Buying and financing a Motor vehicle
There are a number of ways to finance the purchase of a motor vehicle. Establishing which method of finance and the structure is an importnat consideration as a motor vehicle is a depreciting asset. Thanks to our tailored approach and strong industy connections, Bluehive can deliver a superior motor vehicle finance product to their clients.
Commercial or Consumer?
The finance of a motor vehicle will fall under the category of either business/commercial or consumer. To qualify for a commercial facility, the motor vehicle is required to be used predominantly for work purposes/business use. If you are receiving a car allowance or if your Employer or Accountant can provide you a letter to confirm the requirement to use your personal vehicle predominantly for work purposes, then you should qualify for a commercial facility. If you are purchasing a vehicle mainly for personal use we have several options for consumer finance.
Once the above category is established, we will consider the following 6 factors to determine the best finance structure to suit your personal circumstances:
- How many kilometres you travel per annum on average?
- How long you intend to keep the car?
- Are you required to use your car for work purposes?
- What is the age of the car at the time of purchase (buying new or buying a used car)?
- What is the estimated value of the vehicle at the end of the finance term (your equity position)?
- What are the GST and tax implications?
In addition to the finance itself, we offer various insurance and warranty options including extended warranties, gap cover, loan protection insurance, comprehensive insurance and more. Often the premiums can be funded with the initial purchase which is not only convenient but also spreads the cost over the period of ownership. For further information please refer to our Insurance and Warranties page.
Our extensive knowledge of motor vehicle finance will ensure that your loan is tailored to suit your individual requirements. The list of lenders we prefer to deal with include Macquarie Leasing, Commonwealth Bank, Westpac Bank, ANZ Bank, Metro Finance, Pepper Finance, Capital Finance, Liberty Finance and Paramount Leasing. To discuss the benefits of our outstanding car loans, call us on 03 9836 5200.