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Credit One Business Car Finance

Credit One Business Car Finance

Credit One helps businesses of all sizes, from sole traders to multinationals and across all industries to achieve their goals. This includes various options for car loans including Finance Lease, Business Car Hire Purchase, Chattel Mortgage and Operating Lease


 

Finance Lease

Credit One finds the best solutions for businesses through securing a finance lease or car lease, also known as an auto lease, vehicle lease or asset lease.

How does it work?

The finance company purchases the vehicle on your behalf; you then lease the vehicle back from the finance company paying the agreed monthly rates for the length of the leasing term. 

You have two options at the end of your lease: You can pay a residual value (final installment) on the lease and take ownership of the car or trade it in or refinance the residual and continue the lease. 


 

Business Car Hire Purchase

Commercial hire purchase is also known as a corporate hire purchase, hire purchase or offer to hire, and is often abbreviated as CHP or HP. 

How does it work?

Under a CHP arrangement, the financier agrees to purchase the car on your behalf, and hire it back to you over a set term. 

You have use of the vehicle for the term of the contract but you are not the owner. You take full ownership of the vehicle at the end of the term when the total price of the vehicle (minus any residual) and the interest charges have been paid in full. 


 

Chattel Mortgage

A chattel mortgage is a business finance product where the customer takes ownership of the motor vehicle at the time of purchase. 

How does it work?

Under a chattel mortgage the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase. 

The financier then takes a mortgage over the vehicle as security for the car loan. When the contract finishes the charge is removed giving the customer clear title to the vehicle. 


 

Operating Lease 

An operating lease is where you lease a motor vehicle without you taking the risks associated with owning the motor vehicle or having to outlay any capital to make the purchase. 

The finance provider retains ownership of the vehicle while you are provided with full use of the vehicle in return for a fixed monthly rental matched to a term and distance suited to your needs. At the end of the operating lease term, the vehicle is simply returned in good condition and your finance obligation ends. 

How does it work?

An operating lease is simple. You choose a motor vehicle, decide on the term and work out how many kilometres you will travel each year. You pay a monthly lease and at the end of the term hand the motor vehicle back to the finance provider.

An operating lease is suitable when you use your vehicle wholly or predominantly for business purposes. This means that the vehicle is used for business for more than 50% of the time. It is also a great option if you would like no residual risk at lease end and will travel plenty of kilometres per year. 

What are the benefits of an operating lease? 

  • You don't worry about residuals and balloon payments, as there is no risk to you. 
  • Operating lease terms range from 24 to 48 months. 
  • No capital outlay is required to fund the purchase of vehicles.
  • The fixed car lease rentals are on a single monthly invoice allowing easy and accurate budgeting. 
  • Operating lease repayments are fixed for the term. 
  • The car is funded externally and not shown on the balance sheet. 
  • There is a reduction in the time and expense of administration, especially when taken with full maintenance. 
  • Car lease rentals are usually fully tax deductible (except for luxury vehicles). 
  • There are no costs or liability associated with vehicle disposal. 
  • You control vehicle maintenance and servicing. 
  • Vehicle acquisition is by Vehicle Select
  • We can have you in your new car within 24 to 48 hours. 

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