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How does financing work

15 posts in this topic

Posted · Report post

hi guys and girls

thinking about getting a few more trucks for the business, and have always been told to finance the purchases, can some fill me in on how it works and how is it benifiatial to pay that interest? and also how the the ballon / residue thing work, been told this ballon thing apparently really good or benificial. i had a look at a few today, now just deciding if i should really give this finance thing a try or just buy it out.

thanks

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Posted · Report post

Check out http://www.strattonfinance.com.au/

The website explains all the various forms of finance and I found them to have the best rates.

Now how about telling me where you had your work done in your other thread? :rolleyes:

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Posted · Report post

lol i told you like a million times buddy,=) got it at revzone

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Posted · Report post

Thanks man. A million apologies. :bow:

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Posted · Report post

the main reason u finance all your work equipments is for cashflow and tax purpose.. why do u want to pay cash when u can use that cash for a non taxable purpose ie pay off ur mortgage and finance all ur work purposes since u can claim the interest anyway.

anyway best to discuss it with ur accountant and speak to a finance lenders.

goodluck

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Posted · Report post

If I am my own boss, isn't any tax deductible on the interest still my money , either way I still have to pay. Is wither I claim less tax or claim more yeah? But at the end is still have to pay? Is just like eg I made 10g and I have to pay tax on that 10g, of I finicane a car so I made more money let's say 15g, but then I claim back 5g on tax. Same thing then?

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Posted · Report post

Wouldn't you lease them for the business and not finance?

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Posted · Report post

I don't know a lot of my friends say finance is better so I can lease it to myself but I don't understand the concept lol

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Posted · Report post

I always thought leasing was better for business use because you can get most costs involved with ownership covered or at least subsidised and the payments are tax deductable....

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Posted · Report post

If it's for a commercial vehicle like a truck that does 25000km + then do a Commercial Hire Purchase or Lease for sure. The entire cost of running the truck is tax deductible. Petrol, servicing, insurance, car washing, maintenance, etc

Speak to my mate Adam at Salpac as they do great car finance. I have used them for my Z.

http://salpac.com.au/services/services2.asp

Stratton is very good too. used them once back in 2000.

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Posted · Report post

Hey,

Chattel Mortgage or a hire purchase is the easiest way to go, are you a sole trader?

Best to speak to your accountant and work out what expenses you will be claiming back and whether you want to claim the GST component back up front.

Feel free to email me with any questions you have, I can also arrange the finance for you if you'd like.

andrew@ufscoburg.com.au

Good luck

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Posted · Report post

Tao,

i'm a finance broker.. if your still debating or trying to understand it all, just shoot me a pm ill give you my details. Can get it sorted out for you.

Cheers,

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Posted · Report post

The entire cost of running the truck is tax deductible. Petrol, servicing, insurance, car washing, maintenance, etc

The entire cost of running the truck is tax deductible regardless of whether you lease, finance or buy outright. The difference is the interest on a lease/finance is also tax deductible but you have to decided whether this benefits your business or not because Tao is right, you're paying interest either way. If your business has heaps of cash doing nothing then you're better off to buy and save on the interest but if you're a smaller business that's perhaps a bit cash-flow poor, then financing/leasing allows you to spread capital expenditure over the course of a longer period of time, which either lets you have a truck that now that you don't necessarily have the money for up front or maybe the cash you would have spent on the truck can be turned can be turned over in other aspects of the business.

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Posted · Report post

lol too confusing for me now adays, ive become stupid over the yrs lol, but even my accountant asked me to put it on finance then pay it back stright away after 12months, apparently i can claim alot on the 1st 12months on depreication and interest.

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Posted · Report post


If you don't have money or have a financial issue then you need to apply for finance. In finance you will borrow the money and pay it back after some time. Whatever you want to buy using finance money you can purchase it and you will have the possession to it but you need to pay the loan amount with interest over agreed period of time.

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