Individuals and businesses have range of car finance options available to them. Individuals looking for Car Finance in Sydney have a range of options to them depending on how often they use their vehicles for business and whether they job offers them salary packaging.
When a financier provides car finance to a customer, the customer gets to take ownership of the car at the time of purchase while the financier gets to take an interest in the car as security of the car loan. Once the contract has been completed, the financier lifts the interest in the vehicle, hence giving the customer clear title.
The best thing about personal car loans is that the contract is usually flexible and a balloon can be applied to the contract along with the choice of either fixed or variable interest rates. Deposits of either trade-ins or cash can be used as well. A tax deduction is available in case the vehicle is going to be used for business purposes.
An individual Car Loan is suitable for people who wish to buy a new car but do not have major business use of their vehicle or the choice of novated leasing.
Companies which are looking for Car Finance in Sydney have a whole range of options available to them. The financier buys the vehicle for the customer who then leases the car from the financier and pays a monthly rental depending on the terms of the lease. When the lease ends, the customer can pay the final instalment and take ownership of the car or he can re-finance the residual and continue the lease.
The benefit of a business car loan is that there is a fixed interest rate along with fixed monthly lease rentals and all costs are known in advance. There are tax deductions available when the car is being used for business purposes.
