Car loans for businesses or self employed people


Chattel Mortgage

A chattel mortgage is very similar to home loan, where the lender takes security over the asset you are purchasing until the asset has been paid off.  (The asset is usually a car, but can be a truck, yellow goods or any type of business equipment) Once the asset has been paid off the mortgage will be removed.

All chattel mortgages have fixed interest rates.


  • The rate is a lot cheaper as the asset is secured.
  • There are several tax advantages when the asset is being used for business.
  • Can include balloon/residual payments to help lower repayments.


  • A mortgage is held over the asset until it is paid back in full

Low Doc Car Loans (No Financials)

Low doc car loans are for businesses or self-employed people who have yet to complete their financials for the current tax year, or even for businesses who have completed.

To qualify for this loan the business or applicant must be;

  1. Self Employed for a period greater than 2 years (but on occasions can be 1 year);
  2. Have a clean credit file; (no defaults or judgments, or late payments with current car lender);
  3. Be a property owner or have a 20% deposit. (occasionally a 10%)

This is all that is needed to qualify for these loans, and more importantly the rates are some of the best in the marketplace.

These loans are for loan amounts up to $70,000 as general rule.

Finance Lease

A finance lease is when the lender purchases the car on your behalf, then leases it back to you. When the lease is finished, you then have the option to buy the car from the lender (for the residual value agreed upon at the start), refinance the residual value, sell the car, or start a new lease with a new car.

The advantages of a lease are that the monthly payments are usually tax deductible. (please check with your accountant)

Leases usually range from 1 to 5 years and as all car loans the rates are fixed.

Novated Lease

A novated lease is a lease where the employer leases the car from the finance company and provides it to the employee.

With a novated lease the employee chooses the car, but the employer gets the tax benefits.  If the employee leaves they are then responsible for continuing the payments.

The main advantages for a novated lease are the tax benefits associated with it (please check with your accountant)

Contact your qualified lending experts today, to guide you through your lending journey.