Business Car Loans

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Business car loans at Simply Finance

You can buy or lease the vehicle you need to keep your business up and running with a business car loan. This can be for a personal vehicle to get to and from meetings or the beginning of a fleet, depending on your business needs. Business car loans are a good alternative to personal car loans because the interest is usually much lower. At Simply Finance, we compare rates from over 20 different lenders to ensure you get the best deal. We specialise in business car loans for customers, and our loans are often better than the loans received from the four major banks.

Reputable lenders

Access a wide network of accredited and trusted Australian lenders.

Competitive rates

Score a competitive rate. Your loan should work for you, not the other way around.

Same business day approval

It doesn’t get much faster than that! Once we’ve got what we need, you should be good to go.

The lowdown on your business use car loan

How do business car loans work?

Getting a business car loan with Simply Finance couldn’t be easier. You can get a quote today and chat with a loan specialist shortly afterwards. Simply answer questions about your business, the model year and price of the car you want to buy, and your home and work details, and we’ll take it from there.

Can I claim the car loan as a business expense?

Recently, the Australian government announced up to $150,000 in tax rebates on vehicles purchased by small business owners for business use. Certain business owners may qualify for this write-off if they meet specific eligibility criteria. You may also get a tax rebate for certain operating expenses such as repairs, servicing, fuel, insurance, registration, depreciation, and lease payments.

Are business car loan interest tax deductible?

A business car loan’s interest is tax-deductible If you take out a chattel mortgage, wherein the vehicle acts as security for the loan, interest rates, as well as depreciation costs, are tax-deductible. But remember that you can only claim tax benefits if your vehicle is used for business purposes.

What type of car loan should I get for my business?

For small businesses, we offer different types of loans that may be better suited to your individual situation. Low-document loans take the stress out of preparing dozens of documents by just requiring proof of ID and some supporting information to get your loan. A chattel mortgage loan is when your lender purchases the vehicle, registers a chattel mortgage, fixes an interest rate and sets up a repayment schedule agreed upon by you. Under a novated lease, your vehicle is financed from your pre-tax income through a payment sacrifice agreement with your employer.

When you contact us, Simply Finance will endeavour to find the right loan for your company.

The fast and easy way to get your business on the move

If you’re self-employed, a sole trader or a small business owner, the laundry list of details and documents that big banks or loan institutions ask for can be overwhelming. Low-document (or low-doc, for short) loans just need proof of ID and some supporting information – simple, easy and fast!

  • Lighten the paperwork load
  • Get a flexible and efficient loan
  • Use for private dealer sales – old and new

A chattel mortgage is great if you use your car for business at least 51% of the time

Your lender of choice will purchase your vehicle, register a chattel mortgage, fix an interest rate and set up a repayment schedule agreed to by you. Enjoy tax-deductible interest charges and depreciation if you own a small business.

  • Fixed interest rate
  • Flexible loan lengths ranging from one to seven years
  • Residual value or balloon payments available

Novated lease

Repay your car with cost-effective financial solutions. Under a novated lease, your car is financed from your pre-tax salary through a payment sacrifice agreement with your employer. Your company makes repayments to your provider from your withheld salary. If you switch employers, you can take your car with you and take on the repayments or move your lease agreement to your new workplace.

  • Flexible financing for your vehicle
  • Transferrable agreements
  • Safe, secure repayments

Do business car loans have GST?

The price you will pay for the car includes GST. But you can usually claim a GST credit for cars used by your business.

What commercial lenders does Simply Finance work with? 

Simply Finance works with commercial lenders such as Westpac, ANZ, Commonwealth Bank, and NAB. We also work with over 20 other lenders and often get rates for our customers that are better than the four major banks.

Looking for another type of loan?

If a car loan is not what you need at the moment, try looking into our other loan options. We offer a variety of business loans and personal loans

Whether you want to get that special something or you’re looking to make a business investment, we’re happy to help.

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Let’s talk loans. Send us a message and we’ll get right back to you.

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4 Westside Avenue, Port Melbourne, VIC, 3207