Commercial Hire Purchase is designed for business customers who want to own their vehicle outright at the end of the agreement but want to preserve working capital in the meantime.
- While this product gives you the benefit of preserving your working capital as you pay off the vehicle, you are still considered the owner for tax and accounting purposes
- Complete ownership of the vehicle will pass once final payment is made
- You may be able to claim GST as an input tax credit in your Business Activity Statement
- As the owner of the vehicle, you may be able to claim depreciation and interest costs as tax-deductible expenses
- A Commercial Hire Purchase will also help to build equity, which can then roll over into your next purchase, as well as allowing you to spread the cost of the purchase over a manageable period
- You can tailor your payments to match your income cycles or seasonal requirements