It is very common for businesses to purchase major assets such as motor vehicles via a loan. They can use a commercial bank loan but often finance is “purchased” by way of either Hire Purchase or a Chattel Mortgage.

Chattel Mortgage - a mortgage on a movable item of property. Under a Chattel Mortgage a finance company lends money to the customer to purchase a car or other motor vehicle (the "chattel"), and the customer makes regular repayments.
It is called a “mortgage” because the financier retains the title of the item purchased until the final payment is received. The GST is claimable at the time of the purchase
The allowable depreciation and interest payments are tax deductible
The full amount of the purchase can be financed including an upfront deposit and/or trade-in

1. Nissan is purchased by business INVOICE:
Nissan $50,000
Stamp Duty $950
Registration $800
Insurance $500
Insurance Stamp Duty $45
GST $5,050

Deposit $5,000

Balance owing $52,345
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2. The Finance Company schedule could look like this INVOICE:
Nissan (amount payable) $52,345
Establishment Fee $400
Stamp Duty $160
Interest to pay $11,600

Total Loan Amount $64, 405

Repayment Details:
Residual Repayment $15,000
48 monthly repayments of $1,029.27
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3. Set up the following accounts (if not already created):
Deposit Paid (Current Asset) – no tax code
Nissan MV at Cost (Non-Current Asset) – apply capital expense including GST tax code
Chattel Mortgage (Motor Vehicle) (Non-Current Liability) – no tax code
Chattel Mortgage Interest Charges (Expense) – no tax code
Chattel Mortgage Fees & Charges (Expense) – tax code varies, could be be Free or GST inclusive
Nissan MV Registration (Expense) – apply GST Free tax code
Nissan MV Insurance (Expense) – apply GST inclusive tax code
Unexpired Term Interest (Non-Current Liability) – no tax code
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4. First enter a SPEND MONEY transaction to record the payment of the deposit:
Dr Nissan Deposit Paid (NT) $5,000
Cr Bank $5,000

Enter journal to record the purchase of the new vehicle (exclusive GST):
Dr Nissan - Nissan MV at cost (GST on Capital purchase) $50,000
Dr Stamp Duty - Nissan MV at cost (NT) $950
Dr Registration - Nissan MV Registration (Free) $800
Dr Insurance - Nissan MV Insurance (GST) $500
Dr Insurance Stamp Duty - Nissan MV Insurance (Free) $45
Dr Establishment Fee - Chattel Mortgage Fees & Charges (GST) $363.64
Dr Stamp Duty - Chattel Mortgage Fees & Charges (Free) $160
Dr Interest to pay - Unexpired Term Interest (NT) $11,600
Dr GST paid - GST $5,086.36
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$69,405

Cr Chattel Mortgage Liability (NT) $64,405
Cr Nissan Deposit Paid (NT) $5,000
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$69,405

purchase via a chattel mortgage