Top tips for buying a vehicle for business

Securing loan pre-approval

Loan pre-approval can help strengthen your position when entering the buying process. It can help you understand your budget and give you confidence to make a move when you find the right set of wheels.

Make sure you’re on the right track by assessing all your loan options. If you’re a self-employed business owner and you don’t have complete financials, a low doc car loan could be a suitable option.

Potential tax implications

There could be potential tax benefits to buying a business vehicle. You may be eligible to claim an instant asset write-off or, depending on the arrangement, claim on several car-related expenses.

Be mindful of how the purchase could affect your business tax if you plan to buy a car around EOFY. Chat with your accountant before driving off with the idea.

Ask those in the know

Whenever you’re thinking about buying a vehicle, it’s smart to shop around and seek advice from those in the know.

Want to get closer to owning a business vehicle? For help finding a lending solution for your situation, speak with a Liberty Adviser today.