The right car loan option will depend on your individual business needs and financial situation. Key considerations include:
A residual (balloon) payment is a way that you can reduce your car loan repayments during your finance term, in return for making a single larger (balloon) payment at the end of the term.
For example, if you borrow $40,000 for a new business vehicle via a five-year chattel mortgage, you could arrange to pay $30,000 over five years with regular monthly repayments, and a single $10,000 residual (balloon payment) at the end of the five-year term.
However, if you structure your repayments like this, it’s important that you structure your business finances to ensure that you can afford the final residual (balloon) payment amount.
You’ll need to supply the following information when you’re applying for business car financing:
Car financing is an important decision for many businesses, especially if you have a fleet of
vehicles. It’s important to understand the pros and cons of different car financing options so that you can choose the most appropriate one for your business.
It’s also important to understand that even a small difference in the terms and conditions of a car-financing option can make a big difference to your repayments and to your business’ cash flow.
...
Read More
One of our team members will contact you shortly.
You can unsubscribe from these communications at any time. For more information on how to unsubscribe, our privacy practices, and how we are committed to protecting and respecting your privacy, please review our Privacy Policy.
