Business car loan
Commercial vehicle finance to help your business own a car without tying up your cash flow.
Why choose Westpac
Faster funding
Receive approved funds within 1 business day*
Flexible repayment options
Choose your loan term and repayment frequency
Competitive fees and rates
$0 monthly fees and rates tailored to your circumstances#
About business car loans
Also known as a business vehicle loan or chattel mortgage, a business car loan enables your business to own a vehicle without needing to pay the purchase price upfront. Typically, you’ll make monthly repayments for a new or used car over an agreed loan term.
At a glance
- Borrow from $15k
- Covers new or used vehicles e.g. cars, vans, trucks
- Loan is secured by the business vehicle
- 1-7 year loan term
Looking to go green?
Get up to 1% p.a. off your rate when financing an electric vehicle.**
Enquire now and learn more with a callback from a business lending specialist.
Receive approved funds within 1 business day
Faster funding to meet your business vehicle and equipment needs for eligible customers and asset types.
Get a quote in minutes or enquire now to leave your details and receive a callback from a business lending specialist.
Eligibility criteria, rates & fees
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Frequently asked questions
A balloon payment is a lump sum paid at the end of your loan term. Calculated as a percentage of your total business car loan, the payment is called a ‘balloon’ because the amount is typically larger than your regular loan repayments. A balloon payment could help you get the vehicle that your business needs while freeing up your cash flow via lower monthly repayments. However, you’ll pay more interest over the loan term. Without a balloon payment, your monthly repayments will be higher and you’ll pay less interest, but won’t need to pay a lump sum at the end of the loan term.
You may be asked to provide:
- Up-to-date business financials e.g. business activity statements, tax returns
- Bank statements
- Your ABN
Lenders will also perform a credit check. While a good credit history increases your chances of getting a business car loan, applications from borrowers with less than perfect credit may not necessarily be rejected.
You may be able to claim the interest portion on your business car loan and depreciation of the vehicle as tax deductions. You should obtain independent, professional tax advice to determine the tax implications relevant to your individual circumstances.
Things you should know
Eligibility, credit criteria, fees, charges, terms and conditions apply.
Applications for vehicle and equipment finance are subject to the Bank's normal lending criteria.
#Interest rates depend on factors such as the type, age and useful life of the vehicle you’re purchasing, and the terms of the finance agreement.
**Offer available until 31/08/2026. Applications must be submitted prior to the offer end date to qualify.
Applications for vehicle and equipment finance are subject to the Bank's normal lending criteria.
A discount of up to 1% p.a. may be available upon request: discounts are not automatically applied. Any approved discount will be applied to the standard rate generated through the Vehicle & Equipment Finance online quote tool.
All discounts are subject to change without notice. We reserve the right to amend or withdraw any discount at our discretion at any time.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.