Personal Lease
A personal lease is a finance product where the financier lends the customer funds for the purchase of a vehicle, and secures the loan against that vehicle. A Personal Lease can also be known as a Consumer Loan or a Secured Car Loan.
How does a Personal Lease work?
Under a Personal Lease the customer takes ownership of the vehicle at the time of purchase, and the financier takes an interest in the vehicle as security for the loan.
Once the contract is completed, the financier lifts their interest in the vehicle, giving the customer clear title.
Benefits of a Personal Lease
- Flexible contract terms ranging from 24 to 84 months
- A residual value can be added as a final payment to reduce the monthly repayments
- Fixed monthly repayments for the term of the agreement
- Fixed interest rate for the life of the loan
- Deposit (either cash or trade-in) may be used
- A tax deduction is available when the vehicle is used for business purposes
- The loan is secured against the vehicle, allowing lower interest rates
Who does a Personal Lease suit?
A Personal Lease is suitable for individuals who wish to purchase a vehicle and do not have significant business use.
Tax implications of a Personal Lease
As a Personal Lease is a personal finance product, only normal tax deductions for depreciation and running costs can be claimed (on a pro-rata basis according to the percentage of business use).
Need further information?
If you require further finance assistance, please do not hesitate to call us on 1300 788 371 or email at info@integratedfinance.com.au.