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lease & hire purchase sutherland shire mortgage broker

Leasing & Hire Purchase

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Lease & Hire Purchase types of loan facilities are primarily to assist in purchasing equipment for business purposes.
 
Common asset purchases for leasing are – cars, trucks, farm machinery or earthmoving equipment, but not limited to these few.
These facilities are tax effective.
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What is Leasing & Hire Purchase?

When a business is looking to finance the purchase of an expensive item, they will often take out a hire purchase agreement.

 

This type of loan allows the business to spread the cost of the purchase over a period of time, making it more affordable in the short-term. The business will usually make an initial down payment (or deposit), and then pay the remaining balance in instalments, sometimes with interest.

 

Hire purchase agreements are often used to finance the purchase of vehicles or machinery, and can be a useful way for businesses to manage their cash flow.

If you're considering leasing or hire purchase for a new vehicle, you may be wondering about the process of leasing.

 

Here's how it works: the lender agrees to purchase the vehicle on your behalf and then hires it back to you over a set period. You'll have full use of the vehicle for the term of the contract, you just won't be the owner.

 

At the end of the term, when the total price of the vehicle (minus any residual) and the interest charges have been paid in full, the customer takes ownership of the car.

 

Leasing can be a great option if you're looking to get a new car without taking out a loan, and it's also a good way to keep your business running smoothly and efficiently.

What Else Do I Need to Know About Leasing?

  • You can usually choose to pay monthly over one to five years,

  • Residual value (balloon or final instalment) may be worked into the contract to help keep the repayments low.

  • A tax deduction may be available when the vehicle is used for business purposes*

  • GST is not charged on the monthly rental or residual payment (but is charged on fees and interest)

  • Customers registered for GST may be able to claim the GST in the vehicle price, fees and interest*

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Ready to Start?

The Bullet Finance Team are experts in Hire Purchase and Leasing Finance across the Sutherland Shire and greater Sydney.

We will walk you through your lease and hire purchase options, and find the best provider to suit your needs and navigate the process with you.

Interested in learning more?

Contact me via SMS, Email, Phone or the Quick Chat function at the bottom right.

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