| These days, financing a car couldn't be easier with the range of finance options available - and there are real benefits in financing your car through the Armstrong Motor Group. Not only do we have a dedicated and fully trained Business Manager on site to help determine the best and most appropriate finance options to suit you and your lifestyle, but because of the size of our group, we have good buying power with the finance companies and can also arrange pre-approval, so it takes the worry out of not knowing. What sort of deposit do I need to buy a car?
Finance can be established using a range of alternative options... a low deposit or no deposit is absolutely fine
your trade-in vehicle can be used as a deposit
for those of you interested in purchasing a business vehicle, the GST can be claimed and used as a deposit
What amount can I borrow?
You can borrow up to the full amount of the car price with optional extras including insurance and registration once we review your application (subject to approval). A good credit rating and the ability to repay are important in your assessment. Each application is assessed on its own merits and is subject to your income and ability to pay. What type of payment options are available? We can arrange anything from personal finance and leasing to hire purchase and finance leasing (i.e. lease to own) - all with extremely competitive interest rates. Each loan can be for a term of up to five years and will be structured to suit your individual circumstances - possible options to look at are... - No repayments for six months
- Seasonal payment options
- Flexible lump sum payment options
- Interest only payments
- We also have available very comprehensive Mechanical and Electrical Insurance Cover available for each vehicle.
Are the terms flexible?
Yes; you can choose a period of 1 year to 5 years. How are payments made?
All payments are made via direct debit on an allocated day. This allows you to manage your budget effectively knowing when and how much is being withdrawn from your nominated bank account. Can you depreciate a vehicle?
If the vehicle is used by the business for the purposes of earning assessable income it can be depreciated under a hire purchase agreement. In certain circumstances it may be able to be depreciated under a lease. What is the difference between a Residual and Balloon payment?
The term balloon payment is applied to a Hire Purchase contract and is the large payment at the end of your contract that you are obliged to pay. Upon paying the balloon payment you own the vehicle. A residual is the term applied to the estimated value of the vehicle upon the expiry of the lease. When the vehicle is sold by the lessor at the end of the term, the lessee may be liable for any shortfall between the net sale price and the residual. Who is the vehicle registered to?
Under a lease the vehicle is registered to the leasee and under a hire purchase it's to the hirer. What about claiming GST upfront?
If the vehicle is used by the business for the purposes of earning assessable income then with a hire purchase agreement, GST on the cash price of the vehicle may be claimed up front. With a lease you may be able to claim the GST portion of the rental payments. What information do you need from me?
Our on site Business Manager will be pleased to assist you in completing your application for finance. |
