Car Finance / Leasing
Chattel Mortgage
Chattel Mortgage: A finance structure that is available for both employees and ABN holders when the vehicle is used for majority business purposes. The borrower takes ownership of the vehicle when purchased, and the lender takes security over the vehicle until the chattel mortgage is paid off.
Finance Leasing / Car Lease
Available for ABN holders when the vehicle is used for majority business use. The asset is leased from the finance company to the business over a desired term (generally 1-5 years), and a residual is due at the end of the term.
“No Doc” Car Loans
Are available for ABN holders to streamline the approval process, as the borrower is not required to show proof of income.
Refinancing
Available if you wish to save on your current repayments or adjust the length of your loan.
Rental
Similar to operating leasing. Available for ABN holders who wish to rent a vehicle for a specific time (generally 1-5 years) and, at the end of the term, want to have the flexibility to either purchase, return or continue the rental agreement.
Consumer Car Loan
A finance structure that is available when the purchaser uses the vehicle for predominantly private use. It allows the individual the ability to fund the purchase solely in their own name or with a co-borrower. Once the finance settles, the borrower takes ownership of the vehicle when purchased, and the lender takes security over the vehicle until the loan is paid off.
Novated Leasing (FMNL)
Available for employees, regardless of business usage. An employer pays the leasing company before paying the employee's wage, thus enabling the employee the ability to sacrifice the car and some of the on-road costs.
Operating Leasing
Available for ABN holders who wish to lease the vehicle for a specific period (generally 1-5 years) and, at the end of the period, wish to return the vehicle to the lender.
Hire Purchase
A Hire Purchase or Commercial Hire Purchase is a commercial facility where the applicant hires the asset from the lender for a set period, paying fixed monthly repayments. At the end of the Hire Purchase, once all the repayments have been paid back, the applicant takes ownership of the asset.