Finance
When you're choosing how you will finance the purchase of your favourite vehicle from Armstrong Motor Group, there should be no boundaries. With our very own Business Managers available to assist you, we can tailor a range of finance options to suit your lifestyle and income plus offer you competitive interest rates. Read on to find out more about the flexibility in our finance agreements and the types of contracts we have to offer; Consumer Credit Contract, Business Hire Purchase or Business Lease. - What sort of deposit do I need to buy a car?
- What amount can I borrow?
- What type of payment options are available?
- Are the terms flexible?
- How are payments made?
- Can you depreciate a vehicle?
- What is the difference between a Residual and Balloon payment?
- Who is the vehicle registered to?
- What about claiming GST upfront?
- What information do you need from me?
For more details, talk to one of our Business Managers today.
Consumer Credit Contract - is designed to be flexible and enable you to tailor your contract payments to suit your individual lifestyle. Benefits for you are, very competitive fixed rates, range of repayments plans from 12 - 60months, and at the end of the term you take full ownership of your vehicle.
Business Hire Purchase - enables businesses, and those using vehicles for business purposes, to fund the purchase and retain ownership of the asset once the final payment has been made. You can manage your monthly payments in a number of ways including tailoring the period of your contract. You or your business benefit from very competitive fixed finance rates and a range of flexible options. Business Lease Agreement - allows your business immediate use of a new vehicle without a large deposit to conserve working capital and keep your business moving. You benefit from very competitive fixed finance rates, fixed monthly rental payments and certain tax advantages.
What sort of deposit do I need to buy a car?
a low deposit or no deposit
your trade-in vehicle can be used as a deposit
The GST can be claimed and used as a deposit on vehicles being purchased for a business
What amount can I borrow?
You can borrow up to the full amount of the car price with optional extras including insurance and registration once we review your application (subject to approval). A good credit rating, you income and ability to repay are taken into consideration in the assesment of your application.
What type of payment options are available?
Each loan can be for a term of up to five years and will be structured to suit your individual circumstances. For example:
No repayments for six months
Seasonal payment options
Flexible lump sum payment options
Interest only payments
We also have available very comprehensive Mechanical and Electrical Insurance Cover available for each vehicle. Are the terms flexible?
Yes; you can choose a period of 1 year to 5 years. How are payments made?
All payments are made via direct debit on an allocated day. This allows you to manage your budget effectively knowing when and how much is being withdrawn from your nominated bank account. Can you depreciate a vehicle?
If the vehicle is used by the business for the purposes of earning assessable income it can be depreciated under a hire purchase agreement. In certain circumstances it may be able to be depreciated under a lease agreement. What is the difference between a Residual and Balloon payment?
The term balloon payment is applied to a Hire Purchase contract and is the large payment at the end of your contract that you are obliged to pay. Upon paying the balloon payment you own the vehicle. A residual is the term applied to the estimated value of the vehicle upon the expiry of the lease. When the vehicle is sold by the lessor at the end of the term, the lessee may be liable for any shortfall between the net sale price and the residual. Who is the vehicle registered to?
Under a lease the vehicle is registered to the leasee and under a hire purchase it's to the hirer. What about claiming GST upfront?
If the vehicle is used by the business for the purposes of earning assessable income then with a hire purchase agreement, GST on the cash price of the vehicle may be claimed up front. With a lease you may be able to claim the GST portion of the rental payments. What information do you need from me?
Our on site Business Manager will be pleased to assist you in completing your application for finance.
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