1. Looking to purchase a car for your
business? Can you really afford a fleet?
How much will monthly repayments be?
Learn how a Chattel Mortgage Calculator
can help you determine what type of vehicle
you can afford for your business.
mortgage calculator UK

2. What are the advantages of owning a car for your business? For a business,
there are many benefits to owning a company car and building a fleet For
starters, owning a car outright means you keep the car for the long term
Businesses will also be able to claim the depreciation of the vehicle on their
tax What is a Chattel Mortgage? A Chattel Mortgage is essentially a
standard mortgage against the vehicle and is available for businesses looking
to purchase a car mainly for company use

3. The business itself will own the car from the time of purchase but the loan is
still secured against the car, so in case of default, the financier can repossess
the vehicle This type of arrangement is different from a Commercial Hire
Purchase where the financier maintains ownership of the vehicle until all
payments have been made Chattel Mortgages also have a number of
benefits: -Flexible contract terms of 2-5 years -Optional deposit chattel
mortgages can be used to finance the entire cost of the vehicle -Optional
balloon payment at the end of the term -No GST to be paid on individual
monthly payments in fact, youll be able to claim the GST in one lump sum on
your next Business Activity Statement -Interest payments and depreciation
are tax deductible How much will I have to pay? Monthly repayments will, of
course, depend on the cost of the vehicle, the length of your term and the
interest rate

4. Rates will vary from broker to broker, but you can get an estimate of the
monthly repayments youll be making using a Chattel Mortgage Calculator
What are the tax implications of a Chattel Mortgage and who does it benefit?
Specifically, a chattel mortgage is beneficial to companies that do business on
a cash basis - that is businesses that account for their income and expenses
when they are paid instead of at the time of invoice Restaurants, retail shops,
tradies - these cash based business will be able to declare all the GST on the
purchase price as an Input Tax Credit on their next Business Activity
Statement

5. Youll be much more likely to lower your tax debt upon reconciliation of your
GST liabilities against your Input Tax Credits in that quarter, or even qualify for
a refund With other types of car finance, such as with a Commercial Hire
Purchase, cash based businesses will have to claim their Input Tax Credits as
each individual repayment is made over the course of the loan For more
information on car finance options and to determine if a Chattel Mortgage is
the best way to finance a vehicle purchase for your business, visit

6. GetApproved

7. com au, Australias leading experts on vehicle financing mortgage calculator
UK

8. mortgage calculator UK