A hire purchase is a simple way of getting into a car for a predetermined amount of time. A lender will purchase a vehicle for you, on your behalf, and hire it out to you for a fixed monthly payment. For motor vehicle hire purchase Australia, the interest rate stays the same for the loan’s duration. You are responsible for paying all costs involved with operating the vehicle (which include insurance, registration and general maintenance) and you do not fully own the car until all outstanding monies are repaid in full.
This type of product is best suited to someone who would use a vehicle primarily for business, that is, for commercial hire purchase agreements. Primary hire purchasers include sole traders, trusts, companies, ABN holders and those who receive a vehicle allowance as part of their employment.
Here are some facts regarding commercial hire purchase:
Barling Finance has access to a range of motor vehicle hire purchase Australia products and lenders and we will advise you on the best option for your business and situation. Flexible loan terms and fixed repayments make motor vehicle hire purchase Australia a popular option for small and medium businesses that are positioned to benefit from the tax advantages. Our team is fully qualified, licenced (No: 389888) and governed by ASIC regulations to provide you with informed advice and quality products.