Car Loans For Lawyers
Lawyers can find the best car loans to suit their needs with greater choice and lower interest rates. Start the search for the right car loan today.
Car finance options for lawyers and legal professionals
Work in the legal profession and want cost-effective, straightforward vehicle finance without the hassle of spending hours shopping around? You can find car loans for lawyers online in no time and save money next time you buy a car. Why pay more than you need when you can find your ideal lender and apply effortlessly and quickly? Find out how to drive the vehicle you want for less and hit the road in no time here.
Why so many legal professionals choose Savvy?
Car loans for lawyers explained further
How do car loans for lawyers work?
They’re ultimately very convenient, quick to apply for and straightforward to repay. You can borrow up to 100% of the car’s cost or use a balloon payment or deposit in the form of cash or a trade-in vehicle.
Borrowers own their new car from day one of the finance term. You repay the borrowed amount over an agreed period between one and seven years and the lender registers an interest in the vehicle until the term ends. At the end of your borrowing period, and once you’ve completely repaid your debt, the car is yours with a clear title.
Lenders assess borrowers according to several factors and one of those is employment stability. Lawyers have an immediate advantage when it comes to applying for a car loan – their occupation. You’ll likely pay a favourable interest rate and fees can sometimes be lower too. Loan providers also check your credit history and your existing borrowing and spending, and then calculate your disposable income to determine loan serviceability.
If I’m a lawyer and run my own practice, can I still get a car loan?
Yes – if you run your own practice, there’s a variety of options that you’ll have to choose from. Whether you’re looking for a commercial or personal car financing agreement, there’s something to suit your needs.
You can consider a chattel mortgage, which is a commercial vehicle finance option with some excellent tax and GST benefits. You can claim all the business portion of interest on repayments, depreciation, and recover all the GST on the purchase price back when you next file a business activity statement. Chattel mortgages won’t suit all lawyers, though. You’ll need to use the car for business at least 50% of the time to qualify.
Document requirements for chattel mortgages are different to consumer car loans. You’ll need to supply profit and loss accounts for your business, both business and personal tax returns and your last two notices of assessment so the lender can verify income. Many business owners find themselves applying for car finance before their current year’s financials are filed – and there are solutions for that.
You can also assess your low doc vehicle finance options if you don’t have these required documents. Some lenders accept the above documents covering only the previous financial year with assurances from the borrower, while others might accept business forecasts if you’ve only just started working for yourself. Different lenders have varying requirements but some will allow you to demonstrate income using bank and business activity statements and past invoices.
Ultimately, though, self-employed lawyers can choose to stick with a consumer car loan and still claim tax deductions for repayment interest on the business portion of use. That can be useful in certain circumstances, such as if you use your car more for personal or family use than for activities strictly related to your practice. There are no usage restrictions with a car loan for lawyers, unlike with commercial vehicle finance products.
Your car loan application process
Give us some basic details
To get started, lawyers just need to have a quick chat with an expert Savvy car finance consultant. They’ll grab a few basic details and find your ideal lenders and products.
There’s no obligation, but we’ll assign you your own expert who’ll advise about the merits of either one or several viable car loan options.