The End of Financial Year (EOFY) is here, and with it comes a surge of exciting EOFY car deals from dealerships and major carmakers across Australia. At CARS24, we’re joining in the savings spree with our very own EOFY sale on quality used cars—backed by value, reliability, and convenience.
But before you rush into a car loan or lock in a “too-good-to-be-true” offer, it’s important to approach EOFY car finance decisions with a clear financial strategy. We want to help you avoid common pitfalls and make choices that truly work for your car finances, not just your impulse. Here are some essential tips to keep in mind as you navigate the EOFY sales season:
Don’t get carried away by enticing EOFY deals
From low-interest loans to deferred repayment options, EOFY car finance offers can be incredibly tempting. But remember—a tax deduction doesn’t pay your monthly instalments. While EOFY deals may lower your taxable income, they won’t cover your loan repayments, interest, or running costs.
CARS24 tip: Evaluate the total cost of the finance offer, not just the short-term perks. Ask yourself, can I afford this loan in the long run?
Understand whether your vehicle qualifies for tax deductions
Not all vehicle purchases are eligible for tax deductions. To claim your car as a business asset, it typically needs to be used primarily for business purposes. Moreover, your finance method—be it a chattel mortgage, novated lease, or standard car loan—plays a role in what you can legally deduct.
CARS24 Tip: Not sure where to start? Our dedicated finance team can help you choose the right loan structure based on your usage, income, and tax goals—ensuring you don’t miss out on potential deductions or run into compliance issues.
Consider the total cost, not just the offer
EOFY discounts might lower the upfront cost, but it’s the ongoing financial commitment that really counts. This includes loan interest, insurance, maintenance, and running costs over time. Always ask: “Can I comfortably afford this car now—and in a year?”
CARS24 Advantage: Our platform makes this easy. With access to some of the best interest rates in the country, paired with transparent comparisons, CARS24 helps you see the full financial picture before you make a decision on your car purchase. Plus, our loan approvals are 12X faster than the industry average, so you don’t miss out on EOFY offers while waiting on paperwork.
Be cautious about claiming business use
While claiming business use of a vehicle can be a great way to reduce taxable income, the ATO is strict when it comes to verifying genuine business use. If your car is financed under a business name but is largely used for personal reasons, you could face audits, penalties, or be required to repay claimed deductions.
CARS24 Tip: Keep detailed records, stay honest, and make sure your financing aligns with how you actually use the car. And when in doubt, consult a qualified tax adviser or finance professional.
Prepaying costs? Think long-term
Some EOFY car finance offers include prepaid interest, insurance, or servicing. These can provide immediate tax relief, but may also tie up your cash in the short term. If your financial circumstances change, you might find yourself in a bind with non-refundable prepaid costs.
CARS24 Tip: Use our platform to evaluate all your options before locking anything in. Since our car finance is 100% online, you can compare rates, terms, and payment options easily from home, helping you make decisions that work not just now, but into the future.
Use EOFY to revisit your existing finance setup
EOFY isn’t just about new purchases—it’s also a smart time to reassess your current car loan. Are you paying more interest than you need to? Could refinancing free up cash or reduce monthly repayments?
CARS24 Advantage: We make the process super easy! With our quick 2-minute eligibility check and expert finance support, you can explore smarter, more efficient options. Our experts will guide you every step of the way.
Get professional advice- Not just sales advice
EOFY can be overwhelming with all its offers and discounts, especially with sales staff pushing urgency. But remember: their goal is to sell, not to optimise your tax return. A qualified accountant or finance broker can help you find the most tax-effective and financially suitable loan for your needs.
CARS24 Advantage: Unlike traditional dealers, we’re not just about selling cars; we’re about making sure your finance choice is a good one. Our finance specialists are here to help, not just sell, so that you can feel confident in every decision.
The CARS24 Finance experience – Built for Aussie car buyers
When it comes to financing your car this EOFY, speed, simplicity, and transparency can make all the difference. That’s why CARS24 offers a finance experience tailored to your needs when you buy your next ride with us:
- Check Car Loan Eligibility in 2 Minutes: Know where you stand instantly, without affecting your credit score.
- 12X Faster Loan Approvals: EOFY deadlines wait for no one. Our process is built for speed, with instant lodgement and processing.
- Best Interest Rates: We partner with leading lenders to bring you some of the lowest rates in the country.
- Expert Finance Team: Get unbiased, helpful advice from professionals who work with you, not for a dealership.
- 100% Online, From the Comfort of Home: No need for office visits or paperwork. Manage your entire finance process from your phone or laptop.
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