Finance & Insurance at Trivett
Hire Purchase
Hire Purchase offers the commercial buyer a range of choices, enabling you to structure the finance contract to exactly suit your needs.
With flexible contract terms, from 24 to 60 months, you can select the length of contract to best suit your requirements.
Monthly repayments are based on the amount you wish to finance, less the balloon (final instalment) at the end of the hiring period. Costs are known in advance, and fixed repayments make budgeting easier.
Whether you wish to upgrade an existing vehicle, or acquire an additional vehicle, Hire Purchase offers many advantages to business. Where the vehicle is used for income producing purposes, interest charges and depreciation may be tax-deductible.
Hire Purchase enables you to place a deposit into the contract, either as cash or by using the equity in your current vehicle as a trade-in.
You may also nominate the balloon (final payment) on your contract, providing you with even more flexibility, to tailor the repayment to suit your budget.
For your convenience, we can organise computer direct debiting of your monthly payment from your nominated account. Arranging finance through Trivett is easy. Once you have decided on the vehicle of your choice, simply speak with the Business Manager at one of our dealerships.
They can advise you on the full range of options and tailor a finance package to suit your needs.
Advanced in-house computer systems mean all paper work can be done on the spot, providing further convenience and saving your time.
In most cases under Hire Purchase, no additional security will be required, however, where the hirer is a company, we may require a guarantee from the directors of the hirer or some other appropriate persons.
One vehicle or a fleet - you can put together a Hire Purchase in two simple steps: Select your vehicle, then talk to one of our dealerships
Personal Loan
A Personal Loan gives you more financial freedom. You use our loan money to finance the vehicle of your choice and so keep your own funds free for other purposes.
A personal Loan is an ideal way to enjoy your vehicle. By selecting the contract term (from 24 to 60 months) you can tailor your monthly repayment to suit your budget.
The motor vehicle is the only security needed, although in some circumstances, a guarantee may also be required. During the period of the contract we make budgeting easier, as all payments are fixed.
You can elect to have a balloon (final instalment) on the contract, or you can choose a contract without a balloon, and therefore enjoy full ownership of your vehicle at contract end.
Available only from approved dealers, a Personal Loan is suitable when you use your vehicle wholly or predominantly for private purposes. This means that the vehicle is used privately for more than 50% of the time. Where you can demonstrate some business use, you may be able to claim a tax deduction for that portion. For your added convenience, we can organise computer direct debiting of your monthly repayment from your nominated account.
Simply select the vehicle that best suits your needs, and then talk with the Business Manager at one of our dealerships.
They can assist you to work out the appropriate loan period and monthly payment that best fits your lifestyle. You also have the option of including the on-road charges in the finance contract if you wish.
A Trivett Personal Loan is very personal. We offer it on any new or used vehicle when the vehicle will be used wholly or predominantly for personal, household or domestic purposes.
Chattel Mortgage
Chattel mortgage is designed especially for those sole traders and partnerships, who account for their business operations on a cash basis.
Individual business customers accounting on a cash basis can claim back GST as soon as they lodge their next Business Activity Statement (BAS).
Chattel Mortgage offers individual business customers the ability to tailor the finance contract to best suit their needs. The customers may select contract term, deposit amount and balloon payment, enabling them to set the monthly repayment to exactly suit their Budget
Finance Lease
A Finance Lease is a tax-efficient tool to satisfy business needs without tying up capital.
Finance Lease payments are made from pre tax income, not after tax profits, enabling a business to preserve cash flow and utilise the capital elsewhere in the business.
Where the vehicle is used for income producing purposes, a tax deduction may be claimed by the lessee.
Where the amount financed is below the Depreciation Limit ($57,009), a lessee may claim the monthly repayment as a deduction. Above the Depreciation Limit, interest charges on the contract and depreciation up to the value of the Depreciation Limit are deductible.
Repayments are based on the amount financed less the residual value at the end of the lease. Flexible contract terms from 24 to 60 months are available, and as the residual value can be varied according to the contract term, repayments can be tailored to suit your budget. In conjunction with a 'Deed of Novation' a Finance Lease is an ideal way to salary package a vehicle.
A Finance Lease can also include your 'on-road charges' and Comprehensive Insurance premium.
Generally, the vehicle itself is the only security required but in some cases, where the lessee is a company, we may require a guarantee from the directors or other appropriate persons. For your convenience, we can organise computer direct debiting of your monthly payment from your nominated account. But all such details can be sorted out in a brief chat with the Business Manager at one of our dealerships.
Personal Lease
A Personal Lease is an ideal option when you use the vehicle wholly or predominantly for personal, household or domestic purposes.
The special advantage of leasing is that it enables you to structure the contract to best suit your needs.
By selecting the contract term (from 24 to 60 months), and the most suitable residual value, you can tailor your monthly repayment. And because the repayments are fixed and known in advance, you have firm control over your budget.
A Personal Lease is suitable when you use your vehicle wholly or predominantly for private purposes. This means that the vehicle is used privately for more than 50% of the time. Where you can demonstrate some business use, you may be able to claim a tax deduction for that portion. Generally, the vehicle itself is the only security we need, although in some circumstances a guarantee may also be required. This offer of a personal lease is available only through approved dealers.
Simply select the motor vehicle that best suits your needs, and then talk with the Business Manager at one of our dealerships.
Together you can work out the appropriate lease period, residual, and monthly payment that best fits your lifestyle.
You also have the option of including the on-road charges in the contract if you wish.
New or used, a Personal Lease works wonderfully well for either type of vehicle.
Novated Lease
The inclusion of a motor vehicle as part of an employee's remuneration package has always been viewed as an attractive benefit.
A Novated Lease works as follows:The employee decides what type of vehicle they want, and then enters into a finance lease with a finance company. The employee, employer and the finance company sign a 'Novation Agreement', whereby the employer agrees to take on the obligations of the employee under the lease. Under this arrangement, the employer makes the monthly lease payments on behalf of the employee. Should the employee leave his or her employment for any reason, the 'Novation Agreement' ceases and the obligations assumed by the employer revert back to the employee.
A Novated Lease provides flexibility for everyone. For employees it means greater choice in the vehicle they drive. As the finance lease is in their name, they have effective control of the vehicle, and can realise any equity built up in the vehicle over the duration of the lease. The lease is portable, so should an employee move to another job, they take the vehicle and lease with them. They then enter another 'Novation Agreement' with their new employer and the finance company, and maintain the benefits of their Novated Lease.
A Novated Lease can also be tax effective, as all vehicle running costs are paid from the employees pre-tax income.
A Novated Lease ensures that the motor vehicle is deemed to be 'held' by the employer for FBT purposes, while the vehicle is perceived to be 'owned' by the employee. Lease payments do not represent income to the employee, nor is the employee entitled to claim them as a tax deduction. The employer will be entitled to a tax deduction for the running costs (lease payments, insurance, registration, fuel and service and maintenance) as part of the employees remuneration package.
At contract end, if the employee makes a profit on sale (the market value of the vehicle exceeds the residual value on the contract), no tax will be payable on that profit, where the benefit gained is the result of a sale at arms length. (Granby's Case, Federal Court 28/4/1995). For clarification of any taxation aspects, independent advice should be sought.
A Novated Lease can be both cost and tax-effective, as the employee gains the benefits of the lease payments, running costs and Fringe Benefits Tax being paid from pre-tax income.
Advanced in house computer systems at your preferred dealer means all paper work can be done on the spot, providing further convenience and saving you time.
Arranging a Novated Lease through Trivett is easy. Once you have decided on the vehicle of your choice, simply speak with the Business Manager at one of our dealerships. He can advise you on the full range of options and tailor the finance package to suit your needs.
For employers, a Novated Lease simplifies the provision of a company vehicle as effectively, the only commitment the employer has is the payment of lease rentals and other running costs. Upon termination of employment, the employer has no liability for ongoing lease payments or the residual on the lease. Similarly, should an employee leave, the employer is not left with unwanted vehicles which must then be sold or re-deployed within the organisation.
Vehicle administration is also greatly reduced, freeing staff to concentrate on other responsibilities. A Novated Lease is also 'off balance sheet' and therefore the lease liability is not recorded in the company accounts. By offering a Novated Lease, employers can provide a tangible benefit to attract, motivate and retain employees.
Motor vehicles remain an attractive component of any remuneration package because they are concessionally taxed for Fringe Benefits Tax purposes.
Insurance
Trivett in conjunction with brokers and underwriters offer insurance policies specifically designed for motor vehicle owners. To find out more about our products send your questions electronically here or call us on the numbers provided.
If your car is insured from new, there are some special Policy Features that make our insurance service more attractive:
- Replacement with a new vehicle, subject to availability, if the insured vehicle is stolen or damaged beyond repair up to two years from first registration
- Agreed value option available upon renewal.
- Drivers with a maximum Driver Rating or No Claim Bonus can protect this with the payment of an additional premium.
- Permanently, fully fixed car phones are automatically covered.
- One windscreen claim per year without affecting Driver Ratings/No Claim Bonus or requiring an excess.
- Accommodation and travelling expenses incurred up to $500 as a result of theft or accident.
- $200 cover for damaged personal property as a result of theft or accident.
- Cost of hire car following theft of or damage to the insured vehicle (commencing after seven days and for a maximum of fourteen days).