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Business car loans

Move into the fast lane for expansion when you compare business car loans below. Whether you’re a sole trader or business owner, BestFind helps you discover buying or leasing options that fully support your vehicle needs.

Calculate your repayments

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.69%

Car loan comparison rate6.55%

Monthly repayments (approx)$561

Total repayments (approx)$33,713

Total interest repayments (approx)$3,713

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.50%

Car loan comparison rate5.85%

Monthly repayments (approx)$573

Total repayments (approx)$34,381

Total interest repayments (approx)$4,381

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of13/05/2020

GO TO OurMoneyMarket

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)4.47%

Car loan comparison rate5.28%

Monthly repayments (approx)$558

Total repayments (approx)$33,532

Total interest repayments (approx)$3,532

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)5.45%

Car loan comparison rate7.85%

Monthly repayments (approx)$572

Total repayments (approx)$34,340

Total interest repayments (approx)$4,340

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.49%

Car loan comparison rate7.19%

Monthly repayments (approx)$586

Total repayments (approx)$35,210

Total interest repayments (approx)$5,210

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate9.53%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Application / establishment fees$400

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term1 Year

Maximum term7 years

Car loan interest rates (base)7.65%

Car loan comparison rate10.24%

Monthly repayments (approx)$603

Total repayments (approx)$36,196

Total interest repayments (approx)$6,196

Rate typeFixed

Secured or unsecuredSecured

GO TO Driva

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 755 494

Data accurate as of15/06/2020

GO TO Driva

Hide info -

The variable rate personal loan is unsecured.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.60%

Car loan comparison rate13.89%

Monthly repayments (approx)$691

Total repayments (approx)$41,510

Total interest repayments (approx)$11,510

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Credit Union SA

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$10

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check feeAt cost

For used vehiclesYes

SponsoredNo

Telephone08 8202 7777

Data accurate as of17.07.2017

GO TO Credit Union SA

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of car loan are you looking for?

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Business car loans in Australia – Drive your growth forward

The road to upgrading your business never seems to end. Since business vehicles are also part of the cog-wheel that drives your grind, you’ll likely need a new set of wheels now and then. If the time is now, you may also need some extra funds before you make the addition.

Ultimately, you’ll need to choose the best business finance solution based on your goals and circumstances. Learn more about this and find out how to fast-track a hassle-free upgrade in this business car loans guide.

What’s a business car loan, and how do they work?

In Australia, business car loans act as financial back-ups for businesses who need to purchase or lease a vehicle while keeping their cash flow neutral. That means you can drive a brand-new set of wheels or own an impressive fleet without meeting any outright costs. However, before you navigate the business car finance space or manoeuvre the best deal, you’ll need to figure out the essentials involved.

To jumpstart the process, use the following questions to get an up-close look at how business car loans work in Australia:

Do business car loans have any tax benefits?

Yes, compared to standard car loans, business car loans often deliver tax benefits that add to a company’s savings. For instance, you can claim a tax deduction on your lease payments, interest, GST as well as depreciation.

Who uses business car finance?

A business car loan is a specialised product that’s on the shelf for a large assortment of businesses. This includes anything from florists and electricians to locksmiths and real estate agents. But, before you can avail yourself of this product, you’ll need to ensure the vehicle is running errands for your business at least 51% of the time.

What type of vehicle can I purchase?

Notwithstanding the trade you specialise in, a business car loan can deliver the right car to cater for your operations. For instance, whether it’s one set of wheels or an entire fleet, you can sign up to buy or lease:

  • Cars
  • Vans
  • Trucks
  • Caravans
  • Buses

Your options even spread out to cover new or used vehicles depending on the lender’s limits.

How much can I borrow?

Business car loan amounts are typically centred around a $5,000 minimum and a $100,000 maximum. However, the maximum cap can always shift to accommodate larger purchases. That being said, you can borrow up to 100% of your vehicle’s purchase price. Also, depending on the loan product, you can top up this amount to cover other related expenses like insurance and registration.

What’s the payback period?

Terms can expire in as little as 12 months or stretch up to 10 years. Generally, a short time frame will cut off your interest payments quickly, which means more savings for the business. On the other hand, longer terms ensure your cash flow remains as neutral as possible throughout the repayment process.

What’s the interest rate?

The interest rate that’s pinned on your vehicle depends on its age and type. For brand-new and smaller vehicles, business car loan rates can be as low as 5%. But, the assigned rate scales up as we move towards trucks, trailers and similar vehicles with a bit more mileage.

How much in fees do I pay?

Taking a particular finance product under your business’s belt also adds extra costs in terms of loan fees and charges. The exact amount you’ll have to deduct from your coffers varies wildly based on the car’s age, value, plus the lender’s profit model. Across the board, here’s what you’ll have to pay:

  • Establishment fee
  • Ongoing fee for monthly account keeping
  • Late payment fee
  • Early termination fee

What will my monthly car loan repayments be?

Get a handle on your repayments using our business car loan calculator. This key tool estimates how much debt your business can carry. Keep in mind that the size of your instalments depends on the underlying amount and term. At the end of each working day, it’s essential to have flexible weekly, fortnightly, or monthly repayments that mesh well with your cash flow plan.

Do I put up a deposit?

Deposits are usually not part of the requirements. But if your cash flow can take the hit, you can put up a deposit that’s worth as much as 30%. Compared to a 0% deposit loan, you’ll end up with more affordable repayments and cheaper costs overall.

Should I opt for a balloon payment?

A balloon payment/residual value is when a split portion of your loan (up to 40 or 50%) gets shuffled back to the end of the loan term. This allows you to focus on repaying the remaining amount through much smaller instalments. Once the repayment period ends, you can pay off the balloon payment, refinance, or trade in the vehicle.

Where can I get business car finance?

If you want to leverage the growth of your trade via car finance, you can use comparison websites like BestFind. These are an easy starting point since you can roll out a quick and effective search using a product table. Here, you’ll be able to explore and compare car loans from different Australian lenders.

Additionally, you can apply a filter which allows you to move in on the right option sooner. It’s also important to consider other factors like interest rate, repayment flexibility, and unique advantages during your mission. Doing this gets you on the road to tailored finance that suits your short term or long term business needs.

5 Common types of business car loans

  • Chattel mortgage. The lender puts out funds that enable you to take immediate and full ownership of the vehicle. However, the lender also takes out a mortgage on the car and holds it while you repay. That means you won’t be able to sell the car until you honour the finance arrangement in full.
  • Operating lease. This is a flexible arrangement where the finance provider buys the vehicle then turns around and rents it to you. When the lease ends there’s no transfer of ownership, but you can upgrade or renew the contract.
  • Finance lease. Similar to an operating lease but you’ll have a longer line up of options. These include renewing the contract, trading the vehicle in or settling the residual value on the lease so ownership rights can switch to you.
  • Commercial hire purchase. You hire the vehicle from the credit provider for a fixed period. You’ll then be able to step into the role of ‘owner’ once you make good on your repayments.
  • Novated lease. Employees can also finance a vehicle purchase using pre-tax income as a source for the repayments. In this lease arrangement, employers act as the middlemen and are responsible for making sure the lender gets what’s due to them.

Other types of business car loans

  • Car loans. A business can also count on a standard or regular car loan, though these aren’t specialised, and neither do they offer any tax returns.
  • Business loans. With this flexible finance option, the funds won’t be limited to vehicle purchases only, but they can also cover other business purposes. Typically, it’s an unsecured car loan meaning the lender doesn’t have a say over what you do with the vehicle.
  • Low doc car loans. Coming up with the full complement of required documents isn’t always feasible during an application. Low doc business car loans are simply minimal-paperwork deals that make life easier if you own a small business or are self-employed. But, keep in mind they don’t always have favourable charges.
  • Bad credit loans. You can still get a business car loan with a bad credit score. Still, you should expect higher rates as soon as credit providers realise the risk.
  • Lines of credit. This is a multi-purpose finance option, much like a credit card or an overdraft. Your business will be able to withdraw small amounts or lump sums until it reaches a maximum borrowing limit. To get more credit, you’ll have to enter a cycle of withdrawing, repaying, and redrawing.

Buying vs leasing – 3 questions to ask

Before you can begin to narrow down the considerable number of available options, it’s important to pick a side when it comes to buying or leasing. Weigh the following questions to determine which option to play for:

  • What will you use the vehicle for? – Hard use means the car sometimes depreciates faster than you can pay it off if you choose a longer term. In that case, it’s best to go with a renewable lease that offers upgrades at the end of each term.
  • Do you want the purchase on your balance sheet? – Consider only comparing options that grant full ownership if claiming the vehicle as a business asset is important.
  • What sort of tax benefits do you want? – If you’re not sure, try sitting down with an accountant. A professional can easily steer you towards the best tax-deductible financial product.

How to apply

Typically, you can carry out a quick and easy online application on your chosen lender’s website. To get started, simply click the ‘Go to Site’ button in the comparison table above. Here’s a list of documents and information you might need to share before the application pushes through:

  • Proof of identity
  • ABN or GST registration
  • Business bank statements
  • Profit and loss statements
  • Balance sheets
  • Rental notices or agreements
  • Details of the vehicle you want to buy

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