All You Need to Know About Car Lease Hire In Australia

Steve Oke Chapchap Market September 2, 2019 No Comments

All You Need to Know About Car Lease Hire In Australia
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If you’re using a vehicle for business purposes more than 50% of the time but you’re unable or don’t want a chattel mortgage or commercial hire purchase, a car lease may be right for you.

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What alternatives are there to a car lease?

Other options to consider if you’re looking to finance your vehicle include a chattel mortgage and a commercial hire purchase.

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To discuss your individual needs in detail and secure a finance option that’s right for you, speak to one of the Stratton Finance team on 1300 787 288.

What happens if you decide to purchase the vehicle at the end of the car lease?

If you decide you want to buy your vehicle at the end of the car lease, this is technically treated as the finance company selling the vehicle to you. You’ll pay an amount equal to the remaining balance on the car – the Residual Value – plus GST.

Businesses registered for GST will be able to claim an Input Tax Credit for any GST paid as part of the purchase.

What tax and GST can I expect to pay on a car lease?

There is potential to claim tax deductions on your car lease depending on the depreciation limit set, speak to your accountant for more information.

 

What are the benefits of a car lease?

Benefits of a car lease include:

  • The option to reduce monthly repayments by setting a final balance (residual value) payment
  • Flexible loan repayment periods, ranging from two to five years
  • The potential to claim tax deductions if the car is being used for business purposes
  • Zero GST charges on the original purchase price of the car
  • Lower interest rates, thanks to the loan being secured against the vehicle

A car lease taken out with Stratton Finance also comes with these additional benefits (subject to lender selection):

  • Option of no ongoing fees
  • Fixed interest rate and monthly repayments for the duration of the loan
  • The option to make advance payments for tax or cash-flow purposes
  • Quotes and approvals available online.

What is a car lease and how does it work?

Aimed at customers who will mainly be using their vehicle for business purposes, a car lease effectively works like a long-term rental. A finance company will purchase a car on your behalf and then lease the vehicle back to you for an agreed monthly fee.

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When the lease comes to an end, you’ll be given the option to purchase the vehicle by paying a final lump sum (the residual value) directly to the finance company, restart another lease to pay off the remaining balance on the vehicle or trade the vehicle in.

 

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