One of the more common strategies used by business owners to reduce tax is to purchase a car before the end of the financial year.
This often sees lenders completing up to 1/3 of their entire year’s vehicle finance budget in the last 6 weeks of the financial year. Thankfully the last minute stress and rush has been alleviated by some banks who have introduced what most call “Express Vehicle Financing”.
If you can satisfy the following criteria some banks will provide up to $150,000 in equipment finance (including cars) without the need for financials:
- ABN holder & GST registered for a minimum 2 years
- You are a home owner (or paying off a mortgage)
- You do not owe money to the Australian Tax Office
- You do not have an adverse credit history
The turn around is fast and you will, in many cases, have your car within a week.
Replacement (or Upgrade) Finance
If you have just finalised paying off some equipment finance, in many cases you automatically qualify for “Replacement Finance” as long as the new repayments are less than 125% of the old repayments.
If you are interested in finding out more please contact Mick on 0437 645 255 and he will be happy to help.