At Global Capital Commercial we have been in the business of commercial loan facilitation since 2001 and we have a great deal of experience in acquiring all manner of business loans including car loans and car leases.
We understand how important it is to have a working fleet of vehicles to carry out the operational aspects of your business, and we can help you find the car loans you require to ensure that your company has the transportation infrastructure it needs.
Why is GCC the Leader in Car Loans Facilitation?
When you choose GCC to help structure the car loans you need to keep your business going and to help it thrive, you get a number of unique benefits that our competitors simply cannot provide, including:
- Unfettered access to over 200 of the nation’s most trusted and reliable bank and non-bank lenders.
- A plethora of financial products to choose from, ensuring that you can find a car loan facility that meets your specific needs and budget.
- Financial specialists and car loan experts who will work with you to customize the ideal car loan facility for your unique situation.
- Fast and efficient loans approval framework and turnaround time, even in urgent cases.
Some Common Car Loans Facilities
There are, of course, a vast number of car loans finance products available on the market, and the one you choose will be based on the type and number of vehicles you need, how you plan to use those vehicles, and your current financial situation. The most common types of car loans facilities for businesses are
- Commercial Hire Purchase: A commercial hire purchase car loans facility is one wherein the lender purchases the necessary vehicles outright and then hires them back to the borrower on a fixed repayment schedule. Once the loan amount has been repaid in full to the lender and the terms of the contract have been fully met, the borrower can take over the titles to the vehicles from the lender, thereby gaining full ownership of those assets.
- Finance Lease/ Car Lease: A finance lease is essentially an asset lease and can be used to acquire business car loans on a lease to purchase basis. Like CHP car loans, finance lease car loans work by allowing the borrower to lease the vehicles they need from the lender who purchases them outright on behalf of the borrower. However, unlike a CHP loan, when the contract for a finance lease is over, the borrower has the right to extend the lease if they choose. They also have the option to take full ownership of the leased vehicles at this point.
- Chattel Mortgage: A chattel mortgage is a very straightforward facility for acquiring car loans, wherein the lender advances the sum of purchase to the borrower who then buys the necessary vehicles and retains the title to them. The borrower then repays the lender the loan amount, plus any additional interest, with the lender holding a mortgage interest in the vehicles until the loan is repaid in full.
Car Loans Documentation Requirements
Depending on the nature of your financial situation there are certain types of car loans you can apply for and others for which you might not be eligible. The experts at GCC can help you decide which types of car loans you qualify for and can easily help you find a beneficial car loans facility regardless of your credit history and financial position. The primary forms of loan types, categorized by minimum documentation needs, are
- Full Doc: Full Doc car loans are offered to borrowers who can demonstrate loan serviceability on the basis of two years’ worth of financial and tax statements as well as a good credit history.
- Low Doc: Low Doc car loans are a good middle of the road option for borrowers who cannot show two years’ worth of full financial records, but who have been in business for two years and can show loan serviceability with a solid credit history. Additionally, at least one of the business directors must offer collateral in the form of property.
- Nonconforming: Nonconforming car loans, as the name suggests, are geared towards those business owners who cannot meet the criteria for either full doc or low doc car loans. In this case, a specialized financial facility can be structured to allow the borrower access to the car loans they need.
At Global Capital Commercial, we understand the complicated world of business finance and we can help you find the car loans you need no matter what the nature of your financial history.
To learn more or to speak with one of our skilled and experienced consultants, contact us today on 1300 353 926.
This website is brought to you by GCC Business Finance the leading facilitators of Business and Equipment Finance in Australia. Our unparalleled access to capital means that we are geared to find the most practical solutions for all your business finance needs quickly and efficiently.