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Top tips for buying a vehicle for business
Is a new set of wheels the right move for your business?
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Whether you’re just starting out or have big plans to expand, buying a business vehicle is an exciting milestone.
Whether it's a hatchback, a ute, or a van, it’s not just about getting from A to B – it’s about helping your business go further.
Before you put the wheels in motion, here are a few things to consider.
Cash flow impacts
A vehicle may allow for business expansion and greater revenue, but the purchase could tighten your cash flow. It’s important to understand what your loan repayments will look like as well as the total purchase costs.
Remember to also account for ongoing expenses such as on-road costs and insurance.
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Securing loan pre-approval
Loan pre-approval can help strengthen your position when entering the buying process. It can help you understand your budget and give you confidence to make a move when you find the right set of wheels.
Make sure you’re on the right track by assessing all your loan options. If you’re a self-employed business owner and you don’t have complete financials, a low doc car loan could be a suitable option.
Potential tax implications
There could be potential tax benefits to buying a business vehicle. You may be eligible to claim an instant asset write-off or, depending on the arrangement, claim on several car-related expenses.
Be mindful of how the purchase could affect your business tax if you plan to buy a car around EOFY. Chat with your accountant before driving off with the idea.
Ask those in the know
Whenever you’re thinking about buying a vehicle, it’s smart to shop around and seek advice from those in the know.
Want to get closer to owning a business vehicle? For help finding a lending solution for your situation, speak with a Liberty Adviser today.
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