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The Ultimate Guide To Ute Loans

Chapter 1

What Is a Ute Loan

Chapter 2

How to Compare Ute Loans

Chapter 3

How to Lower Interest Rates in Ute Loans

Chapter 4

Top 4 Benefits of Buying Utes for Your Business

Chapter 5

Aussie Ute Facts

Chapter 6

Do You Overload Your Utes?

Chapter 7

Why Should You Use Cargo Nets on Your Utes

chapter 1

What Is a Ute Loan

A Ute Loan can either be secured loan or unsecured. Private individuals who purchase utes for personal use prefer secured loans. On the other side, unsecured loans can be used for different purposes including the purchasing of utes. With unsecured loans, you do not have to provide any collateral as security to the lenders and that they (the lenders) do not have any rights to repossess a ute that you may buy using the loan. Thus, interest rates are mostly higher than they are for secured loans since lenders regard unsecured loans to be of higher risk to them.

chapter 2

How to Compare Ute Loans

There are a lot of financing options and competitive interest rates available for both new and nearly used utes. The reason is that most lenders see newer utes as being lower risk. If you’re purchasing through dealership, auction or private sale, options are available for you.

When you decide to purchase a second-hand ute,it is very important that you assure that the owner has a clear title or if there is a registered interest in it. You may review the PPSR (Personal Property Securities Register) in order to protect yourself against probable repossession.

chapter 3

How to Lower Interest Rates in Ute Loans

Other lenders may give you an option to make extra payments into your loan. By doing so, there will be a possibility for you to pay off your loan sooner, lower the amount of interest and reduce the total amount payable. It is also important to note that some lenders will charge fees if you pay the loan off early. Make sure that when you make extra payments any costs associated with doing this are allowable to you.

chapter 4

Top 4 Benefits of Buying Utes for Your Business

Not only can purchasing a ute for your business contribute to generating income, but numerous other benefits come with this durably popular workhorse.

1. Utes Depreciate Slowly

Typically, depreciation of vehicles due to tax purposes can be claimed if used to generate taxable income. And this is where the ute’s capital cost is spread over several years, depending on an estimate of its productive life. Depreciation is generally the “decline in value” assigned to each of the ute’s “productive” life years.

Usually, the capital cost is the buying price paid for the ute, along with initial repairs or improvements, delivery, and stamp duty. The good news is that, at below-market cost, you can find a good value ute, although the market value might still be considered.

2. Utes have Considerable Resale Value

Utes are very popular as personal vehicles as well as personal, and models that have been out there for many years are still holding their high value. Dual-purpose twin cabs comprise durable appeal with both trade and family buyers, because of their interior space, solid handling, and robust capabilities. Volkswagen, Isuzu, Mazda, Ford, and, of course, Toyota, are the manufacturer brands that generally hold the most value.

In most cases, depreciation on a new vehicle is at the highest in the initial two years, and the value drops drastically in years 3 and 4. The decrease is relatively less steep after that. For businesses prepared to sell after four years, this makes the ute an ideal prospect, and this also applies for a company purchasing a lightly used ute.

3. Utes are Supremely Tax-Deductible

Your business receives deductions based on its business structure. When it’s a trust or company, you could claim a full deduction when it comes to motor expenses related to a ute the business possesses or leases. In case you or other staff utilise the ute privately, you might have to deal with Fringe Benefits Tax. The good part is that this is deductible for particular types of the ute as well.

In case the operation of your business is either a sole trader or partnership, you could claim a business-purpose ute’s full deduction, offering private use involving home-to-work travel only and some minor use. Furthermore, costs are tax-deductible when the partnership or sole trader leases a particular ute under hire purchase.

4. Utes’ Fringe Benefits Tax (FBT) is Deductible As Well

Fringe Benefit Tax is generally applied to benefits issued to employees instead of part-salary. For utes, there are a few exemptions. In case the business ute has additional applications for personal reasons, it is considered exempt, indicating it has a 1 Tonne carrying capacity.

If the carrying capacity for the ute falls below 1 tonne, and this consists of many dual-cab utes, it could still be exempt if it is not made for the primary purpose of carrying passengers. If you want to work this out, the ATO has a formula: to be exempt, the overall number of seats x 68(kg) should be less than the huge part of remaining load capacity.

chapter 5

Aussie Ute Facts

“The ute” idea is one that most Australians love, a ute is the iconic car that has outback cred, and certainly one that was invented in Australia by a Ford engineer; however, that didn’t necessarily mean that we actually bought them. Initially, utes were for farm folk and tradies, and for a small group of enthusiasts who regard these vehicles as the quintessentially Aussie model of a hairy-chested coupe.

At this time, the Americans were transforming the ute into a pick-up truck. Eventually, the Ford 150 turned out to be one of the world’s best-selling vehicles and then Toyota made it even better with the Hilux. Soon, we started a rush of pick-up/ute buying that has currently increased in popularity.

As of now, Australian’s top-selling vehicles are all utes, with the leading position being Hilux followed by the aesthetically pleasing Ford Ranger, while the rugged Mitsubishi Triton comes in third. Certainly, the blend of practicality, go-anywhere credibility and a high-riding driver’s seat, appeals to a large number of Australians.

chapter 6

Do You Overload Your Utes?

Studies have shown how most business owners are blissful in ignorance of how simple it is to overload their utes. It’s commonly a practice that ruins vehicles in the long-term and puts drivers at risk while increasing the chances of copping some pretty hefty penalties.

Most drivers have no idea how much their particular vehicle has been designed to carry. That means that they also don’t know how running overload could result in unexpected vehicle downtime and significantly increase ute repair bills, all while potentially jeopardising the safety of themselves as well as other road users.

It’s worth noting that overloaded utes usually cost businesses much in high repair costs, and fuel use while affecting the vehicle’s overall performance on the road. If you crash that overloaded ute, then your insurance company won’t show much kindness to your claim. In fact, it’s grounds for declining it. Overloading a ute is pretty easy, and a majority of people do it unknowingly. Although many drivers are familiar with their vehicle’s payload, they never remember all that additional weight in the form of extra passengers, tools, equipment and parts they’re also lugging around.

Below are some of the main weight considerations that have to be managed:

Front/rear bias
Individual axle loads
Accessories such as towbars, side steps, winches, and bullbars
Modifications including canopies, ladder/service racks, storage boxes, toolboxes, and trays
Installation of accessories such as tools and parts, specialist equipment, invertors, dual batteries, compressors, generators, and cranes
Recovery gear, spare fuel, water tanks, and cargo

When loading a ute, weight is not the only consideration. The load dimensions and the projecting out of the vehicle are other factors worth considering. You can’t just leave stuff hanging out of the back of your ute; it’s hazardous to other road users. If you have a constant temptation of overloading your ute, then maybe it has come a time that you should consider upgrading to a larger vehicle that will put up with the kind of loads your specific business is dealing with.

chapter 7

Why Should You Use Cargo Nets on Your Utes

The main advantage of cargo nets is that they secure items from flying out during transport or moving around in your ute. Besides, they are widely recommended and used for industrial purposes, by mining companies, as well as for the recreational purpose of stabilising loads.

A Cargo Net: Definition and Explanation

A cargo net is basically a type of restraint net that’s built from thick material woven or interlocked together in a particular pattern to allow strength. Typically, cargo nets have hooks, buckles, straps, or ropes extending from the corners as well as around the edges to assist you in securing it to the vehicle.

1. Cargo nets are strong

As the name suggests, cargo nets have been used for many years to carry cargo to and from ships. If used to protect loads on your ute, cargo nets are equally as strong in making sure that your possessions sit firmly as you travel from point A to B. Additionally, they can protect both looser and tinier items lying in your tray, to relatively larger shaped and heavy equipment for added peace of mind. The cargo nets are also made of a material that is very strong and withstands harsh weather conditions as well as rocky driving scenarios.

2. Cargo nets increase security and ensure safety

Cargo nets generally enhance the security of your items. Apart from protecting your possessions from dropping off the back of your ute, they also protect these items from damaging other vehicles, your debris leading to delays or road accidents, as well as preventing your debris from harming other road users. Furthermore, cargo nets help in ensuring your load’s safety from planned or opportunistic crime. Once you provide the additional layer of cover over your particular ute tray, then you’ll be sure that it’s more difficult for thieves to grab items from your ute tray and disappear. Besides, cargo nets do not ruin your load items in comparison to restraints such as rope can. When your belongings are tied down tightly, you can mostly find rub marks and/or damage to your soft items, tools, equipment, plants, or furniture. With a cargo net, you can rest assured that these equipment are secured with the proper amount of pressure, and have minimal damage.

3. Cargo nets are pretty easy to use

Typically, cargo nets are built to be anti-tangle, which means you can store them in your ute, are easy to get out, make it easy to pack away, and quick to strap down your cargo on the go. It’s as easy as throwing the load over your ute tray, and riding on to your next stop securely and conveniently.

4. Cargo nets are versatile

Versatility is a common reputation for cargo nets. They are used for work and play, for commercial and industrial applications such as horticulture or mining, to residential daily transport needs. With cargo nets, your load won’t end up as debris that’s flying around Perth roads. Cargo nets ensure that whatever you’re carrying will remain secure in the rocky surfaces, in the event of a collision, or even a small speed bump in suburbia. The applications of a cargo net are not limited to a ute alone; box trailers, boats, trailers, cages, 4WD’s, and trucks also gain from the versatility and security of a cargo net.

5. Cargo nets strictly follow the law

In Perth and Western Australia, laws, rules and regulations are ever-changing when it comes down to the restraint of your particular loads. If you want to make sure your load is secure, a cargo net is undoubtedly a sure-fire way. For those who are found guilty of negligence and your belongings end up becoming unsecured, you could face a fine up not exceeding $1,000 as well as a potential court case.

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nihil impedit quo minus id quod maxime placeat facere possimus.

Get In Touch