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Can I get a car loan when I get my driver licence?   

Car loans and driver licences are separate issues and not connected except that a driver licence can be used as one form of ID in applying for a car loan. Driving licences come under state regulations and the age for getting a licence may vary across the jurisdictions. In most states and territories a person can get a driver licence under the age of 18. Under the Consumer Credit Laws in Australia, you must be over 18 in order to apply for and be offered a consumer loan. So just because you have a driver licence doesn’t mean you can apply for a vehicle loan. On the reverse, you don’t need to have a driving licence in order to apply for a car loan. Someone without a driving licence can be offered a car loan for a car which is obviously to be driven by another person. 

How do I apply for a car loan?   

There are a number of ways to start the car application process. You can either apply online or over the phone. Licensed credit providers with ASIC must adhere to the Responsible Lending Guidelines in relation to consumer credit and a set process is laid out to follow. You will need a range of documents to complete your application. These vary according to the type of car loan – personal or business – that you are applying for. For a personal car loan you will need ID, employment status and history record, proof of income such as payslips, a list of your income and expenses each week/month, details of any assets, details of any debts such as credit cards and other loans. For business vehicle finance, you will need a current ABN, ID and financial details around your business activities. The quantity and quality of the financial documents provided will determine if you meet the criteria for a fully documented (standard) loan or you require a Low Docs or No Docs loan.

Can I get business car loan with an ABN?   

Yes, it is possible, but other financial documentation is also required. A current ABN and ID is the minimum requirements for business car loans. From that minimum level of requirements, the more financial information about your business that you provide and the better the quality of that information in regard to your credit profile, the more favourable the interest rate and loan conditions you can expect to be offered. Being registered for GST and having BAS statements is highly preferred. For businesses with little or no documentation, a specialist service to source Low Docs, No Docs and ABN only car finance is available. This type of finance is usually not offered by the major banks but non-bank lenders are more favourable to offering finance to this type of business.

What is the difference between business and personal car loans?   

In order to qualify for business vehicle finance, the business must meet the criteria for a business loan and the vehicle being purchased must be primarily for use in that business. If a vehicle is being purchased by an individual primarily for their own personal use, then a personal car loan would be the applicable loan type. The structure of business and personal car loans are essentially similar in that the lender uses the vehicle, in some aspect, as security against the loan and the borrower repays the loan in monthly instalments for a fixed number of years, known as the loan term. Business loans differ in that they do have the option for a balloon or residual. This is a portion of the price of the car which is set aside from the repayments to be paid as a lump sum at the end of the loan term. There are a number of business car finance products which have varying features and benefits in regard to tax and accounting methods. In order to qualify for business finance, an applicant must have a current ABN and some level of financial documentation in regard to their business set-up. 

Do I need a deposit for a car loan?   

Not necessarily but maybe. There is a difference between any deposit that the car seller or dealer may ask you to pay and a deposit that the lender may request. When you commit to a car purchase and sign a contract with say a car dealer, they usually ask you to pay some amount on the spot to confirm the deal. The exact amount requested will vary. This is usually referred to as a holding deposit and can be refunded back to the buyer if their car loan finance company pays the 100% purchase price of the vehicle. Lenders only usually request a deposit to be paid when the applicant or the vehicle being purchased does not meet their guidelines. No deposit vehicle loans can be sourced. That means you request a loan for 100% of the purchase price of the car including all dealer delivery etc charges. In many cases, especially with new vehicles and for business applicants, this is generally achievable. With Low Docs and No Docs business vehicle loans, personal loans with low credit profile and with Unsecured Personal Loans, the lender will often request a deposit be paid to lower the loan amount being requested. It may also be requested in some cases with some used cars, depending on age and condition.

Are loans available for used cars?   

Yes. Finance is available for both personal car loans and business vehicle finance for new and used vehicles. Used vehicles may include: passenger cars, sedans, hatch backs, convertibles, utes, SUVs, 4WDs, wagons, MPVs, light commercial vans, cab chassis utes and many other types of vehicles. In all cases, loans on used cars are subject to individual lender requirements. The age and condition of a used vehicle is taken into consideration by our lenders when assessing an application and working out the offer they will make on a loan to the applicant. In some cases, a lender may request a deposit be paid in order to reduce the overall loan amount if they consider the value of the motor vehicle relative to the loan amount being requested does not meet their criteria.  

What type of cars qualify for finance?   

In general, finance is provided for all types of cars. Exceptions may arise with say vintage and collectable cars, racing cars and other such categories. But for the majority of commonly purchased cars for most applicants, Jade can source you a cheap car loan. The categories of cars we finance include all types of passenger cars such as sedans, SUVs, hatches, convertibles, sports cars, wagons, multiple people vehicles, electric vehicles, hybrids, diesel and petrol powered. In the business vehicle category, we finance all leading brands of utes, SUVs, cab chassis, light commercial vehicles, vans and small work vehicles which don’t come under our truck finance sector. Small and large cars can be financed, there are no general restrictions in that regard. Individual lenders may vary loan offers for new versus used cars.

How can brokers get such low car loan interest rates?   

Finance brokers operate on a business model around achieving the lowest interest rates for customers. As a car finance lenders, brokers are accredited with a large number of banks and non-bank lenders. By having more sources, there are more options to find you the cheapest interest rate. Some non-bank lenders operate only via a broker network and these are the industry-only lenders that are more open to offering better deals than the major banks in special cases. Brokers can write a lot of business in motor vehicle finance and that gives them bargaining power which to negotiate the cheapest rates for our customers.

Why are business rates lower than personal car loan rates?   

In determining the Interest rate that will be offered on any loan, each lender that we approach on your behalf, does what’s called a risk assessment of the application. That is the level of confidence the lender has in the applicant being in a position to meet the loan commitments. In general, businesses are seen as a lower risk for finance than individuals so that category of loan attracts lower interest rates. Businesses are usually seen as more secure than individuals and may have a greater asset base in terms of the business itself and a more extensive trading history to assess risk. Interest rates on all types of business loans, not just motor vehicles, is always lower than personal interest rates for these reasons.

What determines the interest rate?   

Individual banks and lenders determine the interest rate that they will offer on a particular category of goods based on a number of factors. These factors include their exposure to or interest in extending financing in that area (say motor vehicles), their confidence in the sector, the economy in general, global economic and financial drivers and the costs that they must pay to access the funds they need to extend loans. The price that lenders pay for their finance is determined by what is known as the official cash rate and this is set by the Reserve Bank of Australia. When the RBA cuts the rate at which banks can borrow money, interest rates on many goods and loans is usually reduced by not always by the full amount of the rate cut. These rates determine the rates that individual lenders offer on car loans.

Will I have to fix or change my rate during my loan?   

No. Car loans are usually sourced at a fixed interest rate so customers can have confidence that their vehicle loan will remain the same for the complete loan term. The exception being Unsecured Personal Loans which may be either at fixed or variable interest rates. For Personal Secured Motor Loans and all Business Vehicle Finance, the interest rate is fixed. This means customers do not need to address changes to their loan for the loan term. The interest rate determines the monthly repayments, so that amount will also remain fixed for the loan term. When you hear media and advertising referring to people ‘fixing their loans’ this is usually in reference to home mortgages which are structured differently from car loans and can have variable interest rates, draw down accounts and other aspects which may change over the much longer term of the home loan, compared with a car loan.

Can I get your advertised interest rate?   

The interest rates advertised by lenders on car loans should be taken as a guide and are the cheapest being achieved by that lender in the current environment. It will depend on the quality and quantity of financial documentation you provide in your application and your credit profile as to what interest rate we will be able to achieve for your loan. For businesses, the more documentation including BAS statements, tax returns, profit and loss statements, annual business accounts etc that you can provide, the more positive this will impact on your loan offer.

Can I easily compare interest rates from many lenders?   

Yes. There is a very useful resource provided witrh our which allows users to quickly see the different car loan interest rates being offered by a range of leading lenders. This is primarily designed for personal motor loan applications. This Compare Lenders tool in a simple table format which shows the lender name, advertised interest and comparison interest rate. So you can quickly and easily compare the rates and you can go a step further to compare loans. Above the table are two fields where you can enter the amount you want to borrow and the loan term you want to repay the loan. The formulations immediately adjust the figure in the end column which is the estimated monthly repayment for each lender.

What is the difference between advertised and comparison interest rate?   

A comparison interest rate is a concept which only applies to consumer finance that is in this case, to personal motor  loans. The advertised interest rate or current interest rate that is displayed by lenders is essentially the basic, cheapest rate we can achieve and is in some respects the raw rate. But all loans will include some fees and charges by the lender and these can vary from lender to lender and for individual applicants. So when the fees and charges are applied to the loan and averaged across the entire loan term, the interest rate will be higher than the rate that was applied to the principle loan amount. That is the comparison rate. The comparison rate is worked out when all fees and charges have been included in a loan and the total loan amount is averaged over the loan term. It is a requirement by law that all lenders in the consumer finance space display a comparison interest rate. It is based on a specific example of a purchase. For example, a set car which was purchased at a set dollar amount. Read the fine print for details. When comparing interest rates across lenders, consumers should compare the comparison rate as it gives you a better indication of the level of fees and charges applied by that lender.

Are car loans at fixed or variable interest rates?   

Across business vehicle finance and personal car loans, a fixed interest rate applies. Variable interest rate car loans only apply to some Unsecured Personal Loans. This type of can be sourced at either a fixed or variable interest rate, dependent on the lender and borrower’s preference. Fixed interest rate car loans provides you with certainty moving forward. By securing your loan at a fixed interest rate we also fix your monthly repayments over a fixed loan term. So you have the assurance that your loan repayments won’t increase over the term of your car loan. Fixed interest rates tend to be standard across the motor vehicle lending sector.

What does secured mean?   

The secured reference in Secured Car Loans refers the security or guarantee of the loan. With this type of loan, the lender who is giving you the loan, uses the car you are buying as security against what you are borrowing. The vehicle is the security which is why this is a secured loan. If the borrower defaults or fails to make the scheduled repayments, the lender holds the right to repossess the automobile and sell it to recoup what is owed to them. While the lender has security over the car, the borrower has full use of the vehicle and is responsible for all costs such as insurance, registration, fuel, repairs and maintenance. Once all the payments have been made and the loan finalised, the lender releases the security.

Can I get 100% of the car purchase price?   

Borrowing 100% of the purchase price of a car can be referred to as a no deposit car loan. Many car buyers don’t want to use their existing cash reserves on a deposit and with interest rates so low on loans, it can make a lot of sense to borrow 100% of the purchase price of the vehicle. If that is your preference, you can apply for 100% of the purchase price in your loan. But with all loans treated on an individual basis, the outcome will depend on your loan application and in particular your credit profile. This is very often achievable for new cars but used cars may be assessed by lenders in regard to age and condition. If the ratio of purchase price to valuation of the vehicle does not meet the lender guidelines, they may request a deposit be paid to reduce the overall loan amount.

What cars can I get a loan for?   

Personal Secured Car Loans are designed for the purchase of vehicles which are primarily for personal use. That can cover a wide range of vehicle types and categories. This would include sedans, hatch backs, wagons, SUVs, convertibles, 4WD vehicles and many others. Secured Car Loans are available for both new and used vehicles which are purchased through an authorised dealer, from a private seller or even through an auction house. A loan offer is assessed by individual lenders based primarily on aspects of the loan applicant rather than the vehicle itself. The vehicle does come into play with used cars. Some special vehicles such as vintage cars and possible racing cars may require specialist lenders.

Can I set the loan term I want?   

The loan term can determine the repayments. The longer the loan term the lower the repayments but you pay more in total interest. The shorter the loan term the higher the repayments but the less you pay in total interest. You can use our car loans calculator to see how that works out while planning your loan. The usual term for a Secured Personal Car Loan is 4-5 years on most passenger cars. If you have a particular loan term that you want, you can discuss this with the lender when applying or requesting a quote. For high-priced cars, buyers may be looking for longer loan terms to spread the purchase price over a longer period. Discuss this with the lender to see what can be achieved for your purchase. 

Can I get a pre-approved car loan?   

Yes, subject to your loan being approved. A pre-approved loan is a loan that is arranged right through to the approvals stage before a commitment is made on a car purchase. The common practice used to be to first find and buy the car and then source finance. But more and more people are realising the benefits of having their finance approved prior to committing to a purchase. A pre-approved loan is arranged based on an estimate spend. You provide your broker or lender with a rough idea of the loan amount you will need based on the car price you will be seeking. They arrange your loan and have it approved to that value so you can confidently proceed. When you finalise your purchase, the loan is finalised based on the exact figure.


What is a chattel?   

A chattel is an old world term which was used going back centuries to describe goods. It is still used today in legal documents and financial business contracts though some banks tend to be replacing Chattel Mortgage with the more simplistic Business Car Loan or Equipment Loan. In common law and according to definition, a chattel is property other than freehold land. That is tangible moveable goods and other belongings.


In financing, the chattel is the item or asset being acquired by the business. In regard to motor vehicle finance the chattel is the automobile or business vehicle that you are buying.

How does a mortgage on a car work?   

As with our explanation of chattel, the use of the term mortgage in relation to business vehicle finance can be confusing. Most people associate mortgages with home loans and that tends to be the primary use of the term in Australian finance. In regard to Chattel Mortgage as a type of vehicle finance, the mortgage is the debt instrument or specifically the loan taken out to buy the car.


The mortgage is taken, or provided by the lender, for the chattel, being the vehicle. So in simple terms, this may translate as – auto loan. The mortgage is simply another term for loan. Terms such as mortgage are often maintained for use in legal documents and contracts. The legal fraternity and parts of the finance industry still tend to use historic terminology in official contracts.

How does the balloon work?   

Chattel Mortgage has the option for what is referred to as a balloon. This is a percentage of the purchase price of the loan, not the entire loan amount, which is deferred for payment at the end of the finance term or interest only charged amount of finance. By deferred, it means it is not included when calculating the monthly repayments. Being due as a somewhat large amount in lump sum, it is considered a balloon.


Buyers in consultation with their Jade consultant and lender can decide on a balloon that suits their financial objectives. A larger balloon will reduce the monthly repayments while a smaller balloon will increase the payments so the loan can be finalised faster.


A balloon helps businesses to purchase more expenses vehicles at affordable repayments. However, it is advisable to keep in mind the projected value of the vehicle at the end of the loan term to ensure the balloon does not exceed that value. In that instance, you would owe more than what the vehicle is worth.


A balloon can be paid in full at the end of the loan term or refinanced with a new loan deal. Subject to lender approval and criteria.

Are repayments a business tax deduction?   

A tax benefits is realised through a Chattel Mortgage but not via tax deduction on repayments. Only the interest portion of the monthly repayment is tax deductible. The taxation benefit is realised through the depreciation allowance associated with Chattel Mortgage.


With a Chattel Mortgage, the borrower takes ownership of the vehicle so the vehicle is listed as an asset/liability in the business accounts. At the end of financial year, when preparing the annual accounts and income tax return, the vehicle can be depreciated at the percentage set out by the ATO. This depreciation amount is a tax deduction. The vehicle is depreciated each year in accordance with the ATO depreciation schedule until the full value is exhausted.


The depreciation is only on the actual purchase price of the vehicle not the full loan amount which is why the interest portion of the monthly repayments and balloon is tax deductible as an expense.

Please note claims are subject to luxury car tax thresold set by the ATO

Is GST charged on Chattel Mortgage repayments?   

GST applies to the purchase price of motor vehicles at the current rate of 10%. GST is usually included in the advertised price of a vehicle but additional charges may apply in regard to delivery charges etc. Registration does not attract GST. So when you receive the invoice from the atuomotive seller, the amount of GST payable on the purchase should be noted. Please note a private sale sold vehicle may not have GST.


The total invoice amount, including the GST, can be included in your total loan amount. GST is not charged on loan interest. As your business is taking ownership of the vehicle under a Chattel Mortgage, your business is liable to pay and claim the GST if you are registered for GST. This contrasts with Leasing where the vehicle is technically acquired by the lender and hence they claim the GST.


Under a Chattel Mortgage finance deal, the buyer can actually claim all the GST payable straight away – on the next BAS return. As the full amount of GST has already been claimed and because the lender is not actually charging you when you make repayments, GST does not apply to monthly repayments. So you pay and claim the GST essentially at time of purchase.


Please note the amount total you may claim is subject to luxury car tax thresholds.

What is cash accounting?   

There are two main types of accounting methods used by businesses – cash and accruals methods. The cash method is the most widely used by Australian businesses as it suits many business sizes and structures. It is quite simple to follow – the business accounts are kept based on the money received and the money paid out when transactions occur. That means, you may wait 30 days for a customer to pay you, but you do not record the income until the time the money is received. Same with your expenses. You may wait 30 days to pay a bill, but you do not record it in your outgoings until you actually pay it.


The business accounts and income tax return are prepared based on whatever method selected by the business. Once selected, that accounting method must be maintained for that financial year. Chattel Mortgage is best suited to businesses that use the cash accounting method.


This method is differentiated from accruals accounting as accruals records income and expenses at the time the invoice is issued to a customer or a bill received, regardless of whether or not payment has been paid.

Is Chattel Mortgage suited to Instant Asset Write-Off?   

Yes. Instant Asset Write-off and temporary full expensing are accelerated asset depreciation measures introduced by government as a taxation benefit to business. In March 2020, the Federal Government introduced IAWO to stimulate the economy out of the COVID-19 recession and expanded the measure with the inclusion of temporary full expensing in the October 2020 budget. Both these measures have time limits and eligibility criteria.


They allow businesses to depreciate and hence deduct, the full cost of an asset acquisition in the year of purchase rather than depreciate the asset incrementally over several years. In order to depreciate a vehicle, the equipment must be owned by the business and appear on the company books. This is what happens with Chattel Mortgage so it can be utilised with both IAWO and the more expansive full expensing for eligible vehicles and eligible businesses.

Who does Chattel Mortgage suit?    

Chattel Mortgage as a type of finance suits all businesses that use the cash accounting method. Depending on the business structure that may include SMEs, sole traders, sole traders, partnerships, family enterprises, medium operations and large corporations.


It is the most widely used type of business vehicle finance which is testament to its versatility to suit many business structures. The simple format suits businesses that choose to own their vehicles and have them listed on their balance sheet.


Some businesses, especially start-ups, may not wish to have the value of a vehicle posted on their balance sheet as an asset/liability. So to improve the appearance of their balance sheet they may choose leasing rather than Chattel Mortgage.

What is an ABN car loan?   

An ABN car loan is also referred to as an ABN-only car loan as essentially, the applicant has little other documentation in relation to their business than an ABN. By definition, it implies that the applicant does not have the full financial documentation that is required by banks and most lenders to be offered a standard business car loan.


This type of loan is also considered as a low docs or no docs loan. It is only available to businesses, not to individuals requesting a personal vehicle finance.

What loan types apply for ABN car finance?   

An ABN car finanvce is for business vehicle purchases and when approved, the applicant can select from the range of commercial financing facilities available. The business loan products offered include leasing, Chattel Mortgage and Commercial Hire Purchase. These products differ or vary in regard to suitability for cash or accruals accounting methods, which elements of the loan are tax deductible, where GST is applied and claimed, ownership of the vehicle over the term of the loan and other accounting issues.

What cars can I buy with an ABN car loan?   

In order to be eligible for a ABN car loan, the vehicle being purchased must be for use predominately in the business. In general, as a business vehicle finance an ABN car loan can be used to purchase the full range of vehicles, subject to individual lender requirements.


This includes sedans and passenger vehicles, hatchbacks, SUVs of all sizes, utes and cab chassis vehicles, light vans, wagons and other vehicle types. In general, ABN loans cover both new and used vehicles but the age and condition of a used vehicle will be taken into consideration by lenders when assessing a loan application.

What is a business car loan?   

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.

What documents will I need for commercial vehicle finance?   

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.

What types of business car loans are available?   

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. 

What cars can I buy with business finance?   

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

What is a no doc car loan?   

The no doc refers to documents, or more specifically financial documents by way of business accounts. The type of information that is universally accepted as standard inclusions on business credit applications.No Doc means finance availabe without documents for loans that the goods are predominately used (more than 50%) for business use.

What is the difference between no doc and low docs car loans?   

Both no docs and low docs loans fall under the same broad category of business finance. The difference is essentially in the extent of documents or financial information that are provided with the application. Things like being registered for GST and being able to show BAS returns is highly regarded. Providing some form of financial accounts even simply prepared spreadsheets by the owners are well regarded. This type of documentation may escalate an application from no docs to a low docs status.

Will my no doc car loan be tax deductible?   

A no doc car loan is not an actual loan but a category of application. No doc finance applications can be made for all commercial finance facilities – Chattel Mortgage, Leasing and Commercial Hire Purchase. The tax treatment of each of these loan types varies but all offer a tax benefit. So it will depend which particular loan type you choose as to in what way and at what time you realise the tax benefit. Your accountant should be best-placed to assist you with taxation matters.

Is the interest rate for no doc car finance higher?   

The interest rates achieved from lenders and banks and non-bank lenders varies in line with a range of issues including the official cash rate, global economic factors and individual lender requirements. No doc car finance is normally the same interest rate but has stronger criteria needed - for example - Higher Credit score, property ownership and age of motor vehicle restrictions. 

What do I need for a low docs car loan?   

Low docs loans are only available to business entities and enterprises. You need to be a business owner/operator and have an ABN as a minimum essential requirement along with proof of your identity. Low docs loans are available for all types of businesses. Normally some some financial documents relating to your business operation form of management figures, BAS statements, tax portals, or perhaps a small period of trading bank statements might be required.

What is the maximum amount for low docs car finance?   

Applications assessed based on the profile of the business and business owner applying for the loan and the goods they wish to purchase. Maximum threshold for low docs car loans can vary depending on lender discreation and can range in most cases from $30000 - to $150,000 nett amount financed with $100,000 being the average. The most expensive, high-end cars can be financed. However, individual lenders will make their own risk assessment and come to their own decisions. If they consider the applicant has not shown sufficient proof of the ability to service a large loan, then they will apply a cap on the loan amount.

What type of vehicles are eligible for low docs loans?   

As long as the goods are used predominately fo rbusiness use most types of cars and other work vehicles can be financed with a low doc loan. Finance is available for all passenger cars including hatchbacks and sedans, wagons, the full range of SUVs, 4WDs, utes, cab chassis, dual cabs, light duty vehicles, vans for delivery and service technicians and other purposes.

What are the loan terms available for low docs motor vehicle finance?   

Most business secured finance terms are for 3-5 years or 36-60 months. The lender may place a cap on the loan term they consider is acceptable having assessed the application and taking the age of the vehicle into consideration. The loan amount will of course determine the repayment amount. The longer the loan the lower the repayment but more interest paid over the longer loan term. Some business car finance include the option for a balloon or residual amount to reduce repayments leaving a bulk payment to be made at the end of the term.

What interest rate do I enter?   

The calculator has a field where you are required to enter an interest rate. The interest rate offered will vary depending on the lender that sourced for the quote, details around the boat you’re buying and specifics of your individual loan application. All that information won’t be known until you actually complete a loan application form. So for the purposes of calculating an estimate and general repayment which this calculator is designed to deliver, use more than the current advertised interest rate as displayed or use the Comparison Interest Rate as that is calculated based on a specific example of a loan but remember the rate may differ significantly from the boat you are buying.

What if the repayment shown is more than I want?   

The repayment result that the calculator displays is a simple formulation which is based on the data that you have entered. When you change the amounts you enter, the repayment varies. If the repayment displayed is more than you had in mind to pay per month or doesn’t meet your household budget, you can change some of the values entered to get a different result. If you reduce the loan amount and keep the loan term the same, the repayments will decrease. This may involve you finding a lesser priced boat or paying a deposit to reduce the amount you are borrowing. Another way is to keep the loan amount the same and increase the loan term. That will also decrease the repayments. Always keeping in mind this is an estimate and lender fees and charges have not been included. Loan terms are subject to lender requirements.

Does the calculator apply to all boats?   

In general yes but specifically, not always. The calculator is best used to calculate repayments on new boats and high quality used as these types of boats can attract better interest rates than second hand boats. Lenders will take into account age and condition of a used boat and may apply a higher interest rate. But the calculator can be used for types of leisure boats. By that we mean speedboats, cruisers, fishing boats, cabin cruisers, jet skis, yachts, luxury cruisers, multihulls, trailer boats, tinnies, cuddy cabins, wake boats, ski boats and many others. The calculator applies to all major boat builders and manufacturers both local Australian businesses and for imported boats. For high priced boats, a longer loan term may be requested. Loan terms are subject to negotiating with lenders.

Does the calculator show that my loan is approved?   

No. The calculator is not a loan application form or any form of official loan documentation. It is merely a general device, designed to provide our customers with a tool to assist with their boat buying decisions. It is structured to show repayments which are formulated only on the basis of the data that you enter. No consideration is made for your individual loan application details or the details of the boat you are buying. In using the boat loan calculator you are not applying for a boat loan and using the calculator does not in any way indicate that an application has been received, an offer made or a loan approved. In order to receive a loan approval, you will need to complete a loan application via a phone call or an online form. After an offer is sourced from a lender and having your application approved, you would then be advises that your loan is approved.

Am I obligated to proceed with a loan application if I use the calculator?   

No. Use of a loan calculator is free of any charges and of any obligation. The calculator is a generic calculation device which you can use over and over again to calculate repayments on any number of boats at any time. Use of the calculator is not a form of loan application and not intended to infer or imply that any application has been made, considered or accepted. But if you like what you see with the repayments calculated, you can proceed to request a firm quote and/or apply for a marine loan either online or over the phone. There is also no obligation to proceed when you request a quote or make a loan application. The loan application process involves a number of stages where you can decide not to proceed further.

Can I use the calculator for jet ski loan?   

Yes. The boat loan calculator can be used to calculate estimated repayments on all types of boats and watercraft including PWCs. Loans are available for the leading brands – Kawasaki, Yamaha and Sea Doo – across all models, within our loan thresholds. You simply enter the amount you want for your loan, the loan term and our current interest rate and see what repayment is calculated. Some lenders have a minimum loan threshold for boat loans. 

Is the calculator for all types of trucks?   

Yes, you can use the calculator for all different types of trucks – light, medium and heavy vehicles and regardless of the body or trailer. It is applicable to truck trailers, semis, refrigerated trucks, Pantechs, crane trucks, tippers, tow trucks, recovery trucks, B-doubles, long haulers – the lot! If you are purchasing a truck and trailer from separate sellers but at the same time, we should be able to combine both in the same loan. So you can enter the total amount you want for your combined loan when calculating the repayment estimate. Be mindful that every truck loan application is treated individually and if you are buying a used truck, the loan conditions may vary from a new truck.

Is the calculator for low docs and no docs truck loans?   

Low Docs and No Docs refer to truck loan applicants that do not have all the financial documentation that is requested by most banks and lenders for a truck loan. If you don’t have all the docs, and offer can still be sourced through non-bank lenders. The interest rate applied to a low docs or no docs loan may be higher than the rate currently shown and/or extra conditions will usually apply. You can still proceed to use the calculator with our advertised rate to get a rough idea of repayments, with the understanding that the offer you receive may differ from the result generated.

What is a balloon or residual?   

Commercial finance products that apply for truck loans include the option for a portion of the purchase price to be set aside for payment at the end of the loan term. This is referred to as the balloon for a Chattel Mortgage, a residual for leasing and the buyback for rent to own or rent to buy loans. This amount is discussed in terms of a percentage of the purchase price rather than a set dollar figure. Some lenders will have guidelines around the percentage they will agree to but that is handled with individual loan applications. When using the calculator, you enter the full amount you want for your loan, in most cases that will be the full purchase price, possibly with rego and other delivery charges included. You then enter a percentage for the balloon and in the calculator is formulated to allow for the balloon in calculating the repayments. The balloon amount is due for payment at the end of the loan term.

What finance loan products does the calculator apply to?   

The calculator can be used to calculator repayment estimates for most of the portfolio of commercial finance facilities. You can use the calculator to estimate repayments on Chattel Mortgage, Truck Leasing, Truck Commercial Hire Purchase and Rent to Own finance products. Each of these has the option for a balloon, residual or buyback which you can include in the calculator. If you are requiring a low docs, no docs or bad credit truck loan, you are welcome to use the calculator as a guide only and to see how truck purchase prices vary in terms of repayments. However, use the calculator with the understanding that these types of loans may attract a higher interest rate than our current advertised rate and other conditions.

What interest rate do I enter?   

For the purposes that the calculator has been designed for, simply enter the interest rate that is advertising for truck finance. This rate is displayed on several web pages and will change as conditions change and the rates change. The interest rate advertised is the best rate achievable on that particular day and the rate that we can achieve on your truck loan may be higher. You can also change the interest rate and enter another value to see how the repayment estimate changes based on different interest rates. This provides a useful resource to compare interest rates as advertised by other lenders.

What types of caravans is the calculator set up for?    

Loans are provided for all types of leisure vehicles so you can use the calculator for all caravans. The calculator is suitable to source repayment estimates for traditional caravans, camper trailers, RVs, motorhomes, slide-ons, off-road caravans, toy haulers and hybrids of all lengths, styles and quality. We offer finance for all leading caravan manufacturer brands including Jayco, Millard, Avida, Viscount, Blue Sky, Goldstream, Essential, Evernew, Horizon, Majestic Winnebago, Sunliner and many more. For whichever van you are considering simply enter the loan amount that you want, which is often 100% of the purchase price and the loan term you want, the interest rate we are currently offering and you will see the repayment estimated displayed. You can use the calculator for as many vehicles as you are considering.

What bank or lender is the repayment estimate from?   

Caravan finance is sourced from many banks and non-bank lenders. It will not be known which lenders will make the best loan offer to you until your loan application details have been assessed and quotes sourced. When a caravan loan offer is sourced, then you will know which lender has made the offer. The calculator does not formulate estimates based on the offers from any specific lender. It is a general calculation operation which is formulated to provide a repayment estimate based purely on the data entered.

Is there a charge to use this?   

Most online calculators charged no fee to use the Caravan Finance calculator. It is a free resource that is provided to assist caravan buyers with their selection and purchasing decisions. No obligation is attached to using the calculator either. You can use it whenever you like and for as many caravans as you are considering without any obligation to proceed further. Even when you request a quote or commence a loan application there is no charge or obligation attached until you reach the final confirmation stages. Here’s a tip: if you’re visiting a caravan show and inspecting a whole collection of caravans, have the calculator open on your phone to quickly calculate repayment estimates while you’re speaking with the dealers.

Is this the loan application form?   

No. The calculator is purely a calculation device. It is not intended in any way to represent a loan application form. It allows you to easily and quickly source estimates on repayments based entirely on the data or amounts that you enter. It is does not have the capability to pre-empt any specifics in around the individual loan application that you may submit. Lenders adhere to the Responsible Lender Guidelines and consumer finance laws as regulated by ASIC. That involves following a strict protocol when receiving and processing caravan loan applications.

How do I know what interest rate to enter?   

You can actually enter any interest rate but we recommend you enter a higher rate to be safe. Your caravan loan may differ significantly from the example given and as such may not be relevant. But the comparison rate gives you an indication of the rates we can achieve when all fees and charges are include. Use current advertised rates available in teh web into the calculator for the purpose of receiving a rough repayment estimate.

Do I need to specify what type of finance product I want?   

Not at the repayment estimate calculation phase. Most online calculators cover estimates for Chattel Mortgage, Leasing, Commercial Hire Purchase and Rent to Buy finance products. All these commercial finance facilities are available and the calculator works for all. Different interest rates may apply to different finance types. There is a field to include a balloon, residual or buyback. At this point you may not have decided which is the most suitable for your business. Each finance product offers a range benefits in regard to taxation and balance sheet and are suited to different accounting methods. You are advised to consult with your accountant regarding choice of finance type. For the purposes of calculating repayment estimates on our calculator, you do not need to specify the type of finance facility being utilised.

If the estimate meets my expectations, what’s the next step?   

Now you can proceed with getting a firm quote on your equipment finance. There are a number of options to proceed, depending on your intentions. To simply receive a quick quote, just click on the request a quote button. To commence a formal finance application either use the online form or call us. Your brief will be taken with details of your business and the equipment you are purchasing and your choice of finance type. A quote will be source from across a large number of banks and lenders. There are non-bank lenders that specialise in equipment finance and are more flexible in regard to negotiating on interest rates and loan conditions. When you accept the quote the next step is to process your finance application. Fast approvals and prompt settlement is available to meet your timeframe.

What does the balloon or residual refer to?   

Commercial finance facilities which are finance products used for the purchase of equipment by business entities, include an option for a balloon or residual. Different terms apply to the different finance products but essentially the concept is the same. The concept is that a portion of the loan amount, which in most cases is 100% of the equipment purchase price, is set aside from inclusion in calculating the repayments and is due for payment at the end of the finance term. This is represented as a percentage of the purchase price and is arrived at partially as the preference of the borrower but in negotiation with the lender. Individual lenders may place limits on the amount they allow. With Chattel Mortgage and Commercial Hire Purchase this is known as a balloon, with Leasing a residual and with Rent to Own as buyback. By including this element in the finance structure, it allows businesses to reduce the monthly repayments to meet cash flow requirements while making high priced equipment more affordable.

Is there an obligation to proceed when using the calculator?    

No, there is no obligation attached to using most online equipment finance calculators, There is no fee or obligation involved at any stage of the calculator use and you can use as many times as you like.  While using the calculator, here’s a few thoughts: if you’re thinking you need to shop around, use our compare lenders charts which shows the interest rates available from other leading lenders. If you think you need assistance with structuring your finance, have an obligation-free discussion with a broker. If you need to look at different equipment, source what you need and come back to the calculator for more repayments or use it while you’re at expos, field days and in dealer showrooms. If you require advice on which finance product to select refer to your accountant.

Can I use the calculator for farming equipment?   

Yes. Finance is available on a wide range of machinery and equipment from all the leading manufacturers including John Deere, Case IH, New Holland, Claas, Deutz-Fahr and many others. A finance application is assessed primarily on the specifics of the loan applicant, being the agri business, rather than the equipment itself. Aspects of the equipment do come into consideration in some respects, especially when the equipment is second-hand. Lenders will consider the age and condition of equipment. But for the purposes of using a equipment finance calculator provided, please proceed to calculate repayments on any number of farm machines you are considering – for use on the land or in your processing facility.


Does the calculator cover all types of cars?   

The calculator is a general device and details about the vehicle itself are not required to be entered.Finance is available for all types of cars including popular passenger styles such as sedans, wagons and hatchbacks as well as SUVs. This also includes the popular work vehicles including utes, cab chassis and even light commercial vans. The calculator can be used to calculate repayment estimates for petrol, diesel, hybrid and fully electric vehicles and new and used vehicles.

Is there a limit on the loan term?   

The most popular choice of loan term for vehicles is 4-7 years but the calculator offers you a range of timeframes to choose from. Lenders may apply a time limit to finance terms but that would be individually addressed and determined by details of the individual application and in some instances, the vehicle being purchased. When using the calculator, you can easily see how varying the loan term changes the repayment amount. If you arrive at a loan term which delivers a repayment amount that meets your best case requirements, you can make a request to a lender for that term as your preference. By selecting an extremely long finance term, the amount owed on the car in the later period of the term may exceed the value of the vehicle, which may be an issue worth considering.

What is the balloon?    

The balloon is a part of the purchase price or loan amount which is deferred for payment after all repayments are finalised at the end of the finance term. This element is an option some finance facilities: for a Secured Car Loan =, Chattel Mortgage and CHP it is referred to as a balloon and with Leasing and Salary Sacrifice as the residual. The concept is the same. It is usually referred to as a percentage but the calculator allows you to enter a fixed dollar value. You can easily see how by varying the amount of the balloon the repayment amount changes. The balloon is due for payment after the last monthly repayment and can be paid either with cash or you can consider refinancing the balloon or residual through the same or a different lender with a new loan.

Can the calculator be used for refinancing or financing a balloon?    

Yes. The calculator is a general device, set up to calculate repayments on the values as entered. We have the interest rate at our best current rate for vehicle loans. The generic nature of the device is that it provides a useful resource to compare possible repayments on a number of different cars you are considering, to get a rough ballpark on finance or to assist in planning any refinancing. To calculate the estimated repayments to refinance an existing car loan or the balloon or residual, simply follow the same steps. Enter the full loan amount, your preferred loan term and the value of any balloon/residual you choose to include. The calculate configures the repayments and shows a rough estimate on how much would still be owing. When considering refinancing, keep in mind any break fees which may apply to finalising your existing loan early which will be in addition to fees and charges on establishing the new finance contract.

Is using the calculator a form of loan application?   

No. The use of the calculator is in no way an application for car loan. Using this function is in no way an indication or inference that a loan application has been submitted, an offer made or a loan approved. It is purely a calculating device to assist with comparing vehicles, comparing loans and planning how you would like your loan structured. In order to formally apply for a car loan, you can apply over the phone or use an online form. There is no obligation to proceed when you commence a loan application or when you request a quote to follow up your use of the calculator.

What work vehicles is this suitable for?   

The calculator is suited for calculating repayment estimates on all types of business vehicles. This includes passenger vehicles such as sedans, hatchbacks, wagons and SUVs. The calculator can be used for all work style vehicles such as utilities, cab chassis, dual cabs, SUVs and other similar vehicles. Light commercial vans are included in our car finance category but above that size, such as light duty trucks, we refer you to a truck loan calculator. There is no maximum purchase price or vehicle value applicable to the use of the calculator. The criteria for the vehicle to be eligible for business finance is primarily that it is purchased to be used in a business and it is being purchased by a business entity. As long as the work vehicle is being purchased for work and by an entity or person with an ABN, then this calculator and related interest rate is suited to calculating repayment estimates.

Is GST included or added to the repayment shown?   

Under a Chattel Mortgage car finance contract, the total GST applied to the purchase price of the vehicle is claimable by the buyer on the next ensuing BAS return if the buyer is registered for GST. As the full amount of GST relating to that vehicle has then been accounted for, GST is not applicable to the monthly repayments or the balloon. GST is not applied to the interest component of the finance. When entering the loan amount in the calculator, you can enter the full purchase price of the vehicle including the GST component. The repayments will be calculated based on that figure including the GST less any balloon amount if selected. GST is not shown separately or itemised in the calculator functions. If you would like to calculate repayments for the ex-GST price of a vehicle, simply enter that amount in the loan amount field. Some car dealers and manufacturers will advertise a purchase price plus GST.

How do I allow for the value of a trade-in?   

If you are trading in your existing vehicle on the new vehicle it depends on how you plan to use the trade-in money as to how you allow for it when entering the loan amount. If you choose to deduct the trade-in price directly from the purchase price of the car and get a Chattel Mortgage for the balance of what is owing on the new car, you will need to estimate what you think you may get as a trade-in and deduct that from the loan amount you enter. You can refer to valuation guides or request a trade-in offer before using the calculator or simply work on your own guesstimate. Another way of approaching a trade-in is to have the dealer give you the money in cash and borrow 100% of the purchase price of the car. If you choose that option, simply enter 100% of the purchase price of the car into the calculator.

How can I confirm the repayment calculated?   

The calculator estimates repayments as a ballpark to use when comparing a number of vehicles you are considering and to provide assistance when planning how you might like your car finance to be structured in regard to loan term and balloon. The repayment shown when using the calculator is not an offer of a loan, it is an estimate. Due to the limitations of all these types of functions, allowance is not able to be made for fees and charges for individual lenders or aspects of your loan application which may affect the interest rate offered. In order to receive a firm quote for your Chattel Mortgage, you can phone us or click on the request quote button. There is no obligation attached to these steps. To apply for car finance, you will need to contact us or a lender and provide details of your business and your vehicle so a firm quote can be sourced.

What if the repayment shown is higher than I want?   

One of the great benefits of a finance calculator is the ability it provides to quickly change the amounts and values you enter to arrive at a repayment estimate that does meet your requirements. If the repayment estimate is higher than you want, you can vary the balloon, loan term or the loan amount. By increasing the loan term while keeping the balloon and loan amount the same, the repayment will be reduced. But it will take longer to repay the loan and more interest may be payable than for a shorter loan term. By increasing the balloon the repayment will be reduced but be mindful of the value of the vehicle at end of loan time in relation to the amount of the balloon. If you reduce the total loan amount the repayment would reduce. This may be achieved by considering paying a deposit.

Does the calculator or repayment show the tax benefits of CHP?   

No. The calculator is designed purely to generate estimate repayments based on the data entered by the user. The values are based on the whole values as entered and do not account for any tax benefit which may be realised. CHP does offer businesses taxation benefits as we have outlined in our web page which details the features of CHP. When and how the income tax benefit of CHP is realised, will depend to a great extent on the accounting method used by the business and other aspects. You may need to refer to your accountant for direction in regard to your individual business. For the purpose of getting a rough ballpark figure on repayments for individual vehicles based purely on purchase price, loan term and balloon, please feel free to proceed with using our calculator.

Does the calculator allow for GST?   

No. The calculator is a generic device which is solely formatted to calculate repayments based on a pre-formatted and set formula. It calculates repayments based on the total loan amount entered for the loan term as entered, taking allowance for any balloon requested at the interest rate set. The interest rate is the current achievable rate by this lender based on certain loan applications. There is no allowance made for GST. If the loan amount entered is a GST inclusive price, then the repayments will cover the GST you are required to pay. Interest does not attract GST. How GST is claimable on a CHP finance contract will depend on the accounting method used by the business. GST will be applied to your car purchase, excluding rego, stamp duty if applicable and possibly other charges. How and when your business can claim the GST should be discussed with your accountant.

What is the balloon amount?   

Commercial finance facilities have the option that a portion of the loan amount be set aside from inclusion in the monthly repayments and paid at the end of the loan term. With CHP that amount is referred to as the balloon. Some people see a balloon as paying a deposit at the end of the loan term rather than upfront. By removing a percentage of the purchase price from the repayments calculations, it allows the monthly repayments to be less and in many cases, more affordable for many businesses. The balloon is usually spoken of in terms of a percentage of the purchase price. But on our calculator, it is represented as a dollar figure. For example, if you are purchasing a vehicle for $50,000 and request a balloon of 20%, you would enter a balloon of $10,000. Repayments would be calculated based on $40,000 and the $10,000 balloon plus interest and any other fees, would be due for payment after the final monthly repayment is made. A balloon can be paid either from a business funds or refinanced through a new loan deal.

Can I use this calculator for CHP on a light commercial van?   

Yes. Light commercial vans are included in the business car finance category rather than a truck finance category. Loans are provided for all leading van manufacturers including Mercedes-Benz, Peugeot, Toyota, Ford Transit vans, Iveco Daily, Renault Trafic and Kangoo, Volkswagen Caddy and others. Car finance covers a wide range of vehicles including passenger cars, sedans, wagons, SUVs, hatches, utes, cab chassis, AWDs, 4WD and light vans, both new and used. This calculator can be used to generate estimates on petrol, diesel, hybrid and fully electric vehicles as this should have no impact on the finance offered for most applicants. In order to qualify for business vehicle finance interest rates, which are lower than personal car interest rates, the vehicle must be primarily for use in a business and purchased through a business entity. If you are starting a new business and operating under an ABN, low docs, no docs and ABN finance are possibilities.

How do I know if I will be approved for a boat loan?    

Many people are unsure if they will be approved for a boat loan or more specifically, how much they will be able to borrow to buy a watercraft. For that purpose a pre-approved loan service can assist. This is a very popular way to go and makes a lot of sense from many angles. A pre-approved financing works on the same guidelines as a normal loan except you apply based on an amount of money rather than for a specific vessel. Most people have some idea of the price range of the watercraft they want to buy so that’s easy. Your lender or broker will take you through the process and process your loan through to the approval stage. Once you have a pre-approved boat loan it will be valid for a set amount of time after which it will need to be reviewed/renewed. There is no obligation to proceed if you change your mind, but this is a very useful resource to know that you can access the funds.

Can I get a loan to buy a jet ski?   

Yes. Secured Jet Ski Loans are available for the purchase of jet skis and PWCs. Loans can be arranged for all brands including Kawasaki Jet Ski, Sea Doo and Yamaha WaveRunner, within the thresholds of individual lender loan minimums. The secured loan is a standard loan for leisure items including boats and suits most buyers and most PWCs. While some banks and lenders don’t offer specific jetski loans and will only offer a generic personal loan, there are lenders that specialise in marine finance and offer jet ski finance.  Knowing the marine market can tend to make these lenders more flexible in offering cheaper rates and better loans. 

Can I get a loan to cover the boat and the trailer?   

Yes. When purchasing a trailer boat, buyers can combine both boat and trailer in the one Secured Boat Loan. Most trailer boats are sold as a combo and that makes it quite easy to get the one loan to cover both. If you are purchasing the watercraft and trailer separately from different sellers but at the same time, it is possible to combine the two into one loan. Buyers may also be permitted to include the necessary safety gear and other accessories in the initial purchase price so those items can also be included in the boat loan. These may include fishing accessories, optional extras for the boat including a bimini top, tech gear and an upgraded motor.

Will my repayments change over time?   

Not in most cases. The most common form of boat loan is the Secured Boat Loans with fixed elements which stay the same over the entire period of the loan. Loans are arranged at fixed interest rates, which means that rate will be the same over the loan term. Unlike home loans, there it is not necessity to review your marine loan interest rate when the RBA changes the official cash rate. The loan term is also fixed to a set number of years. With the rate and term fixed, the repayments are calculated and they then stay the same also. You will pay the same amount each month in repayments for every month of the loan term. To see how the loan term can affect the amount of the repayment, use a loan calculator.

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