At SUPA LOANS we can
offer an extensive range of solutions
for your motor vehicle and equipment
finance needs. We offer fast and hassle
free online applications which are
simple with guaranteed quick turn
around. Whether it is your standard
Falcon sedan or your new Hino truck, we
can assist you in making an informed
decision.
What is more, many don't know, or are daunted by the loan process. Little know whether they are eligible for Commercial Loans making their motor loan tax deductible. Most people try to locate Motor Vehicle and then secure finance. At SUPA we reckon it should work the other way around to give you complete peace of mind once you have selected your goods.
Here are five easy steps that will streamline your motor loan process, and with a little preparation and organization, it will minimize the headaches and speed up your loan application for your next motor or equipment loan.
1. Analyse
your needs and examine your finances
2. Shop around and apply for a Loan
3. Get the required paperwork
4. Once approved, find a suitable motor vehicle
5. Finance settlement and Insurance
Once your loan is settled and you get in the motor vehicles of your dreams, it is also very important to
2. Shop around and apply for a Loan
3. Get the required paperwork
4. Once approved, find a suitable motor vehicle
5. Finance settlement and Insurance
Once your loan is settled and you get in the motor vehicles of your dreams, it is also very important to
make
regular repayments on your loans. There
are lenders that allow you to make extra
repayments on top of your regular payments.
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Types of Loans
Consumer Loan
This suits individuals for who use the vehicle mainly for private or domestic purposes (generally 12 – 60 month term). The loan could be structure in different ways to suit individual needs. Customers can place a deposit to reduce the loan amount or make a lump sum payment at the end of the term which helps reduce monthly repayments. Consumer loans could be secured or unsecured depending on client’s need and overall profile.
Consumer Loan
This suits individuals for who use the vehicle mainly for private or domestic purposes (generally 12 – 60 month term). The loan could be structure in different ways to suit individual needs. Customers can place a deposit to reduce the loan amount or make a lump sum payment at the end of the term which helps reduce monthly repayments. Consumer loans could be secured or unsecured depending on client’s need and overall profile.
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Commercial
Hire
Purchase (CHP)
This suits individuals who want to use their motor vehicle mainly for Business purposes and want to own the vehicle at the end of the financed term. This option can provide flexibility and also takes into account the monthly installment that you are planning to pay. Depending on the customer profile, this option might require little or no deposit. With your business spending on the car planned, you can structure you budget for the finance term of your motor vehicle. The customer can have a balloon payment at the end of the term of have a longer finance term. At the end of the term the final balloon payment (if organized) could be made and the vehicle ownership could be transferred.
Chattel Mortgage
This option offers a smart approach to motor vehicle financing for businesses where the payments are not subjected to GST or the balloon payment, with the purchase GST instantly claimable and the interest and the depreciation generally tax deductible (check you tax adviser or accountant). Ownership belongs to the customer from the beginning of the agreement.
This suits individuals who want to use their motor vehicle mainly for Business purposes and want to own the vehicle at the end of the financed term. This option can provide flexibility and also takes into account the monthly installment that you are planning to pay. Depending on the customer profile, this option might require little or no deposit. With your business spending on the car planned, you can structure you budget for the finance term of your motor vehicle. The customer can have a balloon payment at the end of the term of have a longer finance term. At the end of the term the final balloon payment (if organized) could be made and the vehicle ownership could be transferred.
Chattel Mortgage
This option offers a smart approach to motor vehicle financing for businesses where the payments are not subjected to GST or the balloon payment, with the purchase GST instantly claimable and the interest and the depreciation generally tax deductible (check you tax adviser or accountant). Ownership belongs to the customer from the beginning of the agreement.
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Lease
Vehicle leasing is a common way for Australian businesses (including companies, partnerships and sole traders) to fund the purchase of cars and other vehicles.
There are three major types of vehicle lease used in Australia:
Vehicle leasing is a common way for Australian businesses (including companies, partnerships and sole traders) to fund the purchase of cars and other vehicles.
There are three major types of vehicle lease used in Australia:
- Finance lease, under which only the vehicle is leased,
- Operating lease, under which the vehicle and its running costs are packaged into the lease,
- Negated lease, which is a form of salary packaging that some companies allow their employee to use to lease a vehicle. This is a three-way agreement between the financier, you and your employer. As an employee, you have the responsibility for the vehicle and your employer arranges for the monthly payments to be made out of your pre-tax income. This is more tax effective for professionals as payments are made from pre-tax earnings.
Each of
these types
of lease
have
distinctly
different
tax
treatments
under
Australian
tax law.
Note
Please refer to your taxation advisor and accountant for details on planning an effective tax position for yourself and your business.
Note
Please refer to your taxation advisor and accountant for details on planning an effective tax position for yourself and your business.
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