Finance & Insurance Options at Coffs Harbour Toyota

Finance Solutions - Vehicle Finance for Business

Whether you are a sole trader, company, trust, partnership or any other type of commercial business operation, Coffs Harbour Toyota can provide the correct, flexible and tailored vehicle finance solution to meet your business needs or budget.

You can choose from a Business Vehicle Loan (Chattel Mortgage), Commercial Hire Purchase or a Finance Lease with:

  • Competitive and fixed rates of interest; no surprise loan payment increases!
  • Reducible interest; save money by making extra payments!
  • Flexible payment choices, in arrears or in advance; giving you more choices to save interest over the loan term!
  • Finance terms from 1 to 5 years (12 to 60 months); flexibility to fit your budget!
  • Finance available from $5000.00, you can choose the vehicle that suits your budget!
  • On selected vehicles, you can get a balloon payment option; even more flexibility to meet your needs or budget!
  • New or Used, Toyota and Non Toyota vehicles in our stock can be financed; more choices for you!
  • Need extra options or accessories on your vehicle, these can be included in your finance; get the car you want without paying extra money out of your pocket!
  • Most finance options give you the full GST and depreciation benefits; Cash flow positive!

Business Vehicle Loan (Chattel Mortgage)

A Chattel Mortgage is a commercial finance product where the customer takes ownership of the vehicle (chattel) at the time of purchase.

How does a Chattel Mortgage work?
Under a Chattel Mortgage the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase.

The financier then takes a "mortgage" over the vehicle as security for the loan, by registering a Fixed and Floating Charge with ASIC.

Once the contract is completed, the charge is removed giving the customer clear title to the vehicle.

Benefits of a Chattel Mortgage

  • Flexible contract terms ranging from 24 to 60 months (two to five years)
  • A residual value (balloon) can be applied to the contract enabling the monthly repayments to be tailored to a budget
  • Fixed interest rates
  • Monthly repayments are fixed
  • Costs are known in advance
  • Deposit (either cash or trade-in) may be used
  • A tax deduction is available when the vehicle is used for business purposes
  • A customer who is registered for GST can claim the GST contained in the vehicle price as an input credit on their next Business Activity Statement (BAS)
  • No GST is charged on the monthly repayment or the contract balloon amount
  • The finance is secured against the vehicle, allowing lower interest rates

Who does a Chattel Mortgage suit?
A Chattel Mortgage is suitable for those companies, partnerships and sole traders who use the cash method of accounting (they record business income and expenses as and when they occur) as it allows them to claim the GST in the vehicle's price up-front.

Commercial Hire Purchase

A Commercial Hire Purchase (CHP) is a commercial finance product where the customer hires the vehicle from the financier for a fixed monthly repayment over a set period of time.

Commercial Hire Purchase can also be known as a Corporate Hire Purchase, Hire Purchase or Offer To Hire, and is often abbreviated as CHP or HP.

How does Commercial Hire Purchase (CHP) work?
Under a Commercial Hire Purchase (CHP) arrangement the financier agrees to purchase the car on behalf of the customer, and then hire it back to them over a set period of time.

The customer has the use of the vehicle for the term of the contract but is not the owner of the vehicle.

At the end of the contract term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car.

Benefits of a Commercial Hire Purchase (CHP)

  • Flexible contract terms ranging from 24 to 60 months (two to five years)
  • Residual value (balloon or final instalment) may be placed on contract
  • Fixed interest rate
  • Monthly repayments are fixed
  • Costs are known in advance
  • Deposit (either cash or trade-in) may be used
  • A tax deduction is available when the vehicle is used for business purposes
  • GST is not charged on the monthly rental or residual payment
  • Customers registered for GST can claim the GST in the vehicle price
  • The finance is secured against the vehicle, allowing lower interest rates

Who does a Commercial Hire Purchase suit?

A Commercial Hire Purchase (CHP) is suitable for companies, partnerships and sole traders who account for GST on an Accruals basis, and individuals using the vehicle for business purposes.

Finance Lease

A Finance Lease is a commercial finance product which enables the customer to have the use of a car or commercial vehicle and the benefits of ownership, while the financier retains actual ownership of the vehicle.

A Finance Lease can also be known as an Asset Lease or Vehicle Lease.

How does a Finance Lease work?
The financier purchases the vehicle on behalf of the customer, who then leases the vehicle back from the financier and pays a fixed monthly lease rental for the term of the lease.

At the end of the lease the customer can either pay a residual value (final instalment) on the lease and take ownership of the car, trade it in or re-finance the residual and continue the lease.

Benefits of a Finance Lease

  • Flexible contract terms ranging from 12 to 60 months (one to five years)
  • Fixed interest rate
  • Fixed monthly lease rentals
  • Costs are known in advance
  • A residual can be applied to a lease, lowering monthly payments
  • Tax deductions are available when the vehicle is used for business purposes
  • As the GST contained in the car's purchase price is claimed back by the financier, only the vehicle's price exclusive of GST is financed, lowering monthly payments
  • Ability to make advance lease payments for tax deduction or cash-flow purposes
  • The lease is secured against the vehicle, allowing lower interest rates

Who does a Finance Lease suit?
Finance Leasing is suitable for companies, partnerships, sole traders and individuals where the leased vehicle is used for income producing purposes.

Approved applicants only. Terms, conditions, fees and charges apply. A minimum loan term of 12 months applies. The maximum loan term will vary depending on the finance product selected and will be subject to Toyota Finance policy and procedure. You may be required to pay a deposit for capacity reasons. Additional interest charges will accrue if you select a balloon final payment option and early termination fees may apply if you elect to make additional repayments during the loan term. Toyota Finance is a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536.

The information on this website is of a general nature and for information only. Nothing on this website constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products and services featured on this website, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.