Commercial Hire Purchase (CHP)
Commercial hire purchase is a commercial product but may be appropriate for a person if they use the vehicle for business.
Novated Lease (Salary Packaging)
See Novated Lease.
Fully Maintained Novated Lease
See Fully Maintained Novated Lease.
Car Loan
A car loan or also referred to as a secured car loan, it is a simple transaction between the financier and the customer. The financier purchases the vehicle and the customer agrees to make the repayments and associated costs. The financier places an encumbrance on the vehicle which is removed at the end of the contract. Benefits associated with this type of loan are higher government consumer protection laws and depending on the financier sometimes longer terms. The disadvantages include less tax benefits and generally higher interest rates.
Personal Loan
A personal loan is similar to a car loan however the vehicle is not held as security. With a personal loan you can realistically spend the money on whatever you choose. The money is deposited directly into you bank account for you to spend as you wish. Benefits associated include flexibility to buy older or imported vehicles, consolidation of old payouts on previous loans for example.


