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.

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, updated on July 5th, 2023       

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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.

Competitive fixed interest

Loan amount from $5,000

Flexible repayments

No early termination fees

Personalised rates

New or used, private or dealer

100% finance available

Australia wide

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

Your most frequently asked car loan questions

How much can lawyers borrow with a car loan?

Your unique borrower profile determines your personal credit limit, so all lenders will apply that when assessing applications. Savvy partners with lenders who offer car loans in the range from $5,000 and above. Because of the relative job stability of many lawyers, car loans can be taken out for well above $100,000.

What’s better: a car loan for lawyers or 0% dealership finance?

For lawyers, car loans can turn out to be a cheaper option than 0% dealership financing. Dealerships often advertise low-interest finance deals, but can increase the price of a car to cover that. You often also get fewer car options when you rely on the dealer for finance – they’re able to reserve the best finance offers for models and vehicles they’re eager to clear.

What documents will I need as a lawyer for my car loan?

Documentation requirements for consumer car loans are pretty light in terms of paperwork – so applications go very quickly.

  • You’ll need photo ID, proof of address, such as a utility or phone bill, and lenders can securely view recent statements via your internet banking.
  • You’ll also need statements for borrowing like credit cards and mortgages, details of any additional assets you own, and payslips covering the past 90 days.
  • If you’re applying for a commercial car finance option, lenders will also need a couple of years’ worth of financials, such as P&L accounts and tax statements.
How does car loan pre-approval work for lawyers?

Lenders will agree to pre-approve you for a specific spending limit, which leaves you free to haggle with dealerships and sets a definitive budget for car shopping for a fixed period – typically around 90 days with most loan providers. After that, you’d need to reapply for pre-approval in case your circumstances have changed.

Can lawyers cover extra purchase costs with a car loan?

Yes – your dealership invoice will include stamp duty, luxury car tax where applicable and delivery fees. You can borrow enough to cover all the necessary expenses, so you don’t have to worry about paying out substantial upfront costs.

How long until my car loan is settled?

Car loans for lawyers are quick to arrange, and lenders typically settle within one or two business days, but it can take a little longer in some cases depending on the type of vehicle and the borrower’s profile.

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