A Commercial Hire Purchase is a business finance product where the customer hires a motor vehicle from the finance provider or bank for a set monthly repayment over a set term, normally 24 to 60 months
Enquire NowHire Purchase Chief
We are committed to providing our customers with access to the best Commercial Hire Purchase finance products in Australia. Our primary goals are outlined below:-
- To produce high quality "up to date" Commercial Hire Purchase information.
- To give you access to professional and experienced finance brokers
- We use the world wide web to make this happen
Other Finance Options
Car Lease
A Car Lease (also known as a Finance Lease) enables a individual or business to have use of a motor vehicle. Ownership remains with the finance lender until the residual is paid in full. Visit 1300 Car Lease...
Chattel Mortgage
A Chattel Mortgage is another option for Businesses looking for immediate ownership with the added benefit of claiming back the GST on the purchase price of the car. Visit Chattel Mortgage Chief...
Novated Lease
The Novated Lease agreement is a 3 way agreement between the employee, the employer and the financier. Visit Novated Lease Chief...
Car Finance
Instant online car finance quotes for all finance options including Commercial Hire Purchase, Chattel Mortgage and Car Lease. Visit Car Finance Chief...
No Payout Penalties
Did you know that car finance with no
payout penalties could save you $$$ thousands of dollars?
Most finance lenders and banks charge "retained interest" or commonly known as a "payout penalty" for terminating or paying out a car finance contract before the end of the term. This "retained interest" can add hundreds (if not thousands) to the payout figure and sometimes put you in a bad situation.
The Aussie Chief can give you access to finance brokers that can offer business car finance with absolutely no retained interest or payout penalties. Never owe more money on your car finance than what you borrowed!
Enquire NowFeatured Finance Brokers
Tab One
Advance Car Loans
Advance Car Loans is quickly becoming one of Australia's leading online car finance brokers.
Advance Car Loans has access to a wide range of Australia's leading car finance providers and banks. Their company's service includes products with the following features:
- Low interest rates Australia wide
- No establishment fees
- No payout penalties
Tab Two
1300 Car Lease
1300 Car Lease is the website packed full of useful car leasing information and tips.
Don't know which car leasing option is best for your situation? 1300 Car Lease has all the answers! This includes information on the following leasing products:
- Commercial Hire Purchase
- Chattel Mortgage
- Car Lease or Finance Lease
- Novated Lease
- Operating Lease and more
Visit www.1300carlease.com.au
Glossary
Aussie Chief
Provides up to date and product specific information on different products. Puts the customer in touch with and experienced finance broker or consultant.
Australian Business Number or ABN
This is a Australian Tax Office identifier number issued to any business registered in Australia. The ABN number must be displayed on all official paperwork and transactions for all business dealings with the Australian Tax Office.
Accruals method of accounting
The accrual principle is the system of accounting under which revenue is recorded when earned and expenses are recognised when incurred.
Accrued interest
This is interest which is earned but not yet paid, or interest which is owed and not yet paid.
Administration fee
Monthly fee which is charged by the finance provider or bank for managing your car finance contract.
Annual Percentage Rate or APR
The rate that interest is charged on a loan which is owed over a term of one year period. Usually interest is calculated daily and charged monthly.
Arrears
The amount of money which has not been paid by the due date as per the agreement.
Balloon payment
Also referred to as a residual. This is a finance instalment which is usually paid at the end of the loan period that is much greater than other instalments. The balloon payment is used to reduce your repayments.
Borrower
A customer that has borrowed money from a finance leader or bank.
Cash method of accounting
An accounting basis which brings items into the accounts when they are physically received or spent.
Car Lease
A Car Lease (also known as a Finance Lease) enables a individual or business to have use of a motor vehicle. Ownership remains with the finance lender until the residual is paid in full.
Chattel Mortgage
A Chattel Mortgage is another option for Businesses looking for immediate ownership with the added benefit of claiming back the GST on the purchase price of the car.
Comparison rate
The comparison rate helps you identify the true cost of a loan. It takes into account the interest rate, the loan set-up costs, the term of the loan, and any other up-front or ongoing fees associated with a loan.
Credit file
A file which is kept by a credit agency (such as Veda Credit Advantage) that shows your credit history. If in the past you have failed to meet your repayment obligations and defaulted on a loan or credit card, your credit file may show a default. Defaults may make it difficult for you to borrow money from some lenders.
Depreciation
The accounting process used to reduce the book value of an asset over its defined useful or effective life.
Depreciation Limit
The maximum asset value that is allowed by the Australian Tax Office when depreciating a car. Currently this value is $57,180.00.
Early termination charges
Fees and charges which are incurred by paying off a loan early.
GST or Goods and Services Tax
This is the tax which is charged on the supply of goods and services.
Novated lease
The Novated Lease agreement is a 3 way agreement between the employee, the employer and the financier.
PAYG or Pay As You Go
This is a system for reporting and withholding amounts of money for income tax purposes. If you have employees, you are required to withhold tax from payments that you make to them.
Tax File Number or TFN
This is a nine digit number issued by the Australian Taxation Office to Australian residents and registered companies to identify them for taxation purposes.
Term
This is the period of time in which the car finance must be repaid.