FAQs

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.

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.

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.

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.

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.