Oak Laurel | Finance brokers
Business owners / self-employed people, do you want to get finance approved for commercial vehicles FAST? We can help.
Get fast finance approval for a wide range of commercial vehicle types! Competitive interest rates and fees, no hassles!
Example 1. for $40,000 hire purchase (no balloon) over 60 months the payments would be $780 per calendar month.
Example 2. for $40,000 hire purchase (with a 20% balloon – $13,637) over 60 months the payments would be $591 per calendar month.
Note: Rates & examples are for 29 July 2015 and are subject to change.
Any of the following commercial vehicles, construction vehicles, and garm vehicles can be financed if they are up to 4 years old (unless otherwise stated):
- Light commercial vehicles (under 3.5T GVM)
- Tractors (age up to 7 years)
- Headers (age up to 7 years)
- Harvesters (age up to 7 years)
- Front-end loaders
You can finance up to $150,000 if the eligible asset (listed above) is from a licenced dealer and up to 4 years old (up to 7 years old for Tractors/Headers/Harvesters).
You must meet the following criteria:
- Have an ABN that has been registered for more than 2 years and be registered for GST;
- No negative equity on trade ins (negative equity is if the trade in vehicle is worth less than the finance owing on it – ie costs more to take the vehicle back);
- Satisfactory credit check ( no bankruptcy, defaults, unpaid debts of the like);
- You are a home owner
- Balloon payment acceptable to ATO guidelines (where appropriate);
The Australian Tax Office (ATO) imposes a set of minimum acceptable Balloon Payment (Residual Value) guidelines which must be followed for all leases (including Finance Lease, Novated Lease, Personal Lease and Fully Maintained Novated Lease).
Table 1: ATO minimum residual guidelines for leases
|Table 1: ATO minimum residual guidelines for leases|
|Lease contract term||Minimum Balloon Payment (Residual Value)|
The maximum Balloon Payment (Residual Value) available for a lease varies depending upon a range of factors including the age of the vehicle, the term of the lease, the specific type of lease used, the borrower’s financial profile and more.
Note: this is only a general guide and not financial or tax advice. You may want to contact your accountant or tax professional.
- No financials are needed if the above eligibility OK.
- Online privacy constant signed.
- Dealer invoice = immediate decision.
- You will need to sign the loan documents and affordability declaration.
- You will need to provide your home/property rates notice.
- You will need to confirm comprehensive insurance noting the lender as an interested party.
- Once approved settlement can be within 2 hours.
Are you business owner / self employed and need commercial vehicle finance?
Apply online now!
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