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At Xpress Finance we specialise in providing tailored finance solutions for your business. Incorporating advanced technology to ensure best practice. Whether you’re growing your fleet or upgrading existing equipment, we help you secure the right funding effectively.
Xpress finance specialises in handling complex, full-documentation applications. Our in-depth knowledge of lender requirements and our proactive approach mean we know how to get even the most detailed deals across the line smoothly and efficiently. This approach allows our team to specialise in loan amounts above $1,000,000.00 with an excellent track record and ability to understand your large-scale operation.
From chattel mortgages to hire purchase agreements, we offer a comprehensive range of finance options to suit your business structure, cash flow, and long-term goals. Whether you’re seeking immediate ownership or a structured path to acquisition, we work with you to find the right solution.
What truly sets us apart is our commitment to being with you for the long haul. We don’t just arrange a loan and walk away — we’re here for life. As your trusted finance partner, we’re ready to assist with every stage of your business growth, helping you secure funding not just for trucks, but for all your future equipment and expansion needs.
Chattel Mortgage
A Chattel Mortgage is a type of loan with a principal amount and interest that needs to be paid back to the bank or lender. It works like a home loan but is for commercial purposes against assets.
The term ”chattel” comes from France, which means a vessel. Examples of chattel include cars, bikes, caravans, motor vehicles, trucks, trailers, or any item with a serial number. This is why it’s called a ”Chattel Mortgage” meaning loan over a vessel. So, a Chattel Mortgage is like borrowing money to buy something big, like a car or a boat. You promise to pay back the money and if you don’t, the bank can take the thing you bought. It’s like when you get a home loan but for other big items.
One of the great features of a Chattel Mortgage is that the asset belongs to the client, who is usually a business owner. This can include companies, trusts, partnerships, and other types of businesses. Once they buy the asset, they can claim back the GST for their business. This means that with a Chattel Mortgage, the business owns the asset it buys.
Generally, this is one of the most popular structures used by accountants or business owners, looking to grow their business whilst keeping their home equity safe. The loan is secured against the asset, not the property, which is usually the case with commercial loans.
Hire Purchase
A hire Purchase is a mix between a chattel mortgage and a financial lease. The question that now arises is how different is a hybrid purchase? It starts with the bank owning the asset entirely when the loan begins. As the client makes payments, ownership gradually shifts to the client. The business can claim GST on these payments on monthly basis on the payments. This type of facility has unique tax implications according to Australian tax authorities, especially regarding the interest paid to the lender. Because of this, accountants don’t often recommend hire purchases. However, it remains an option if it suits the business’s needs.
It’s crucial to have an experienced asset finance broker and a good accountant to help structure the best finance plan for a business.