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Commercial HirePurchase
Commercial Hire Purchase (CHP)
Commercial Hire Purchase is a business facility which suit sole traders, partnerships; company’s using the accrual method of accounting and anyone who is using the vehicle for business use. A commercial Hire Purchase is an agreement between the financier and the customer. The financier hires the car on behalf of the customer and the customer pays the monthly repayments over the loan term.
At the end of the loan term you have 100% ownership of the vehicle. The accrual method of accounting allows business who are registered for GST to claim the GST as a lump sum in their next Business Activity Statement
- The amount being financed must be over $8000
- Loan terms from 12 to 60 months and payments can be made weekly, fortnightly or monthly
- No deposit finance available
- Fixed rate and payments for the term of the loan
- On road costs, insurance and warranty’s are able to be incorporated in to the finance package.