Business car finance

Business runs cars – get the support you need with a great car finance deal from Savvy

Flexible business car finance to help you grow

Choose from a range of business vehicle finance options – buying, leasing, and more

Drive your business further

Small business, medium business, enterprises – all business can do better with lower rates on car finance and more freedom to choose. Savvy gives you the options to make the most of your investment in vehicles. We offer a range of car loan products, tailored to suit your needs. We source our car loans from over 25 of Australia’s top lenders to ensure you always drive your car with the best deal with fixed interest rates.

Hire purchases, chattel mortgages, and leasing

Savvy offers all the most popular and cost-effective car finance products on the market. Make a cash-flow neutral purchase with a chattel mortgage or hire purchase. Borrow more than the purchase price to pay for insurance or registration. Plus, you can claim the GST, interest, and depreciation. Add balloon payments to reduce monthly repayments. 

Compare business car loans

Compare business car finance options and calculate your monthly repayments.

LenderProduct NameAdvertised RateComparison RateMonthly Repayment
Savvy New Car Loan 2.99%
fixed
3.36% $538.93
Bank of Australia Used Car Loan 6.45%
variable
6.66% $586.28
ANZ Online Secured Car Loan 7.85%
fixed
8.70% $606.14
CUA Fixed Rate Car Loan 7.99%
fixed
8.29% $608.15
BankSA Secured Fixed Personal Loan 8.49%
fixed
9.39% $615.35
St George Secured Fixed Personal Loan 8.49%
fixed
9.39% $615.35
CBA Secured Car Loan 8.49%
fixed
9.54% $615.35
NAB Variable Rate Personal Loan 14.19%
variable
15.06% $701.01

* Commercial loan with the loan amount of $40,000 is looking at a 5 year secured fixed rate of 4.99% p.a. and comparison rate of 5.89% p.a.. WARNING: all fees and charges may not be included on the example above, only the comparison rates, monthly repayment and total cost applies. Therefore, the total cost of the loan might be different. Comparison rate do not include broker fees, redraw fees, early termination fees and fee waivers. Comparison rate may change as a result of the different loan terms, fees and the loan amounts. Establishment fees and monthly fees do not apply to commercial loans, only consumer loans. However, there might be different fees apply.

We’re the savvy choice for business car finance

We use the best in technology so you can drive away your car with the better deal.

Your business car loans questions answered

Find out more about business car finance with our comprehensive FAQs

How much can I borrow?

You can borrow 100% of your car’s purchase value and include extras such as insurance and extended warranties.

What loan terms are available?

Yes, we can tailor loans ranging from 12 months up to 7 years for chattel mortgages and hire purchases.

What is a chattel mortgage?
Why should businesses look for chattel mortgages?

Business gains many tax breaks and other incentives. Business can claim GST paid on the asset and claim interest and depreciation back on your BAS. You are also eligible for the instant $30,000 write-off if applicable, and fuel input tax credit for car purchases.

What is the difference between a chattel mortgage and a hire purchase?

A chattel mortgage and hire purchase work the same in principle but are different “on paper.” In a chattel mortgage, the purchaser takes ownership. In a hire purchase, the bank or lender is the owner. This makes a different for accounting for assets vs. using operating capital. Your accountant may decide one option is better for your business over the other.

What is a balloon payment?

A balloon payment, or residual value payment, is a part of the loan set aside for payment at the end of the loan term. Balloon payments offset monthly repayments to a degree. When the balloon is due, you can pay out the balloon, refinance the balloon, or in some cases, trade your car in if it meets certain conditions.

Do I need to put down a deposit for a chattel mortgage or hire purchase?

No. You can borrow 100% of the car’s value, and even cover expenses such as registration, insurance, and maintenance.

What is a novated lease?

A novated lease is an agreement between an employer, employee and a lender in which an employee enters into a car lease with the lender. This gives employers the benefit of giving employees a company car without incurring any risk.

I run a seasonal business; can I apply for a chattel mortgage or hire purchase?

Yes, we can arrange seasonal repayment plans according to your requirements.

Find out more about business car loans

Our helpful guides show you the details of car finance for business

How does a chattel mortgage work?

A chattel mortgage works in much the same way as a consumer car loan; the car is used as collateral (or chattel) and your business pays off the mortgage (loan) over time. However, chattel mortgages are business transactions and business can borrow more than the value of the car. That means, you won’t have to come up with a deposit for your asset if needed, nor will you have to pay for registration or insurance, if you so choose. That way you can spread out these costs over the term of the loan. When the car loan is paid off, the mortgage is removed

The tax benefits of a chattel mortgage

Because a chattel mortgage is used for businesses, companies and sole traders can gain many tax benefits. We all know about the instant $30,000 asset write off, but a chattel mortgage has more benefits beyond that. Businesses can claim the GST on the purchase price, depreciation and interest paid on repayments. If you opt for a balloon payment, you can also claim back the GST paid. Other tax benefits may include claiming the fuel input tax credit, which also helps business cash flow. Chattel mortgages and hire purchases have the same type of tax advantages for business.

Chattel mortgage vs car lease

In business there are many ways of achieving the profits one needs – some add performing assets, while others focus on cash flow. A chattel mortgage is a good choice for a business who wishes to own a performing asset, i.e., owning something that earns the company money. Chattel mortgages have many tax advantages this way, including the instant asset write-off. A lease is better for companies who wish to have more flexibility; at the end of a lease, the company can upgrade, offer to buy, or hand in the car if it’s no longer required. It depends on your business long-term needs and accounting.

A chattel mortgage balloon payment explained

One of the terms that comes up a lot around chattel mortgages are balloon payments. What are they? Put simply, a balloon payment or residual value payment is a lump sum you must pay immediately at the end of a loan term. The balloon payment is set aside so your regular repayments are lower compared to a loan without one. The balloon payment should equal or be less than the resale value of the car once the term is up. You can either pay the balloon and keep the car, trade in the car and using the trade-in to settle the loan or refinance the balloon payment.