Personal Loan
A Personal Loan is a type of unsecured car loan, whereby the financier lends you money but doesn’t take any security over the vehicle.
Car Loan
Car Loan, or more specifically a secured Car Loan, is a type of loan where the financier lends money for the purchase of a vehicle and also takes security over the vehicle to protect the loan.
Chattel Mortgage
A Chattel Mortgage is a commercial product by which a financier loans money to a business to purchase a car or commercial vehicle (chattel), and then secures the loan with a mortgage over the vehicle. In some instances the GST financed up to the luxury car tax limit can be claimed back upfront.
Commercial Hire Purchase (CHP)
Commercial Hire Purchase (CHP) is a commercial finance product where a business “hires” a car from the financier for a fixed monthly repayment over a fixed term, and has the option to purchase the car at the end of the term.
Finance Lease (Car Lease)
A Finance Lease allows a business to have the use of a car or commercial vehicle and the benefits of ownership, while the financier retains actual ownership of the vehicle.
Novated Lease
Novated Lease is a form of salary packaging a vehicle, under which an employee leases a car and their employer pays the lease repayments from the employee’s pre-tax income. This method can be a tax-effective way for an employee to purchase a vehicle, and can also be a great way for employers to offer an extra incentive to their employees with little or no additional cost or liability.
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