At Eagers Holden, we pride ourselves on providing flexible and innovative financing solutions. We offer a wide range of financing, leasing and insurance options that are easy to understand and can be adjusted to exactly fit your budget, simply, conveniently and affordably.
Contact us about any of the following:
- Quote for finance package
- Work out what you can borrow on your current earnings
- Apply for a Vehicle Finance Package tailored to you.
- Quote for Insurance on your next vehicle
Find out more about:
- Consumer Loan
- Chattel Mortgage
- Commercial Hire Purchase
- Novated Lease
- Finance Lease
We have a dedicated, experienced Business Manager, who can tailor a finance package for your particular business or personal needs. Please contact Aaron to discuss your requirements and ask for an obligation free quotation.
David Palmer
Business Manager
Tel 07 3109 6712
Fax 07 3109 6720
Email dpalmer@eagers.com.au
Consumer Loan
A Consumer loan is a loan used for the specific purpose of purchasing a new or used vehicle for personal use. As opposed to many personal loans, the car acts as security against the loan of the funds.
This means that interest rates from lenders are generally more competitive as the risk of outright loss by the financier has been reduced.
By applying for a car loan, you are applying to borrow a sum of money for the explicit purpose of a vehicle purchase in return for regular repayments over an agreed time period.
Consumer Loan –Summary of Benefits
- Anybody can apply for a Consumer loan
- Repayments can be structured to suit your needs
- Interest rates for car loans are generally lower than for standard personal loans You have the opportunity to build up equity in your vehicle
- On-roads costs, insurance and other expenses may also be incorporated into the car loan
- The Consumer loan may be available with 'no deposit'
- Interest rates are fixed
- Direct debit available
You can add extra payments via internet banking
Chattel Mortgage
A Chattel Mortgage (CTP) is used by businesses and individuals for the purpose of purchasing a vehicle for business use.
Chattel Mortgage is essentially a Mortgage over goods to be financed. Chattel Mortgage is classed as a cash sale in that the goods automatically become yours on purchase and the finance company takes a mortgage over the vehicle.
For tax purposes you may be able to claim depreciation, running costs and interest paid, against your business income at the percentage that business use applies. The Chattel Mortgage allows businesses to claim the full input tax credit from GST incurred expenses immediately (next BAS statement).
It is Important that you seek advice from your financial advisor before deciding on which finance product will best suit your requirements.
The Chattel Mortgage is a very flexible finance option, in that, you have the ability to either finance the full purchase price or alternatively, you can include an upfront deposit or trade-in to reduce your payment commitment, while a Residual payment may also be placed at the end of the term (much like a lease residual) to allow greater flexibility of payments.
Alternatively, you may choose to structure your payments to clear the debt in full over the term of your agreement (fully amortised).
Vehicle Chattel Mortgage - Summary of Benefits
- Interest charged and depreciation of the vehicle are tax deductible (to the level of business use)
- No capital outlay is required and cash flow protected
- Terms can be flexible and fixed repayments make for easy future budgeting
- You have the option to make payments with or without a balloon payment at the end of the term.
- Chattel Mortgage payments are in arrears.
- Documents ready to be signed when your car is.
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Commercial Hire Purchase (CHP)
A Commercial Hire Purchase (CHP) is a particular type of finance product used by businesses and/or employees that require a vehicle for business use.
Hire Purchase is a similar agreement to that of a Chattel Mortgage, only in that the lender holds title of the security until all monies owing are paid.
For tax purposes you may claim depreciation, running costs and interest paid, against your business income at the percentage that business use applies.
Business operators may also be able to amortise the GST component of your purchase in your B.A.S Statements for the term of the loan. This depends on how you remit your GST (cash or accrual) .
It is Important that you seek advice from your financial advisor before deciding on which finance product will best suit your requirements.
You also have the option of including an upfront deposit or trade-in to reduce your payment commitment, while a balloon payment may also be set at the end of the term (much like a lease residual) to allow more flexibility in payments.
Alternatively, you may choose to structure your payments to clear the debt in full over the term of your agreement (fully amortised).
- Commercial Hire Purchase Summary of Benefits
- Interest charged and depreciation of the vehicle are tax deductible (to the level of business use)
- No capital outlay is required and cash-flow protected
- Terms can be flexible and fixed repayments make for easy future budgeting
- After full payment of the hire purchase agreement, ownership of the goods is transferred to you.
- You have the option to make payments with or without a balloon payment at the end of the term.
- No monthly fees or admin charges
- Documents ready to be signed when your car is.
Novated Lease
A Novated Lease is a particular type of finance lease used by individuals for the specific purpose of purchasing a new or used Vehicle.
Similar to a finance lease, it involves obtaining finance for a new or used vehicle in return for regular rentals over a fixed period of time. The difference is that your employer agrees to make the rentals out of your pre-tax salary.
A Vehicle Novated Lease is a three way agreement between, the employee, Vehicle Financier and your employer. The employer must commit to making the repayments whilst you are employed by them, although if you cease employment, the vehicle ownership as well as the finance commitments remains with you.
Novated leasing has become increasingly popular in recent years as companies move away from traditional company cars and look for more incentives for employees.
It is important that you seek advice from your financial advisor regarding any pretax finance arrangements. (i.e. Fringe Benefit Tax)
Novated Lease – Summary Benefits
- Greater flexibility with the choice of a car
- Financing of the vehicle may be paid with pre-tax dollars
- The vehicle may be leased for 100% private use
- Time and costs associated with management and disposal of the vehicle are not the employer's responsibility
- On termination of the employees employment or novated lease, the responsibility of the vehicle is passed on to the employee
- Lease maybe portable between employers
- No monthly fees or admin charges
- Direct debit available
Our business manager can organize to come to you for document signing with your employer.
Finance Lease
A Finance lease is used by businesses or individuals for the specific purpose of purchasing a new or used vehicle that is used wholly or predominantly for business or investment purposes.
By applying for a Finance lease, you are applying to finance the vehicle for the explicit purpose of a vehicle used for business use, in return for regular rentals paid over an agreed time period. The Financier owns the car until the residual is paid out. The car acts as security against the loan of the funds.
Vehicle Finance Lease - Benefits
- Car lease payments are tax deductible
- No capital outlay is required and cash flow protected
- Terms can be flexible and fixed repayments make for easy future budgeting
- No monthly charges or admin fees
- Direct debit available
Disclaimer:
The material contained on this site is provided for general information only and does not constitute any form of advice. Eagers Retail Pty Ltd assumes no responsibility for the accuracy of any particular statement and accepts no liability for any loss or damage which may arise from reliance on the information contained on this site. You should always seek advice of an independent financial advisor or your accountant for the most suitable finance product for your situation.
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