Asset Finance

If you need to purchase a new vehicle or equipment for private or commercial purposes, speak to Elevate Financial Group. Regardless of the size of your investment, we will provide you with a variety of finance products from a range of financial institutions.

You can obtain asset finance for:

• New vehicles
• New computer equipment
• New telephone systems
• New photocopiers, printers plus other office items

Types of Vehicle Finance

There are a variety of vehicle finance products available to help you claim the maximum taxable benefits. It is important to speak with your accountant about the different tax and GST implications for each type of lease. Elevate Financial Group can assist you with the following vehicle finance –

Novated Lease

A Novated Lease is a three-way agreement between an employer, employee and lease company. In most circumstances the employer makes the lease payments on behalf of the employee by deducting payments from the employee’s pre-tax income. This type of product is useful if you would like to salary package a vehicle, or if you are a business looking to introduce salary packaging for your employees.

Operating Lease

An Operating Lease is a lease on a vehicle for a set number of years or specified number of kilometres. The car remains the property of the leasing company, and your monthly payment includes the running costs of the vehicle but does not include fuel. At the end of the lease you have the option to extend your current lease or return the car to receive a new one.

Finance Lease

A Finance Lease is when you are paying for the use of the vehicle over a set number of years. During this type of lease you are responsible for paying for all the running costs of the vehicle. Once your lease ends you have the opportunity to purchase the vehicle at the residual value. The residual value is calculated according to ATO and industry guidelines.

Chattel Mortgage

A Chattel Mortgage is a similar type of finance to that of a home mortgage. It is set over a number of years and you have the option to set a residual payment amount at the end of the agreement or set it at zero. You buy the asset with the loan product from a finance company and the vehicle remains your property at all times. You are responsible for all running costs during the finance period. Once all your payments have been made the finance company will remove the mortgage.