Vehicle Finance in Australia: Your Questions Answered

A novated lease is arranged through your employer and paid from pre-tax salary — best suited to employees. A chattel mortgage is a business loan where the vehicle is owned by the business from day one, and is typically used by businesses and sole traders who want to claim GST and depreciation.

A balloon payment is a lump sum due at the end of the loan term, allowing lower monthly repayments throughout the loan. It suits people who plan to trade in or refinance the vehicle at the end of the term, but it's worth confirming you have a plan for that final payment before you sign.

A single, well-prepared application typically has minimal impact. Multiple applications to different lenders in a short period can affect your score more noticeably — which is exactly why comparing through one broker, rather than applying everywhere yourself, tends to be the safer approach.

Yes — there are specialist lenders who work with sole traders, new businesses, and even businesses trading for under two years, though the terms and required documentation vary. This is exactly the kind of situation where matching with the right specialist lender, rather than a generic bank, makes a real difference to your approval odds and rate.