Finance
What are the benefits of financing a vehicle at Sydney City Mitsubishi?
- Fixed and predictable costs.
- Your funds can remain invested or available for other purchases.
- Financing can help you establish good credit history.
- Incredibly flexible.
- Use of the vehicle without large capital outlay.
- By putting a vehicle on your home loan you pay 30 years of compound interest and if you upgrade cars every 4 years by year 30 you could be paying for 7 cars you no longer own.
- You can buy a new vehicle before you have funds for the entire purchase price.
What can the Finance Department at Sydney City Mitsubishi Offer?
- Fast approvals.
- Structured payments, including payment holidays.
- Payment free periods.
- Do not require property as capital.
- No monthly or annual account keeping fees.
What do you need to do to start an application?
Simply select the vehicle that best suits your needs, and then speak with our Business Manager, Malcolm Arnold, who can assist you to work out the appropriate loan type, period and monthly payment that best fits your lifestyle.
Finance Options
With the myriad of lending institutions offering finance options for the purchase of your next vehicle it can often be overwhelming trying to find the best package.
Whether your vehicle will be used for business purposes or just for recreational or personal use our informed professional staff can assist you in selecting the best form of financing.
Ford Credit Australia Limited is our financier and they are an automotive specialist in the following financial products.
Consumer Loan
Gain more financial freedom by using our loan money to finance the vehicle of your choice and keeping your own funds free for other purposes.
You can tailor your monthly repayment to suit your budget by selecting the contract term (from 12 to 60 months) making a Consumer Loan an ideal way to enjoy your vehicle.
The motor vehicle is the only security required unlike using your home loan to finance a vehicle; we also make budgeting easier during the period of the contract as all payments are fixed.
If you use your vehicle privately for more than 50% of the time then a Consumer Loan is for you. Where you can demonstrate some business use, you may be able to claim a tax deduction for that portion.
Hire Purchase
The complete flexibility of the Hire Purchase enables you to structure the finance contract to exactly suit your needs.
With residual or balloon payments and flexible contract terms from 12 to 60 months repayments can be tailored to suit your budget.
A tax deduction may be claimed by the purchaser where the vehicle is used for income producing purposes.
Hire Purchase enables you to place a deposit into the contract, either as cash or by using the equity in your current vehicle as a trade-in.
In most cases under Hire Purchase, no additional security will be required; however, where the hirer is a company, we may require a guarantee from the directors of the hirer.
Finance Lease
A tax-efficient tool that satisfies business needs without tying up capital is a Finance Lease, the payments of which are made from pre tax income, not after tax profits, enabling businesses to preserve cash flow and utilise the capital elsewhere.
A tax deduction may be claimed by the lessee where the vehicle is used for income producing purposes.
With residual or balloon payments and flexible contract terms from 12 to 60 months repayments can be tailored to suit your budget. In conjunction with a 'Deed of Novation' a Finance Lease is an ideal way to salary package a vehicle.
Generally, the vehicle itself is the only security required but in some cases, where the lessee is a company, we may require a guarantee from the directors.
Novated Lease
A Novated Lease is essentially an agreement whereby an employee enters a finance contract; a Deed of Novation is then signed by the employee, his/her employer and the Financier, thereby transferring the responsibility to make the repayments on the lease to the employer.
The employer remains liable for the repayments until the end of the lease or cessation of employment, whichever occurs first. The employee is usually responsible for all running costs.
With residual or balloon payments and flexible contract terms from 12 to 60 months repayments can be tailored to suit your budget.
Chattel Mortgage
Chattel mortgage is designed especially for those sole traders and partnerships, who account for their business operations on a cash basis.
Individual business customers accounting on a cash basis may be able to claim back GST as soon as they lodge their next Business Activity Statement (BAS).
Chattel Mortgage offers individual business customers the ability to tailor the finance contract to best suit their needs. The customers may select contract term, deposit amount and balloon payment, enabling them to set the monthly repayment to exactly suit their budget.
Contact our Business Manager Malcolm Arnold today on 02 9315 9600 to discuss any questions you may have.