Hire Purchase Finance. Own Your Business Vehicle
Hire purchase (CHP) lets your business acquire vehicles and equipment while claiming tax deductions on interest, depreciation, and GST. You own the asset outright at the end of the term.
Australian Credit Licence 509582. Fees and lender criteria apply.
Why choose Simple Loans.
Tax-Deductible Interest
Claim interest payments, depreciation, and running costs as business deductions.
Claim GST Upfront
Registered businesses can claim the GST on the purchase price in the next BAS.
You Own the Asset
Unlike leasing, you own the vehicle or equipment outright once the loan is paid.
Flexible Terms
Choose from 1-7 year terms with optional balloon payment to lower monthly costs.
All Vehicle Types
Finance cars, utes, trucks, trailers, machinery, and equipment.
Fast Business Approvals
A process built for ABN holders, with the documents lenders ask for gathered up front.
How Hire Purchase Works for Australian Businesses
Hire purchase is one of the most popular business finance products in Australia. It allows businesses of all sizes, from sole traders to large companies, to acquire vehicles and equipment without paying the full cost upfront.
Under a hire purchase agreement, the financier buys the asset and 'hires' it to your business. You make regular repayments (usually monthly) over an agreed term, and once the final payment is made, ownership transfers to you. This structure provides clear tax benefits including deductible interest, depreciation, and GST credits.
How it works.
Apply Online in Minutes
Fill out our simple online form, no paperwork, no obligations, and zero upfront fees.
We Compare 50+ Lenders
We search our panel of banks and specialist lenders to compare eligible options for your situation.
Drive Away Happy
Once approved, we arrange settlement with the lender and the seller. You drive away with finance sorted.
Frequently asked questions.
What is hire purchase finance?
Hire purchase (also called commercial hire purchase or CHP) is a finance arrangement where a lender purchases a vehicle or equipment on your behalf. You make regular repayments and take full ownership when the final payment is made. It's commonly used by businesses to acquire assets.
What's the difference between hire purchase and chattel mortgage?
With hire purchase, the lender owns the asset until the final payment. With a chattel mortgage, you own the asset from day one but it's used as security. Both offer tax deductions for business use, but the GST treatment differs, chattel mortgages let you claim GST upfront.
Can sole traders use hire purchase?
Yes! Sole traders, partnerships, companies, and trusts can all use hire purchase finance. You'll need a valid ABN and the vehicle must be used primarily for business purposes to claim tax deductions.
What vehicles can I finance with hire purchase?
Hire purchase can be used for cars, utes, 4WDs, trucks, vans, trailers, excavators, forklifts, and virtually any business equipment or asset.
Ready to get started.
No upfront assessment fee. We compare 50+ lenders to compare eligible options.
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Simple Loans is a finance comparison tool. Holder of Australian Credit Licence No. 509582. All applications are subject to lender approval. Terms, conditions, fees and charges apply. This information is general in nature.