Tyler needed a vehicle for his business, but bad credit was holding him back.Read case study
Need a hand finding your new business car loan? Call in the experts. At Rapid Finance, we can recommend and find car loans for a range of business needs. Choose your service below to find out more:
Each type of loan comes with its own advantages. The benefit of working with a finance specialist is that you will get finance that matches your business and its requirements.
View our full range of car loan options.
A business car loan is a commercial finance product designed to provide businesses with funds for the purchase of work vehicles. Business car loan options include Commercial Hire Purchase, Chattel Mortgage, Finance Lease, and Novated Lease.
What’s the benefit of choosing Rapid Finance? We have access to a range of business finance solutions which allows us to find and recommend a loan matched to your needs.
We have car loans for business that offer:
We do the work, you get back to business.
Please note: This is an estimate provided for illustrative purposes only, and is based on the accuracy of information provided. It does not constitute a quote. Additional fees and charges may apply dependent on your individual circumstances. Fees such as early repayment costs and establishment fees are not accounted for in the examples of weekly repayments. Interest rates may be subject to change throughout the term of the loan.
Each type of business car loan has its own unique benefits, suited to different sets of business requirements. Deciding on the most suitable car loan for your business is as simple as weighing your requirements against the different benefits each type of loan offers.Read more
If your business has vehicle expenses, make sure you get the most out of your tax return and claim the deductions that you are entitled to.Read more
In Australia, there are a range of different types of loans for business available. These loan types include Commercial Hire Purchase, Chattel Mortgage, Finance Lease, and Novated Lease. Depending on your situation and your business, one or the other may be more suitable.
While each loan type has the same overall function (to finance a car for your business), the way they work in practice does differ. It is important to consider these differences when choosing between business car loans as loan features can significantly impact the flexibility and total cost of your loan.
A Commercial Hire Purchase is a type of business car loan. Under a Commercial Hire Purchase, a lender buys a car on behalf of the business owner. The business owner then 'hires' the car back from the lender in exchange for weekly, fortnightly, or monthly repayments.
Once all repayments have been made, including any final 'balloon' payments, the title of the car is then transferred to the business owner, making them the vehicle's legal owner. Loan terms vary from 1 - 5 years, with finance being secured against the vehicle.
A Chattel Mortgage is a type of business car loan typically used by Australian business owners for the financing of work vehicles and work fleets. Under a Chattel Mortgage, a lender provides the business owner with funds to buy a car or fleet in exchange for regular repayments plus interest.
Chattel Mortgages differ to Commercial Hire Purchases in that the business owner is recognised as the vehicle's legal owner from the outset. This makes Chattel Mortgages a more suitable option for business owners who want to own their vehicle or vehicles straight away.
A Finance Lease is another option for Australian business owners looking to finance a vehicle for their business. Under a Finance Lease, the lender owns the vehicle and leases it back to the business owner in exchange for regular repayments and interest.
Unlike a Chattel Mortgage, the vehicle is not owned by the business owner outright. Only after all repayments have been made does legal ownership of the vehicle transfer to the business owner. Similar to other business car loans, terms typically range from 1 - 5 years.
A Novated Lease is a type of business car loan typically used by employees to combine their car loan with their salary package. Under a Novated Lease, an employer pays the vehicle repayments on behalf of the employee by deducting the repayment amount from the employee's pre-tax salary. This is also known as 'salary sacrificing'.
Because repayments are deducted from the employee's pre-tax salary, this effectively lowers their taxable income. This can mean significant tax benefits for the employee. For specific advice about Novated Leases and associated tax implications, consult a tax professional.
Yes! Getting a business car loan with bad credit isn't always easy, but it may be possible. At Rapid Finance, we've helped countless business owners get business car loans, including those with less than straight-forward credit histories. And, we may be able to help you too.
So, if you're finding it difficult to obtain finance because of credit defaults, previous bankruptcies, or other marks on your credit history, call us. We'll help you build your case for business finance, to give you the best chance at loan success. We can even negotiate with lenders on your behalf.
Yes. In some cases, 100% finance or 'no deposit' business car loans are available. In these instances, you would not be required to pay an upfront cash deposit on your business car loan. This could be a good option for businesses where cash flow is limited but regular.
It's important to remember that monthly repayments are typically higher with no deposit loans. This is because the borrower has 100% of the loan amount to repay instead of 90% or 95%, that first 5% to 10% typically being covered by the loan deposit.
In some cases, the Rapid Finance team are able to arrange finance same day. Typically, however, approval for business car loans takes 1 to 2 business days. Approval for more complicated applications may take longer. Contact us for an estimate tailored to you and your business.
For the fastest possible approval process make sure you have all details and documentation ready before you apply. Having to source additional information can be a common roadblock when it comes to business car loans. Organising the appropriate paperwork now can ensure a smoother application process.
A car finance broker could help you get a better deal on your next business car loan. Whether you're after lower interest rates, more flexible features, or a bad credit solution a broker can seek out the right finance for you.
At Rapid Finance, we've been helping Australian business owners find finance for more than 15 years. We work with a range of lenders to give our customers access to a wide selection of finance products. We make finding suitable finance fast and hassle-free.
You can apply for a business car loan with us online anytime and anywhere with an Internet connection. It's easy. All you need are some personal and business details. We'll take care of the rest. You can even submit your application from your smartphone or tablet.
Prefer to apply over the phone? Call one of our loan specialists today. They can take you through the entire application process, step by step. Whether you apply online or over the phone, our application process can take as little 5 minutes to complete.
Can't find the answer you're looking for? Ask one of our car loan specialists. Call today 1300 467 274
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