There comes a time in many business owners’ lives when they consider investing in a business vehicle to carry out the transportation and commuting needs of the business. This can seem like a scary investment, but the good news is that you have many business car finance options available to you! In this article, we will answer the questions of when is the right time to get a business vehicle and what options you have available to you.
When it’s Time To Get A Business Vehicle
Are you unsure about acquiring a business vehicle. While the extra expense may be putting you off, there are many advantages of getting a business vehicle which include:
- Sales travel
- Getting to and from business meetings
- Advertising with branded vehicle wraps
- Delivering products
- Transporting clients
- Transporting business items
If you are currently overspending on taxis, or having to use your own personal vehicle for business-related purposes, you may want to consider the advantages that getting a business vehicle could offer you.
What Type Of Vehicle To Get?
The type of vehicle you get will all depend on your business. Whether it is a motorcycle or a double cab will depend on your business needs. Whatever you choose, it should be an accurate and professional reflection of your business. You should also consider branding the vehicle to give your brand maximum exposure.
Financing Options
Very few businesses can afford to pay for a business vehicle upfront, so they need to look into different financing options to meet their needs. At iCREDIT, we have a wide panel of lenders that we confer with to find you the option that best suits your needs.
Some of the different types of finance that you have available to you include:
- Chattel mortgage: Chattel mortgage is a very popular loan type for businesses as you may be able to claim GST on the purchase price. In addition, you can also usually claim depreciation on the vehicle.
- Hire Purchase: Hire purchase is another affordable and popular loan type that comes with loads of benefits!
- Leasing: If you don’t want to commit to buying a car, leasing could be a convenient and affordable option for you that will allow you to easily upgrade your vehicle every few years!
Interested in business car finance options? Contact us today and get an obligation-free car loan quote!