Business Van Loans
A balloon payment is a lump-sum payment that’s due at the end of a loan term—commonly used in equipment finance, business car loans, and chattel mortgages. It lowers your monthly repayments but will increase the amount of interest you pay over the course of your loan.
Yes, you absolutely can. Most lenders are happy to finance used vans, as long as they aren't hitting their 'retirement age' (usually 10–15 years) by the time the loan wraps up.
Yes, but some lenders prefer dealership sales. For private sales, they may request an independent inspection or valuation.
Not always. Many lenders offer 100% finance, meaning you can drive away without an upfront cash deposit, though providing one can lower your interest costs.
Generally, yes. If the van is used for business, you can typically claim the interest component of the repayments, as well as the depreciation.
Yes. t can be a bit more of a climb for new startups, but some specialist lenders offer low-doc loans for new ABN holders. Keep in mind, you may need a larger deposit.
Not always, but being GST registered can make it easier to claim the GST on the purchase price back from the ATO.
Since the van acts as security for the loan, lenders do have the right to repossess it if payments stop. That said, it’s a last resort and lenders much prefer to work with you to find a solution first.
