How to choose the right vehicle for your business

Last updated on February 29th, 2024
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Choose a car that has more bang for your buck

A Car is another asset of the company, and you should always keep in mind its present and future use. Buying a car is a serious step, and if not calculated properly, it can become a serious cost. Statistics released by the Australian Bureau of Statistics shows that 18.9% of vehicles on our roads are used for business purposes. When running down the financial numbers of affording a car you should add up the cost of fuel and insurance. You should go as far as considering the car’s resale value when it comes to upgrading.

Do the features meet the criteria

It is no good buying a car that has all the bells and whistles you are never going to use. Depending on what type of business you are running, you would want to look at; boot space, foldable seats for space, if it has savvy technological holders for things like a tablet or a phone and its fuel tank. The average passenger vehicle consumes 10.7 litres of fuel per 100km. If your business will make constant use of the vehicle, then you will have to consider its fuel economy.

Safety technology features that will lower your insurance

Insurance is all about measuring the level of risk you are. When shopping for a car honing in on the car safety technology features can be one way to keep your drivers safe, and lower your car insurance premiums. Cars that have safety technology installed such as Automatic Break Stabilizer, Blind spot monitoring and rear cameras can reduce the chances of your vehicle being involved in a crash. You can even go as far as having your car programmed with technology that disables the car at high speed driving to prevent any crashes.

Choose a car that keeps you connected

If your business is constantly on the go, and you need to touch base constantly, then choose a car that keeps you connected. Technological advancements in vehicles have increased to the point where you can hold a meeting in a car. Hands free! Technologies to look for are Bluetooth connectors, car apps that you can download on your phone, and wifi hotspot generating cars.

When things go bust

When choosing a company car, the best car will be something that won’t cost you your vital organs in repairs. On overage it costs Australians (INSERT DATA) to repair their cars. Every bump, scratch and dreadful rattle can cost the company finances it cannot afford to lose. This is where safety technologies can play a role in reducing the car, but the overall maintenance of it will be something that you have to factor in.

Aligning your finances to meet your wheel needs

When it comes to putting the dollars behind your wheels you will need a chattel mortgage loan that will suit your business needs. A chattel mortgage is suitable if you are going to be using your car for more than 50% of business use. Comparing loans will help you find a loan that has the best competitive interest rate to bring your business one step from owning a vehicle. You can also speak to a financial advisor who will help you direct you towards a loan that won’t swallow your finances whole.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for car loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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