This is a great option if you’re looking for fixed interest rates at a better rate than a personal loan on a non-commercial vehicle. You know exactly what your repayments will be from month to month, making it much easier to manage your budget. Loans terms can range from 24 to 84 months, over which time the purchase vehicle is used as surety until the loan is paid in full.
Time to upgrade your work vehicle? This form of loan can provide a range of financial advantages over a standard consumer loan for vehicles that will be used for business at least 50% of the time. Like a secured loan, the vehicle is used as security, but you can access significant tax benefits*, highly competitive interest rates and use a balloon payment to lower your monthly repayments.
Similar to a chattel mortgage, hire purchase is used for financing commercial vehicles, but works more like a vehicle lease. There are similar tax advantages* available, however the financier purchases the vehicle on your behalf. Once the final lease payment is made, you take on ownership of your vehicle.
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