vehicle funding products – Leasing, Chattel Mortgage and Commercial Hire Purchase, have varying features, including suitability to either the cash or accruals method of accounting. Buyers are advised to discuss with their accountant which facility best suits their business structure. Tax deductions are available on all commercial vehicle credit facilities. Deductions are subject to meeting ATO criteria and guidelines.
Contact our brokers to discuss a quote on the credit facility most suited to your BMW purchase.