Car Finance

[Deej]

For anyone looking to get car insurance any time soon, i just thought i'd let you know what can be obtained if you haggle.

I'm financing my car over 4yrs with no balloon, it's a chattel mortgage in the business name so we get our gst back off first bas payment. Both Esanda and CBFC are giving me 6.95% and have both agreed to waive all setup fees, and put a cap on early payout. Esanda's cap is $300, CBFC's cap is less apparently but unconfirmed. No other fees that i know of, and i've used the loan calculator on my bank's home loan site to work out whether they've snuck anything in and they haven't. If it helps, the loan is for $84,000 and the repayments quoted are $1997 per month. As i said, no setup fees, and that covers everything.

If anyone can get me better than this, pm me and you might hook yourself up a deal.

 

[Leper]

Who in their right mind would borrow $84k to buy a car?

Even if it's through a business or whatever, spending $$ aint making $$.

MLC?

 

[Silvermylar]

For anyone looking to get car insurance any time soon, i just thought i'd let you know what can be obtained if you haggle.

I'm financing my car over 4yrs with no balloon, it's a chattel mortgage in the business name so we get our gst back off first bas payment. Both Esanda and CBFC are giving me 6.95% and have both agreed to waive all setup fees, and put a cap on early payout. Esanda's cap is $300, CBFC's cap is less apparently but unconfirmed. No other fees that i know of, and i've used the loan calculator on my bank's home loan site to work out whether they've snuck anything in and they haven't. If it helps, the loan is for $84,000 and the repayments quoted are $1997 per month. As i said, no setup fees, and that covers everything.

If anyone can get me better than this, pm me and you might hook yourself up a deal.

I trust that you do realise that you will only be able to claim GST of approximately $5,700.00 instead of the full $7,636.00 (as the GST is limited by the luxury car limit)

 

[Deej]

I trust that you do realise that you will only be able to claim GST of approximately $5,700.00 instead of the full $7,636.00 (as the GST is limited by the luxury car limit)

You know what, i only found that out a couple of days ago. Bloody some hotted up commodores cost more than 57000 these days, they really need to raise the luxury tax levels. And the 30% income tax threshold needs to be made the top rate too.

 

[sgPanther]

Who in their right mind would borrow $84k to buy a car?

Even if it's through a business or whatever, spending $$ aint making $$.

MLC?

Couldn't agree with you more on this. It seems that avoidance of tax at any cost is the big issue. I see many friends with businesses buying expensive cars to avoid the tax.

That being said, I am probably not fully aware of the savings in tax as I live in a relatively low tax country where all of this type discussion is irrelevant. For eg. Earn 160K and only pay 16K tax anyway... and it's even better if you earn 80K, pay 4.5K tax.

As deej noted, the top tax rate should be no more than 30%. When that happens, many people like myself will flock back to Australia.

 

[Leper]

Yep.

Welcome to Expat land! Where the best car in the world is (a) one that someone else is paying for; (b) someone else drives you around in and (c) leaves you more (tax free) money to spend on beer!

 

[sgPanther]

Hmm.. that location.. just south of the equator.. E106.. wouldn't be Jakarta would it?

 

[Leper]

Disco! (well, next week it is once I get back from this sht hole that is Irian Jaya (Papua).

 

[arrowman]

You know what, i only found that out a couple of days ago. Bloody some hotted up commodores cost more than 57000 these days, they really need to raise the luxury tax levels.

Yeah, it's a real burden on the business person who's just trying to scrape out a living and claim legitimate expenses.

 

[Rob]

I trust that you do realise that you will only be able to claim GST of approximately $5,700.00 instead of the full $7,636.00 (as the GST is limited by the luxury car limit)

Actually, it's only just over $5,000 - i.e 1/11th of $57,000.
And that's only if you use it 100% for business use.