Enrich Finance offers a range of motor vehicle finance options for medical professionals and everyday Australians. During our first meeting, we will discuss your unique needs and create a custom repayment schedule, taking into account your budget, length of the agreement and payment frequency.
Car loans for medical professionals
Whether it’s your first vehicle, or you’re upgrading, it is important that you have a good understanding of the different finance options available to you. Unless you choose to buy the vehicle outright, the following options are the main ways you can finance a car in Australia:
Car loan
When you choose a car loan as your finance option, there are some fundamental advantages which include: having 5 – 10 years to repay the loan, enjoying a lower interest rate compared to a credit card or personal loan, and having a fixed debt amount.
Dealer finance
The benefit of dealer finance is that it is super convenient. This is because you can decide on a car, take out finance and drive away on the same day. The dealer takes care of the entire loan process for you, including all the paperwork.
Car lease
With a car lease, there are a number of advantages including; cheaper payments compared to a monthly car loan repayment. It’s also easy to switch to a new car every few years, meaning you can get access to the best car safety and technology features as they become available. Another advantage to a car lease is the tax benefits. Leasing a car for commercial purposes or under a novated lease agreement can generate significant tax savings.
Chattel mortgage
A Chattel mortgage is basically a secure car loan but for a business. With this option, you can choose to borrow all or part of the car’s value from a lender and repay this amount over a period that’s usually between two and seven years.
When selecting a Chattel mortgage, it gives the business the opportunity to claim a variety of tax deductions including claiming the GST on the purchase price, claiming the full input tax credit and claiming the interest paid on your repayments. Depending on your situation, this might be a good option if the purpose of the vehicle is for work.
Next steps
As your local finance broker, our team can give you access to a wide range of lenders and explain the options available to you. We take the time to listen to your requirements so you can be confident that you’re getting the most appropriate finance solution for your unique situation.
If you’re unsure where to start, simply contact our team of finance specialists from Enrich Finance to discuss your unique needs. Get in touch with our team today on 03 8375 9627 or 0402 182 855.