SELF EMPLOYED & BUSINESS
We offer loan options for all the following types of Employment
Business Owners
Sole Traders
Contractors
Partnerships
We also offer loans for Businesses, Charities & Non-For-Profits.
TYPES OF LOANS
There are a few different types of loans available to Self Employed / Business Applicants
Consumer Loan
- Consumer Loans are what you usually see advertised on Television or in dealerships, and interest rates vary depending on the car, the term and the financier. We can work with you to find the right deal for the car you’re buying and your financial situation.
- Recommended if the vehicle is not for business use.
- A Consumer Loan is the most common form of Car Finance.
Chattel Mortgage
- A Commercial Loan is commonly referred to as a Chattel Mortgage.
- Most Chattel Mortgages have Low-Doc options (If you don’t have up to date financials, or if your company has only been running for a short term), and the option to have a balloon payment.
- A Chattel Mortgage is most common for people of businesses who intend to use the car they are purchasing predominantly for Business Purposes.
Finance Lease
- A Finance Lease is a type of loan where the vehicle or equipment is purchased by the finance company, and leased to the applicant.
- There is a GST input credit associated with Finance Leases, where the finance company gives the borrower a credit for the GST component of the vehicle purchase, which can lower repayments.
- Finance Leases have a mandatory Balloon Payment.
GETTING APPROVED
We will work with you to find the right financier for the car you’re buying & the documents you do or don’t have to support your application. Common documents Self Employed people or Businesses might use to support a loan application might be:
- A Tax Return (if you don’t have a current one, don’t worry, contact us for other options)
- BAS Statements
- A Letter from your Accountant
- Proof of A Current / Recent Car Loan Account
- Proof of ABN Registration
- Proof of Property Ownership.
No matter what the situation, we can just about always offer some insight that will help you get the right car at the right cost. Get in touch if you have any questions, or feel free to Apply Online.