Business car loans and vehicle finance
Flexible loans to suit business needs
- Access to finance from $15,000
- Express approval for eligible customers and asset types
- Loan terms from 1 to 7 years
- Ability to negotiate flexible repayment terms
- Finance cars, utes, trucks and buses
Your finance options
- We purchase the vehicle at your request and you buy it in instalments until ownership is transferred to you.
- Option to have a balloon payment.
To be eligible, your business will:
- Be a tax resident of Australia – that is based, registered and operating in Australia
- Vehicle will be used fully or mostly for business purposes
Temporary Full Expensing
Calculate your repayments
Frequently Asked Questions
A hire purchase is an agreement between your business and us (the Bank) to buy a vehicle over an agreed period of time. We buy the vehicle at your request and give your business possession and use of it in return for regular payments. When the final payment is made, ownership of the vehicle is transferred to your business. Your business can usually claim the interest on payments and depreciation if the asset is used to produce income.
A lease allows you to use the vehicle for an agreed period of time. We buy the vehicle at your request and rent it to you for the agreed period. Once this period ends, you return the vehicle to us. Your business can usually claim the lease payments if the asset is used to produce income.
Goods loan: The interest on the finance and depreciation of the asset are generally both tax deductible.1
Hire purchase: The interest on the finance and depreciation of the asset are generally both tax deductible.1
Lease: The rental payments are generally tax deductible.1
Under a goods loan (chattel mortgage) and hire purchase, interest on the finance and depreciation of the asset are generally both tax deductible.1
Interest rates and repayments vary depending on a number of factors. Some of these may be:
- Which finance option you choose
- Type and age of the asset being purchased
- Term of the finance agreement.
A balloon payment is an amount due at the end of your loan. Balloon payments are sometimes referred to as a final repayment amount. While not all business car loans will have a balloon payment, they are a popular option.
Balloon payments can be helpful if you need to reduce your loan repayments, making your regular repayments lower. This helps you get the vehicles your business needs without tying up cashflow.
While having a balloon payment will reduce your monthly repayments, you’ll be left with a lump sum to be paid at the end of the loan. You'll also end up paying more interest over the life of the loan.
This means your loan won't be fully paid off by your monthly repayments as you’ll still need to pay the lump sum leftover to close out the loan.
Loan terms depend on the repayment amount you can afford. If you have a loan term in mind, make sure you let us know.
Loan terms generally range from 1-7 years.
If you're purchasing a used or second-hand vehicle - the loan term may be shorter depending on the age of the vehicle.
Remember, the longer the loan term - the more interest you will pay.
Most vehicles are eligible for finance, including:
Yes, the minimum loan amount is $15,000.
Things you should know
* Credit criteria, terms and conditions, fees and charges apply. On-the-spot conditional approval only available to eligible existing Westpac customers with a valid ABN, trading in the same business for 2 years, no outstanding statutory payments and acceptable credit history.
Applications for vehicle and equipment finance are subject to the Bank's normal lending criteria. Credit criteria, terms and conditions, fees and charges apply.
1. The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. Customers must seek their own independent tax advice in relation to their individual circumstances.
2. Interest rates and repayments vary depending on a number of factors. Some of these may be which finance option you choose, the type and age of the asset being purchased and term of the finance agreement.
Calculator: Terms and conditions, additional fees and charges may apply. Government taxes such as GST may alter the amounts quoted by this calculator. Obtain your own tax or financial advice to see if a product suits your needs. If you want to understand how GST affects our products please call us on 1300 360 322. Any calculation made using this calculator is only a guide and is not an offer of finance. Enter full amount to be financed. Lending criteria applies to finance applications.