Import Vehicle Commercial Hire Purchase
A vehicle Commercial Hire Purchase is an agreement where the financier purchases the vehicle or asset and hires it to you over an agreed loan term.
The ownership of the vehicle is held by the financier and you gain usage. At the end of the loan term, the ownership is passed onto you.
Being a commercial loan product, there are taxation benefits available including claiming the repayments as a deduction.
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Benefits of Commercial Hire Purchase products include:
- Loan repayments from 2 to 5 years
- Residual or Balloon payment at the end of the loan term from $1
- Taxation deductions
- Fixed interest rates for the loan term
If your car is being used for work purposes, you may be able to claim deductions on the loan interest and depreciation of the vehicle.
If you are GST registered you may be able to claim the GST component from the purchase amount.
GST is included in the loan repayments to the lender.
Apart from Commercial Hire Purchase, other business finance products include Chattel Mortgage, Rent to Own and Leasing.
To discuss you individual business finance needs, contact your iCREDIT Financial Consultant on 1300 350 118