Finance and Insurance
Finance - different options and hidden costs explained
ASIC - Car insurance
ATO - Luxury car tax rate and threshold
Accelerated initial deduction for motor vehicles
Canstar insurance
Consumer Law
Car finance guide
Fine print in car insurance
Law handbook
Luxury car tax explained
Stratton finance glossary
Personal Property Register
Cartalk tip - Insurance
It is important to get a quote on your insurance premiums (and service / maintenance costs) before you purchase a new or used car, especially if you are under 25 years of age. It may determine what car you can really afford to buy.
Understanding Insurance Financial Ombudsman Service Product review - car insurance
The insurance market has become very competitive in the last few years. It is critical to check what you are actually purchasing. If in doubt seek advice from an Insurance Broker and do not go for the cheapest insurance premium.
Car insurance premiums to rise by 3% in 2016
Read the product reviews on car insurance from different customers.
Which is the best form of motor vehicle finance?
Option A: Commercial Hire Purchase (CHP) or Chattel mortgage
Both work the same way.
Shorter term loans from 3 to 7 years.
The motor vehicle is security for the loan.
Suited to new vehicles up to 8 years of age.
Fixed interest rates means a “known” repayments.
Interest and depreciation deductions allowable, but subject to purpose and Accountant advice.
Residual payments at the end of the loan term will reduce actual payments during the loan term.
Note: Motor vehicle values can end up being less than the residual loan amount. It is important to purchase a vehicle that will hold its value over the term of the loan, so research is critical.
Option B: Home loan
Using residential property as security for the motor vehicle finance.
Can achieve lower interest rates than CHP or Chattel mortgage finance.
Can have a longer term for lower repayments.
Utilises security against equity in the house.
Option C: Personal loan
Shorter loan term from 3 to 7 years.
Usually an unsecured for loan amounts up to $20,000.
Excellent option for students or young workers to gain finance for their first car.
Variable and / or fixed rates and fixed repayments per month for the term of the loan.
Interest rates tend to be higher than CHP or home loan rates but lower than credit card rates.
Summary - All of the above are suitable forms of finance.
Totally depends on the individual’s financial and taxation position, age of vehicle and cashflow.
Speak with qualified professionals, Finance broker for available options and your Accountant.
Contact Brandon Camfield regarding motor vehicle finance at Mont Albert Business Centre.
Email: brandon@montalbertbusiness.com.au
Australian Credit Licence No. 379381 Phone: 03 9898 8288 or Mobile: 0422 602 324
Motor Vehicle Insurance
It is very important that you have some form of cover before driving on the roads. Even if you are not at fault the other driver may have no insurance cover and then you may be liable for damage to your vehicle and other property.
It is also better to have a professional insurance company or broker supporting you in the event of a claim and reduce your potential exposure to other third parties.
For the sake of $ 1 - 2 dollars per day or $ 365 - $ 700 per year for the average driver it may save a lot of financial problems and time in the future and dealing with solicitors.
There are more cars on the roads these days and it is easy to make a mistake by either dirver on the roads, so insurance will give you protection and professional support in the event of a claim.
The Transport Accident Commission in Victoria provides no cover for your car or property damage when you pay your annual registration fee in Victoria.
www.tac.vic.gov.au
If you have been injured in a car accident, The TAC pay for your medical and related costs. This premium is charged when you pay your annual registration renewal. It is usually subject to a standard excess fee before a claim can be paid.
Cartalk tip: If you are involved in a car accident and your insurer offers you a payout, do your research and make sure that the amount offered is very fair and reasonable. If not sure seek a second professional opinion.
Once you have signed the release form there is no comeback for a higher amount. Even your solicitor would struggle to change the final amount.
Did you know that the colour of your car can increase your insurance premium?
Canstar has forged strong relationships in the Australian general insurance industry. With over 20 car insurers listed on their database Canstar has established itself as a leading service provider, www.canstar.com.au/car-insurance
www.aami.com.au
www.allianz.com.au
www.budgetdirect.com.au
www.cgu.com.au
Coles Insurance
www.comparethemarket.com.au
www.finder.com.au/car-insurance
www.progressiveonline.com.au
www.gio.com.au
www.iselect.com.au
www.nrma.com.au
www.qbe.com.au
www.racv.com.au
www.suncorp.com.au
www.youi.com.au
ASIC - Car insurance
ATO - Luxury car tax rate and threshold
Accelerated initial deduction for motor vehicles
Canstar insurance
Consumer Law
Car finance guide
Fine print in car insurance
Law handbook
Luxury car tax explained
Stratton finance glossary
Personal Property Register
Cartalk tip - Insurance
It is important to get a quote on your insurance premiums (and service / maintenance costs) before you purchase a new or used car, especially if you are under 25 years of age. It may determine what car you can really afford to buy.
Understanding Insurance Financial Ombudsman Service Product review - car insurance
The insurance market has become very competitive in the last few years. It is critical to check what you are actually purchasing. If in doubt seek advice from an Insurance Broker and do not go for the cheapest insurance premium.
Car insurance premiums to rise by 3% in 2016
Read the product reviews on car insurance from different customers.
Which is the best form of motor vehicle finance?
Option A: Commercial Hire Purchase (CHP) or Chattel mortgage
Both work the same way.
Shorter term loans from 3 to 7 years.
The motor vehicle is security for the loan.
Suited to new vehicles up to 8 years of age.
Fixed interest rates means a “known” repayments.
Interest and depreciation deductions allowable, but subject to purpose and Accountant advice.
Residual payments at the end of the loan term will reduce actual payments during the loan term.
Note: Motor vehicle values can end up being less than the residual loan amount. It is important to purchase a vehicle that will hold its value over the term of the loan, so research is critical.
Option B: Home loan
Using residential property as security for the motor vehicle finance.
Can achieve lower interest rates than CHP or Chattel mortgage finance.
Can have a longer term for lower repayments.
Utilises security against equity in the house.
Option C: Personal loan
Shorter loan term from 3 to 7 years.
Usually an unsecured for loan amounts up to $20,000.
Excellent option for students or young workers to gain finance for their first car.
Variable and / or fixed rates and fixed repayments per month for the term of the loan.
Interest rates tend to be higher than CHP or home loan rates but lower than credit card rates.
Summary - All of the above are suitable forms of finance.
Totally depends on the individual’s financial and taxation position, age of vehicle and cashflow.
Speak with qualified professionals, Finance broker for available options and your Accountant.
Contact Brandon Camfield regarding motor vehicle finance at Mont Albert Business Centre.
Email: brandon@montalbertbusiness.com.au
Australian Credit Licence No. 379381 Phone: 03 9898 8288 or Mobile: 0422 602 324
Motor Vehicle Insurance
It is very important that you have some form of cover before driving on the roads. Even if you are not at fault the other driver may have no insurance cover and then you may be liable for damage to your vehicle and other property.
It is also better to have a professional insurance company or broker supporting you in the event of a claim and reduce your potential exposure to other third parties.
For the sake of $ 1 - 2 dollars per day or $ 365 - $ 700 per year for the average driver it may save a lot of financial problems and time in the future and dealing with solicitors.
There are more cars on the roads these days and it is easy to make a mistake by either dirver on the roads, so insurance will give you protection and professional support in the event of a claim.
The Transport Accident Commission in Victoria provides no cover for your car or property damage when you pay your annual registration fee in Victoria.
www.tac.vic.gov.au
If you have been injured in a car accident, The TAC pay for your medical and related costs. This premium is charged when you pay your annual registration renewal. It is usually subject to a standard excess fee before a claim can be paid.
Cartalk tip: If you are involved in a car accident and your insurer offers you a payout, do your research and make sure that the amount offered is very fair and reasonable. If not sure seek a second professional opinion.
Once you have signed the release form there is no comeback for a higher amount. Even your solicitor would struggle to change the final amount.
Did you know that the colour of your car can increase your insurance premium?
Canstar has forged strong relationships in the Australian general insurance industry. With over 20 car insurers listed on their database Canstar has established itself as a leading service provider, www.canstar.com.au/car-insurance
www.aami.com.au
www.allianz.com.au
www.budgetdirect.com.au
www.cgu.com.au
Coles Insurance
www.comparethemarket.com.au
www.finder.com.au/car-insurance
www.progressiveonline.com.au
www.gio.com.au
www.iselect.com.au
www.nrma.com.au
www.qbe.com.au
www.racv.com.au
www.suncorp.com.au
www.youi.com.au
