360 Financial Services will guide you through the process of securing a loan based on your business needs. There are many options to consider when purchasing a vehicle as a sole trader, partnership or company as you must consider the tax benefits and advantages associated with different types of business car finance loans.
The Business Car Finance Specialists
- Access to over 30 different lenders for competitive rates and conditions
- Promise to beat any written quote
- Quick and easy approval process
- Low establishment and ongoing fees
- Additional services such as buying guide, insurance and car finder searches
360 Will Take Care Of Your Business Car Finance Needs
Using a vehicle solely for the purpose of your business is an advantage for tax purposes as costs associated with both the purchase and running costs are tax deductable. There are also more options available to you when purchasing a business car compared to a personal car loan. You are able to use the options to select a rate, payment schedule, running cost payment and ownership arrangement that suits you and your business.
The types of loans available for a Business Car Loan are:
Business Car Finance Terms Explained
Commercial Hire Purchase, also known as CHP, is a business finance product where the customer hires the vehicle from the financier for a set period of time and for a fixed monthly payment.
A Chattel Mortgage is a commercial finance product available if the vehicle is to be used predominantly for business purposes. It is very similar to a secured Car Loan, whereby the financier lends the money to purchase a car or commercial vehicle and takes security over the vehicle by way of a mortgage.
Also know as a Car Lease, Auto Lease, Vehicle Lease or Asset Lease. A Finance Lease is a rental agreement between the financier (the lessor) and you (the lessee) for a set period. Whereby the financier purchases a vehicle on behalf of the lessee and agrees to lease it back to them for set regular payments.