Consumer Loan

Individuals usually use these types of loans, a personal finance type of product, where the financier lends to the customer for the purchase then secures the loan against the asset.

The customer takes ownership of the asset at the time of purchase, and then the financier takes an interest in the asset as the security for the loan. When the loan is fully completed the financier will lift their security over the asset giving the customer clear title.

Options:

You can select to finance the full purchase price or use a deposit or trade in to reduce the amount financed which will reduce your monthly repayments.

Tax Claims:

Only nominal tax deductions, depreciation and running costs on a pro rata basis can be claimed, according to the percentage of business use, as this type of finance is a personal finance product.

(Refer to your tax accountant for all confirmation of current tax claims available).