Buying a car or equipment for business
What Is Car and Equipment Finance?
Types of Car and Equipment Finance
Car Loans
Ideal for individuals or businesses purchasing a new or used vehicle. Options include secured loans (using the car as collateral) or unsecured loans.
Novated Lease
A tax-effective option for employees, where vehicle payments are made through salary packaging.
Operating Lease
Suitable for businesses looking to use equipment without owning it outright, offering flexibility to upgrade as needed.
Equipment Loans
Chattel Mortgage
You own the asset from day one, with the loan secured against it.
Lease Finance
You lease the asset and have the option to buy it at the end of the lease term.
Hire Purchase
The lender owns the asset until the loan is fully paid off.
Benefits of Car and Equipment Finance
- Preserve Cash Flow: Spread the cost of large purchases over time, keeping your capital free for other expenses.
- Tax Advantages: Many finance options offer tax benefits, such as claiming GST on repayments or depreciation deductions (consult your tax adviser).
- Access to the Latest Technology: Regular upgrades ensure your business remains competitive with modern equipment.
- Flexible Terms: Tailored repayment schedules and terms to match your cash flow and business cycles.
- Fixed or Variable Rates: Choose between predictable fixed rates or flexible variable rates, depending on your preference.
Challenges to Consider
- Depreciation: Vehicles and equipment can lose value over time, impacting your investment.
- Overcommitting: Ensure repayments align with your financial capacity to avoid cash flow issues.
- Loan Costs: Consider fees, interest rates, and potential balloon payments at the end of the term.
- Asset Usage: Ensure the asset’s productivity or utility justifies the cost of financing.
How JJM Finance Specialists Can Help
At JJM Finance Specialists, we make car and equipment financing straightforward and stress-free:
Tailored Solutions
We’ll work with you to find the most suitable finance product for your personal or business needs.
Extensive Lender Network
Access competitive rates and terms from our wide range of trusted lenders.
Expert Guidance
From loan structuring to application submission, we’ll guide you every step of the way.
Quick Approvals
Our efficient processes ensure you can secure your vehicle or equipment without unnecessary delays.