Vehicle & Equipment Finance

Summit Finance SA/NT makes the process easy for buying your new car or commercial vehicle. We can also arrange finance for boats, jet ski's, motor bikes, caravans and trucks. Our job is to make the process easy, competitive interest rates, 90% of applications approved within 24 hours we strive to get same day approval for all our clients. Even if you are looking at an older vehicle we can help with finance. New or used, Dealer or private sales we are here to help.
 

FINANCE OPTIONS
 

CHATTEL MORTGAGE

A chattel mortgage is a facility used for people purchasing a car for business purposes where the vehicle is used for more than 50% of the time for business. The acquiring asset is paid in full at the time of settlement. The lender retains the title on the vehicle but the customer takes ownership of the vehicle at time of purchase with the vehicle used as security on the loan until the contract is paid in full. Once the loan has been paid out the lender will pass the title over to the owner.

The other advantages of a chattel mortgage if you are a company, sole trader or partnership are the benefits available for this type of finance. There is no GST charged on your repayments or on the final balloon payment. You can claim the total GST on the vehicle in your next BAS statement after the purchase and depreciation of the car and the interest portion of the loan can be claimed in your tax.

LOW DOC VEHICLE FINANCE

If you are self employed or a business owner with limited or no documentation or have been unable to lodge your tax return for a valid reason to prove your income level a low doc loan may work for you. We look at alternate ways to get your finance by way of business bank statements and BAS. The lenders charge slightly higher interest rates due to the risk of determining if you have the ability to repay the loan based on the information used to assess the loan.

CONSUMER VEHICLE LOANS

A consumer loan is used where the vehicle being acquired is 100% private use. The vehicle can be purchased from a reputable dealer or private sale with many lenders offering finance on vehicles up to 20 years of age at the end of the finance term. Don't know how much you can borrow this depends on your financial situation so give us a call and we can assist you.

REFINANCE VEHICLE LOANS

You may want to consider refinancing your car loan for a number of reasons, your credit rating has improved, your Novated Lease is due to expire and you want to buy the car and need to refinance the balloon payment. By refinancing your car loan you can also save on current fees and charges and reduce monthly repayments.

NOVATED LEASE

If you are an employee of a business, you may have the option of purchasing a car through a Novated Lease. This type of lease is an agreement between you, your employer and the financial institution. It allows you to include the costs of running the vehicle into the agreement.

Under a novated lease, an employee leases a motor vehicle from the Financier using a normal lease agreement. A novation agreement is entered into between the employee and the financier, under which the employee's obligation to pay the rental is transferred to the employer for the term of the agreement or until employment ceases. The employer pays the lease rentals direct to the financial institution from your pre-tax salary, called salary sacrifice.

The car remains with the employee should they leave the employer and a new novated agreement can be entered into with a new employer or the ability to refinance is the new employer does not allow salary packaging.

The benefits of a novated lease - paying from your pre-tax salary will reduce your taxable income which means more money in your take home pay, all the vehicle running costs including fuel, tyres and maintenance are paid from your pre-tax income and well as insurance and registration.

EQUIPMENT FINANCE

We tailor the finance to suit your business and cashflow, we find the best solution to get the equipment you need which is cost effective to your business. With a fast approval process you will have ownership of the equipment from the start of the loan and pay no GST on the loan or the repayments and Interest on the repayments and depreciation of the equipment a possible tax deduction.

FINANCE LEASE ARRANGEMENT

A finance lease agreement can be an effective way for a company to acquire assets for business use, generally speaking you do not need a deposit and won't pay GST on the loan or repayments.

Terms are calculated for an agreed time frame with the interest on repayments and depreciation normally being tax deductible. Agreements are flexible and payments can be calculated monthly or quarterly, half yearly or annually. At the end of the term, a residual value is paid (predetermined at the commencement of the lease) to acquire the goods from the financier. This way your rentals can be structured to meet your cash flow requirements.

OPERATING LEASE

An operating lease is a type of lease in which the financier retains ownership of the asset. Under an operating lease there is no predetermined residual value to pay, however a client may choose:

• to hand back the equipment and upgrade
• to hand back the equipment
• to continue to lease/rent the equipment
• to make an offer to purchase the equipment at fair market value