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Car finance

The car is the easy part. The structure is the loan.

Updated

A vehicle can be financed six ways, and the showroom offers the one that suits the showroom. A secured personal loan, a chattel mortgage, a hire purchase, a lease, a novated arrangement through your employer or a home loan top-up each put the same car in a different place for tax, cash flow and total cost. We assess which fits the buyer, whether that is you, your business or both, and arrange it with a lender that suits the vehicle and the way you earn.

Start a car finance review How we assess

Short assessment to begin. No documents at this stage, no credit check. Finance is subject to lender assessment, and we do not quote interest rates on this site.

The repayment, and everything standing behind it A single grey bar showing the weekly repayment, the number most people compare. Below it, what the car actually costs: the amount financed beside fees, term and any balloon. Below that, how the vehicle is used, which decides how the finance is assessed. THE NUMBER PEOPLE COMPARE The weekly repayment, on its own on its own it says very little WHAT THE CAR ACTUALLY COSTS Amount financed Fees, term and balloon a longer term lowers the repayment and raises the total TermBalloonFeesEarly payout HOW THE VEHICLE IS USED Personalconsumer protectionsBusinessassessed differentlyBothtell us the split the use decides the structure, so it is settled first The repayment, and everything standing behind it THE NUMBER PEOPLE COMPARE The weekly repayment WHAT IT COSTS Amount financed Fees, term TermBalloonFeesEarly payout HOW THE VEHICLE IS USED PersonalprotectionsBusinessdifferentBoththe split the use decides the structure
The repayment, and everything standing behind it
2010Established
$1B+Lending settled
50+Lenders through our lender and aggregator network
PremiumBroker status with leading banks
5.0From 196 Google reviews

At a glance

For individuals
Secured car loans for new and used vehicles, private sales included; fixed repayments over one to seven years
For businesses
Chattel mortgage, hire purchase and finance or operating lease, structured for GST, depreciation and cash flow with your accountant
Also arranged
Balloon refinancing at the end of a term, dealer finance compared before you sign, novated leases considered against the alternatives
Vehicles
Cars, utes, vans and light commercials, new, demonstrator and used, from dealers or private sellers
Credit assistance
Dayan Kasturiratna, Australian Credit Representative 394747, under Australian Finance Group Ltd, ACL 389087
What we arrange

Five ways to finance a vehicle, chosen for the buyer rather than the seller.

The right structure depends on who owns the car, how much it is used for business, how long you will keep it and what your cash flow looks like. The wrong one costs more every month for years.

A couple collecting a used hatchback from a private seller in a suburban street01

Secured personal car loan

The car is the security, so the rate is lower than an unsecured loan. Fixed repayments over a set term, new or used, dealer or private sale, with or without a balloon. Lenders assess your income, expenses and credit file as consumer credit, and the age of the vehicle at the end of the term sets which lenders will take it.

Begin A tradesperson loading tools into a new dual-cab ute02

Chattel mortgage for business use

The business owns the vehicle from day one and the lender holds a security interest. GST on the purchase can generally be claimed upfront on the cash basis, and interest and depreciation are deductible to the extent of business use. Terms and balloons are set to the vehicle's life. This is the most common structure for sole traders, tradespeople and company fleets.

Begin A row of white vans in a small business car park03

Hire purchase and finance lease

Under a hire purchase the business pays instalments and takes title at the end; under a finance lease the financier owns the vehicle and the business pays for its use, with a residual at the end. The accounting and GST treatment differ from a chattel mortgage, and the choice is made with your accountant on the business's tax position and balance sheet.

Begin A person reviewing a finance statement beside a family car04

Balloon refinancing and end of term

A balloon lowers the repayment and leaves a lump sum at the end. When it falls due the choices are to pay it, refinance it over a further term, or trade the car and roll the balance. We assess the vehicle's value against the balloon and arrange the refinance where it makes sense, before the due date rather than after.

Begin A customer and a salesperson at a dealership desk05

Dealer finance and novated leases, compared

Dealer finance is convenient and sometimes competitive, particularly with manufacturer offers on new stock; it is also where a low headline rate is recovered in the price of the car. Novated leases through an employer suit some salary packages and not others. We put the offer beside the alternatives in writing so the decision is made on total cost.

Begin

Whether a chattel mortgage, lease or hire purchase is the right structure for your business is a tax and accounting decision as much as a lending one. We arrange the finance and work alongside your accountant on the treatment; we do not provide tax advice.

How we assess

Who owns it, how it is used, how long it stays.

Three questions decide a vehicle structure: whether the buyer is you or your business, how much of the use is business, and how long you will keep the car relative to the term and any balloon.

A compact SUV in a driveway of a townhouse at dusk

Personal car loans: what is assessed

  1. Income, living expenses and existing commitments as consumer credit, at the lender's assessment rate
  2. The vehicle: age, kilometres, value and whether it is a dealer or private sale
  3. Loan to value against the purchase price, and any deposit or trade-in
  4. Term against the age of the vehicle at the end, and any balloon
  5. Credit history and any recent enquiries
  6. Whether a home loan top-up or offset would be a lower total cost over a shorter payoff
Company utes lined up outside a builder's yard in the early morning

Business vehicle finance: what is assessed

  1. Trading history: ABN and GST registration, time in business, and financials or bank statements
  2. Business use percentage and the tax treatment your accountant intends
  3. The structure that suits the balance sheet: chattel mortgage, hire purchase, finance or operating lease
  4. Term and balloon set against the vehicle's working life and replacement cycle
  5. Whether low doc asset finance is available on the strength of the business alone
  6. Fleet arrangements where several vehicles are replaced on a cycle
Illustrative scenarios

Three vehicle purchases, structured three ways.

Hypothetical positions with rounded figures, built to show how the structure decides the cost. None is a client result, approval, quote or promise.

Illustrative scenario

A family car with a dealer offer on the table

Buyer
Couple, two salaries
Vehicle
New SUV, ~$62,000
Dealer offer
Low rate, fixed price, balloon
Alternative
Secured car loan, negotiated price
Compared on
Total cost over five years
Balloon
Avoided
Home loan top-up
Considered, longer term
Outcome considered
The lower total cost, in writing

A manufacturer rate is often real and sometimes recovered in the drive-away price. Putting the two offers side by side on total cost, with the price negotiated separately from the finance, is the whole comparison.

Illustrative photograph of a new family SUV in a dealership yard Illustrative image Illustrative scenario

A family car with a dealer offer on the table

The headline rate and the price of the car, read together.

Illustrative scenario

A ute for a sole trader, mostly business use

Buyer
Electrician, sole trader, three years trading
Vehicle
Dual-cab ute, ~$78,000 incl. GST
Business use
~90%
Structure considered
Chattel mortgage
GST
Claimed on the purchase, accountant to confirm
Term
Five years, balloon set to resale
Documents
Low doc on ABN, GST and bank statements
Outcome considered
Deductible interest and depreciation

A chattel mortgage suits a business that owns its vehicles and claims GST on the cash basis. Whether that is this business is the accountant's call; ours is the lender, the term and the balloon against the vehicle's working life.

Illustrative photograph of a new dual-cab ute with a canopy outside a workshop Illustrative image Illustrative scenario

A ute for a sole trader, mostly business use

The business owns it, the business claims it.

Illustrative scenario

A four-year-old car from a private seller

Buyer
Salaried, first car loan
Vehicle
Four-year-old hatchback, ~$34,000, private sale
Lender requirements
PPSR check, inspection, proof of the seller's title
Structure considered
Secured car loan, the car as security
Rate
Higher than dealer-new, lower than unsecured
Term
Five years, no balloon
Payment
Direct to the seller at settlement, never in cash
Outcome considered
The cheaper car, financed properly

A private sale removes the dealer's margin and adds the checks a dealer would have done. The lender does them before it pays, and it pays the seller, which is the protection for both sides.

Illustrative photograph of a well-kept four-year-old hatchback parked in a suburban driveway Illustrative image Illustrative scenario

A four-year-old car from a private seller

Private sale, checked and paid properly.

Illustrative scenarios. Figures are hypothetical and rounded. These are not client results, approvals, quotes or promises. Tax treatment depends on your circumstances and is a matter for your accountant. Finance remains subject to lender assessment, documentation and applicable law.

How it works

Four steps, and nothing lodged until you agree.

01

Tell us about the car and who is buying it

A short assessment: the vehicle, new or used, dealer or private, personal or business, and when you need it. No documents, no credit check.

02

We set the structure

With your agreement, we work out whether the buyer is you or the business, which structure suits, what the term and any balloon should be, and what the alternatives cost in writing.

03

We take it to the right lender

Bank, specialist or asset financier, chosen for the vehicle, the buyer and the documents available, across our lender and aggregator network.

04

You decide, then we lodge

Nothing is lodged until you have seen the terms. Settlement is arranged with the dealer or seller, and the vehicle is yours or your business's on the day.

What we will ask for at step two

  • Identification and, for a business, the ABN and GST registration
  • Payslips or, for a business, recent financials or business bank statements
  • The vehicle details: quote, invoice or private sale listing
  • Existing loan, card and finance statements
  • For a balloon refinance: the current finance statement and the payout figure
  • Your accountant's view on the structure for a business purchase

What we will not do

  • Present a dealer or manufacturer offer as bad, or as good, before it has been compared on total cost
  • Quote a capacity figure as if it were an approval
  • Advise on the tax treatment of a business vehicle; that is your accountant's call, and we work with them
  • Set a balloon above the vehicle's likely value to make a repayment look smaller
Who you will deal with

One person, from the first conversation.

Vehicle finance files sit with Dayan Kasturiratna, who provides the credit assistance on every file.

Dayan Kasturiratna, Founder and Director of Opulent Finance, seated in a Melbourne boardroom

Dayan Kasturiratna

FIPA FFA CTA

Founder and Director. Chartered tax adviser and finance specialist. Australian Credit Representative 394747, under Australian Finance Group Ltd, ACL 389087.

Established Opulent Finance in 2010. Vehicle finance is arranged in an afternoon and paid for over five years, which is why the structure matters more than the speed. The work is putting the car in the right place for the buyer and choosing the lender that suits both.

Mobile0423 272 600 Office1300 001 551
dayan@opulentfinance.com.au
WINNER · 2026Best Solo OperatorAFG Broker AwardsWINNER · 2025 · VIC/TASBest Finance Brokerage (Office)The Adviser Better Business AwardsOpulent Finance
Premium Broker statusWith leading banks
Established 2010Melbourne finance brokers
Burwood, Victoria22 Harker Street

Credit assistance is provided by Dayan Kasturiratna, Australian Credit Representative 394747, authorised under Australian Finance Group Ltd, Australian Credit Licence 389087.

Google reviews

What clients say about working with us.

5.0196 Google reviews
Dayan and the team were approachable and knowledgeable, and always willing to help.Bich Thuy Nguyen on Google
Both were warm and friendly and always available.Melanie Georgiou on Google
I highly recommend Dayan and Lihini for their honest, professional, and reliable service.Varuni Wickramasinghe on Google

Where these reviews come from, and the rest of what clients say

Questions

Before you start.

Is dealer finance a bad deal?

Not necessarily. Manufacturer-backed offers on new stock can be competitive, and they are sometimes recovered in the drive-away price or a compulsory balloon. The only fair test is total cost over the term, with the price of the car negotiated separately. We put the dealer's offer beside the alternatives in writing before you sign anything.

What is a balloon payment?

A lump sum left at the end of the loan term, which lowers the monthly repayment. When it falls due it can be paid, refinanced over a further term, or cleared by trading the car. A balloon set above the vehicle's likely value leaves a gap; we set it against expected resale and plan the end of term before it arrives.

Should I finance a business vehicle with a chattel mortgage or a lease?

It depends on who should own the vehicle for tax and accounting. A chattel mortgage gives the business ownership and, on the cash basis, an upfront GST claim; a lease keeps ownership with the financier and the payments are the deduction. Balance sheet, GST method and how the business replaces vehicles all matter. We arrange the finance; the treatment is your accountant's call and we work with them.

Can I finance a car from a private seller?

Yes. Secured car loans are available for private sales, usually with a valuation or inspection and a check that the vehicle has no existing finance registered against it. Settlement is paid to the seller once the encumbrance check is clear, and the vehicle is transferred into your name.

Does an enquiry affect my credit score?

No. The assessment and our review involve no credit enquiry. A credit check only occurs if you decide to proceed with an application, and we tell you before it happens. Dealership finance desks often run multiple enquiries; we run one, with the lender chosen first.

Is it better to add the car to my home loan?

A home loan top-up has a lower rate but a much longer term, so a car repaid over 30 years costs more interest than a car loan over five, unless you repay the top-up fast. Where a top-up is used, a separate split repaid over the life of the car keeps the saving. It also puts your home behind the car, which is a structure decision, not only a cost one.

Further reading

Articles on vehicle and asset finance.

Longer reads from our archive, written for buyers and business owners rather than lenders.

ArticleEquipment finance: buy, lease or finance?Read ArticleEquipment finance hacks that improve business cash flowRead ArticleDebt consolidation refinance: is it worth it?Read
Ready when you are

Tell us about the car. We will tell you how it should be financed.

Short assessment. No documents at this stage, no credit check. Contact at the time and by the method you choose.

Start a car finance review How we assess

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