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beCarWise Suite of Finance Products

Car Loans

beCarWise recommend secured car loans as a great form of finance for a consumer to purchase a new or used car.

A secured car loan provides a lower rate than an unsecured personal loan. The interest rate is fixed for the term of the loan and the bank or finance company registers its security over the car until the loan is paid out.

Is a Secured Car Loan Right for You ?

If you are looking to purchase a late model car and have little or no business use then a secured car loan may be the best option for you.  If your employer allows you to salary package a car then a novated lease may be a better choice.  Find out more.

Benefits of a Car Loan

  • Fixed interest rate for the term of the loan
  • Loan terms of 1 to 7 years
  • New or used, dealer or private sale
  • A deposit or trade-in can be used
  • A balloon can be applied to lower your repayments
  • Lenders with no payout penalties

Talk to the team at beCarWise to find out about our lenders that have no early termination fees and no monthly fees. 

Chattel Mortgage

A popular commercial finance product is a Chattel Mortgage where you take ownership of the car at the time of purchase.  Just like a home mortgage the bank or finance company takes a mortgage over the car as security for the loan and they register an interest in the vehicle.

Is a Chattel Mortgage Right for You ?

If you are a company or sole trader you may gain a GST benefit on the purchase of the car.  If you wish to put a deposit into the car or trade-in another car then a Chattel Mortgage will accommodate this.  Your accountant will be up to date with the tax implications of a Chattel Mortgage.

Benefits of a Chattel Mortgage

  • Fixed interest rate for the term of the contract
  • Loan terms of 1 to 5 years
  • A deposit or trade-in can be used
  • A balloon can be applied to lower your repayments
  • If used for business payments may be tax deductible
  • No GST on the monthly repayments and balloon

Although Chattel Mortgages are more cost effective that Commercial Hire Purchase (CHP) Agreements we can also assist you with a CHP if that is a better solution for you.

Finance Lease

A Finance Lease is another form of car financing where the bank or finance company purchases the car and then leases it to you over the term of the contract.  The car is registered in your name and you are responsible for the vehicle during the term of the lease.  At the end of the lease period you can payout the residual value or make an offer to purchase the vehicle, trade in the car or refinance the residual.

Is a Finance Lease Right for You ?

If you use the car for business purposes and are a company, sole trader or employee with predominately business use then a Finance Lease may be suitable for you.

Benefits of a Finance Lease

  • Fixed interest rate for the term of the contract
  • Loan terms of 1 to 5 years
  • A residual is required which reduces your repayments
  • If used for business payments may be tax deductible
  • If registered for GST a claim back on the lease payments may be available

 

Find Out More