There are many options available to finance the purchase of a motor vehicle.
One option is to use any available equity in your home. This could be by either an increase in your home loan or perhaps redraw funds from your existing home loan. This type of funding is generally at a cheaper rate but you may not want to extend the finance on a motor vehicle for the term of your home loan (up to 30 years). You may wish to structure your loan repayments so that the vehicle portion of your loan is repaid in 3 to 5 years. We can help you with this.
“If you don’t own your home or have insufficient equity you could consider a personal loan for your motor vehicle.”
Leasing, Hire Purchase or Chattel Mortgage are options available for self-employed and business owners. Your accountant will guide you on the tax benefits of which option suits you and we can help you to obtain the right finance.