Home > Commonwealth Bank offer a specialised hire purchase agreement

Commonwealth Bank offer a specialised hire purchase agreement

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Commonwealth Bank offer a hire purchase agreement to purchase vehicles such as tractors, plant or equipment subject to payment terms. During the term of agreement, the Commonwealth bank owns the equipment. When the final payment is made (done in instalments structured and customised to suit client’s cash flow), ownership of the vehicle or equipment is automatically transferred from the bank to the client.

If at any point during the agreement term, the client wishes to simply purchase the equipment from the Commonwealth Bank, this can be achieved.

The interest component of the repayments and the depreciation on the equipment may be claimed as tax deductions, provided the equipment is utilized to generate assessable income.

There is no need for a deposit with the Commonwealth Bank hire purchase.

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