Financing Vehicles for People with Disability

December 3 is International Day of People with Disability which is a day observed by the United Nations and is supported by the Australian Government. The day aims at increased public awareness, acceptance and greater understanding of people with disability as well as celebration achievements and contributions and promoting inclusion. As motor vehicle lenders, the day presents the ideal opportunity to discuss financing vehicles for people with disability

As specialists in motor vehicle finance, Jade Car Loans offers specialist lending services and contacts that include financing vehicles for people with disability. Buyers and those seeking finance may include a person with a disability, a carer or a business offering a transportation service for people with special needs. The type of buyer will determine whether a personal car loan or business vehicle finance is the most suitable form of loan. We offer the full range of finance options.

Types of Vehicles Financed

The types of vehicles available to be financed may include wheelchair-accessible and vehicles customised and modified to suit individual and specific requirements. These can include passenger cars, SUVs, vans and mini-buses.

The options include driver position set-up to drive from a wheelchair or conversions for passenger seat or the second or third row. According to experts Kia Carnival, Caravavelle, VW Multivan, Transporter and Caddy are examples of vehicles which are suited to the second row being converted. Accessories and additional mobility features may include side steps, winch, ramps and docking stations for wheelchairs.

For those with spinal cord issues, are paralysed or have limited foot, arm and hand function, vehicle modifications and equipment are available. Spinal Cord Injuries Australia provides information on adapting private vehicles to suit specific needs including for those that cannot operate foot pedals.

Loans and Finance

Finance is available for new and second-hand vehicles in this category. The vehicle may already be modified or require conversion. If purchasing a vehicle which requires modifications, our consultants will discuss including the cost of the conversion process into the overall loan amount.

Our service includes handling the entire loan sourcing, structuring and securing process. This may also involve liaising with the car seller and any organisations that may be contributing to the cost of the vehicle such as NDIS.

For buyers of private vehicles, our Secured Car Loan is the most widely used type of loan. With this loan, the lender accepts the vehicle as security against the loan and the borrower repays the loan in equal monthly instalments over a set loan term.

We arrange Secured Car Loans at a fixed interest rate and over a fixed loan term which results in a fixed repayment amount. All those elements remain constant regardless of whether or not there is a change in the official cash rate or general car loan interest rates.

For buyers of vehicles to be used in a business, the choice of finance business car products include:

• Chattel Mortgage
• Vehicle Leasing
• Car Hire Purchase for Motor Vehicles

These loan types have varying features and are suited to different business setups. Differences are around the method of accounting implemented by a business, how and when the tax deduction is realised, depreciation of the vehicle, balance sheet entry, treatment of GST and in the interest rate. Interest rate variations in business finance products reflect the variations in the loan structure.

For businesses considering utilising temporary full expensing with their vehicle purchase, Chattel Mortgage is seen as the most appropriate form of loan for that purpose. This measure is available for eligible asset acquisitions by eligible businesses until June 2023. The asset depreciation is realised in the year the asset was purchased. So to realise the benefit in 2021/22 the asset would need to be acquired and in use by June 2022.

Finance for Vehicle Conversion

If a vehicle has been purchased and now requires modifications and conversion to be suitable for people with disability, an Unsecured Personal Loan or Unsecured Business Loan may suit financing for that purpose. Unsecured loans are available for a wide range of purposes where the goods being purchased are not suitable to be offered as security against the loan.

Calculating Repayment Estimates

For prospective buyers looking to get a rough idea of loan repayments on a vehicle for people with disability, we have provided an easy to use car loan calculator. When considering a start up business car loan, by entering the amount required for the loan and the loan term which would be preferred, the calculator automatically generates a rough repayment amount. Ensure you are entering the correct interest rate for the loan type which best suits your requirements.

Note that our current advertised interest rate does apply to new goods for applicants with good credit profile. If purchasing a used vehicle, a different interest rate may apply. For a loan quote on a used vehicle, contact us.

Whether you are the person requiring a special vehicle or you regularly transport a family member, friend or other person or you are a company involved in the transportation of people with disability, we welcome your enquiry regarding car finance.

Contact Jade Car Loans 1300 000 003 for financing a vehicle for people with disability

DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.