Car finance for business

Business car finance entails obtaining a loan to purchase a vehicle instead of making an upfront full payment, typically when the vehicle is primarily used for business purposes (more than 51% business). In this arrangement, you borrow funds and commit to repaying them with interest over a specified period. Various options are available, such as chattel mortgage, low doc, commercial hire purchase, finance lease, and rent to own. The specific terms, including interest rates and instalment payments, are contingent upon your business's financial circumstances. Find out more about our types of car loans here

Yes, you can finance both new and used cars for your business. The eligibility criteria, interest rates, and terms may vary depending on the lender and your business's financial situation. We’ll help you find the best fit for your specific needs and budget, whether you're purchasing a new or used car for your business.

In some cases, yes. Business car finance remains accessible even if you possess a less-than-ideal credit history. At Motor Money, we maintain relationships with a diverse range of lenders, including those who specialise in accommodating businesses with imperfect credit records. Rest assured, our team is dedicated to advocating on your behalf to secure the most favourable loan terms for your individual situation.

A finance broker who specializes in commercial lending can help you find the most suitable financial solutions for your business. They can guide you through the complexities of securing a loan by connecting you with a broad range of lenders, assisting with the loan application process, and helping you secure competitive rates for your financing options.

Reputable commercial brokers in Australia follow strict privacy policies to protect your personal and financial details. By working with a trusted broker, you can be assured that your privacy will be maintained throughout the entire process of seeking commercial finance assistance.

We aim to make the application process are easy as possible. Before you apply for a commercial asset or equipment loan, as a minimum we generally require:

• Details of your current and any previous ABNs
• Valid driver licence or passport
• Details of your financial position, including any assets and liabilities like mortgages, property values, savings, superannuation, personal loans, and other asset finances
• Three years of residential and commercial history

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Being prepared upfront can save you time and means you’ll get an answer faster.

A balloon payment is a one-time lump sum you agree to pay your lender at the end of your car loan. It’s called a "balloon" because it’s much larger than your other payments—often up to 40% of the car’s purchase price, depending on the loan term and other factors. This setup can significantly lower your regular repayments, however you’ll pay more interest over the term of the loan.Balloon payments are usually an option for new, demo, or cars that are less than a year old.

Anywhere between 1 and 7 years, based on your needs.

While some lenders may ask for a deposit, you can still get a car loan without one, allowing you to borrow the full value of the car over the loan term. A deposit can help lower your monthly payments and the total interest you pay, but it’s worth checking if it’s actually required for your situation.

Any industry! At Motor Money, we’ve successfully helped clients across a wide variety of sectors to secure the finance they need.