How it usually works
Most business vehicles and equipment are financed with a chattel mortgage: your business owns the asset from day one and the lender holds it as security. Terms usually run one to five years, often with a balloon payment at the end to lower monthly repayments. Ask your accountant how GST, depreciation and interest are treated for your business.
- Cars, utes and vans
- Trucks, trailers and fleet
- Excavators, plant and machinery
- Medical, dental and veterinary equipment
- Fit-outs and technology
A balloon lowers your repayments now but leaves a lump sum at the end. Make sure you have a plan to pay or refinance it. Buying a car for personal use? See car loans on our main site.