Business Car Loans

Business Car Loan

Whether you have a small business, a medium one or an enterprise, every business can benefit so much from lower car financing rates as well as more freedom on the types of vehicles to choose from. At SameDayLend, we give you the option to maximise your vehicle investment. Through our network of lender partners, we offer businesses and business owners the option to take advantage of a range of 

business car loan offers. With lender partners recognised as among the top trusted financing providers in the country, you know you will walk away with not only the best car for your business needs but also with the best deals, complete with fixed rates and upfront fees.

A variety of business car loan products

We know how frustrating it can get to take out a business car loan only to find out that the options offered to you are very limited. With SameDayLend, you are poised to make the most out of cost-effective products that the market has available these days. You can even get approved for more than just the purchase price of the vehicle you want so you will have enough funds left to cover the car’s registration, insurance and other additional costs. In addition, you get to claim depreciation, GST and interest. You can even add balloons to help reduce the repayments you have to make monthly. 

Benefits of taking out a business car loan with SameDayLend

Wide range of options

Having been in the lending finding service for a long time, we can help you get approval for a wide range of business vehicle financing. Our lender partners are some of the most trusted names in the country and can help you get access to car leases, hire purchases and chattel mortgages among others.

Low interest rates

The business car financing offers that our lender partners have in store come with some of the lowest and most competitive rates that the market has to offer. Borrowers can get started with a pa of 4.36% which would help you considerably in saving much-needed funds.

Tax benefits

Depending on the kind of business car loan you are interested in, you may get tax deductions in the form of GST right on purchase or get an interest that you are paying to sometimes even the full percent of the payment.

Residual payments can be utilised

It is possible to avail of residual payments in business car financing. In some cases, this may even be compulsory which is a great opportunity for you to minimise the costs involved in repaying the car loan which makes it more attractive that standard cash loans.

Borrow up to 100% of the purchase price of your preferred car

If you’re aiming to purchase a car via a business car loan, it is possible to get financing approval of up to the full price of the car. What’s even better is that this does not come with a condition where you must make a substantial upfront payment. 

Finance used or new cars

It doesn’t matter if you are interested in a new car or a used vehicle. You can buy it from a dealership or from a private seller as well. Our lender partners are quite flexible and will be more than happy to accommodate your repayment preferences to ensure that you can manage the debt well. 

Choose your preferred repayment schedule

You have control over the repayment schedule to ensure that it will be easier for you to manage. For instance, you can choose to pay off the car in one year’s time or up to 7 years. You can also decide to have it paid monthly, weekly or fortnightly. 

Varied vehicle options available

Your options in terms of available vehicles are not only limited to a few makes and models. We can help you, through our lender partners, to get financed to a whole host of vehicle types that your business car loan can be approved for from machinery, aircraft, trucks and a variety of other business vehicles and equipment. 

What to expect when applying for a business car loan with SameDaylend

Fast approvals

When you need to get a business vehicle loan approved and funded fast, look nowhere else. We have a reliable team of bad credit loan experts who will see to it that your loan application gets attended to as soon as possible so we can get you an outcome in 60 minutes or less. Once approved, our lender partner will see to it that the loan gets funded on the same day.

Compare lender offers

Through our network of lenders, you can be sure to get the most out of the business vehicle loan you are signing up for. You will likely receive multiple loan offers from our network of lenders. This will give you a chance to compare offers, so in the end, you get to take advantage of the most competitive deals. All you need to do that is send us one single loan application. 

Get up to 100% financing

You won’t get asked to make a handsome deposit just to get approved for a loan. What’s even better is that our lender partners offer the chance to fund your vehicle of choice up to 100% or even more to help you cover the extra costs attached to the purchase. 

Dedicated loan consultants at your service

Once you will send us a loan application form, our loan consultants will get to work. Their job is to ensure that your personal and financial information are properly assessed and reviewed so we can send it to the right potential lenders that can offer you a loan. In most cases, you will only have to wait for an hour or even less to get a result.

Financing tailored to your needs

The lenders we work with understand very well how no specific car loan financing works for all of our customers. This is why they take the time to customise their offers to ensure that your needs and your preferences are taken into consideration. This includes your preferred financing terms, balloon options and repayment setups.

Choosing the right business car loan option

Chattel mortgage

This is a business car financing option where the vehicle is yours from the get-go. The structure is pretty much similar to secured car financing. The repayment period can extend from 1-7 years. However, it also offers buyers the opportunity to take advantage of GST on the car purchase, along with repayment interests as well as the depreciation of the vehicle.

Finance lease

In a finance lease setup, the financier will purchase a car which is then leased to the business applying for the car loan. Monthly costs will be charged for the vehicle to get hired. The payments involved are tax deductible for up to 100%. The arrangement often comes with a 1-5 years’ term. Once the loan concludes, you have the option to:

• Purchase the car by making an out-of-pocket residual payment
• Selling or trading in the vehicle to pay for the residual amount and then lease a different vehicle
• Refinance the remaining amount and have the lease term extended

Novated lease

Intended for employee use, the arrangement involves the financier purchasing the car and then leasing it into the business. The financier then pays for the vehicle by taking out the specified amount from your salary before the tax is deducted, which is also known as salary packaging. 

As a result, your taxable income is reduced which then results in you being eligible to claim for running costs. This includes car maintenance and paying for insurance premiums without the need to use the vehicle strictly for business purposes only. At the end of the term, the same options will be offered to you in a finance lease agreement. 

Operating lease

This setup works pretty much similar to finance leases with the only exception that they do not have any residual payment at the end of the term. Instead, you will have the option to just hand the car over once the lease concludes. You won’t have to worry about on-road costs as this will already be included in the loan calculation. As a result, it can get more expensive than finance leases.

Hire purchase

Another lease type, this setup is specifically aimed for businesses who are completing their accounting based on accrual and not on cash. This means that expenses or earnings for the business are recorded right at the point where the transaction takes place instead of the payment release or receipt. With this, they can claim a GST on the purchase of the vehicle come the next BAS.