If you’re part way through a motor vehicle funding term and it’s just no longer working for you, speak with our specialist brokers about changing to a new funding arrangement that does work with your current situation.
With terms for new vehicle funding up to 7 years, it is entirely possible that some individuals and businesses, will experience a change of circumstances at some point during those 4,5,6 or 7years. It is also entirely possible and probable that lending market conditions will also change over that timeframe – interest rate fluctuations, new lending products, tax ruling.
Secure a better interest rate, save on interest payments, get lower repayments, extended terms or fund a balloon or residual.
Changing an existing vehicle credit contract to a new arrangement may sound like a major undertaking.
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As specialists in motor vehicle funding, we are experts in making even the most complex lending tasks such as setting up new lending arrangements, easy and streamlined for our customers. We do all the work to allow you to simply review and consider the options presented.
The new arrangements can be with the same bank or lender or a different lender. The lending product can be changed also. As with new vehicle funding, we provide the complete selection of lending products for privately-owned vehicles and vehicles owned and operated by a commercial entity.
Secured and unsecured options are available as for used vehicles. Vehicles being funded under a new arrangement are considered as used.
Consider these options or speak with one of our brokers for a more detailed explanation.
Whatever the individual circumstances and motivation for the change, our brokers will source options and work through the potential savings, benefits and costs involved. Allowing customers to make an informed decision.
To find out exactly what could be possible with your scenario, call us now or submit an online enquiry. With our fast response and 24 hour approvals, you could have your doubts eased and a workable option within days.
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
Replacing an existing vehicle funding arrangement is quite a straightforward process but requires serious consideration by our customers. Fully understanding what is involved, the benefits, the costs and the outcomes, can greatly assist in making the right decision. Our experts handle the arrangements and paperwork and explain each step in full.
Start finding out what could be possible by contacting Jade.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, EFFECTIVE 21/02/2026 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
No. When changing to new credit arrangements, borrowers can choose to stay with the same lender or change to another lender.
When finalising existing credit, any collateral attached to that credit would be released from security by the lender. When establishing the new credit, it will be up to lender criteria if additional collateral is required. If required, other assets can be provided.
Yes. A new credit arrangement with a shorter term may be sought to allow for the vehicle to be paid off sooner.
Where a quote to change to new vehicle funding does not improve a person’s current situation, they are not obligated to proceed. It is their choice.
Changing to a new credit contract may attract lender fees for finalising the existing contract early and lender fees to establish the new credit.
Yes. When a lease residual is due to be paid, owners can apply for funding to cover the payout.
The credit term on new funding is subject to lender guidelines and approval.
Yes. A balloon payment is always available with Chattel Mortgage and CHP.
When changing to a new vehicle credit arrangement, applicants are assessed based on their current credit score.
There is no scheduled timing for when vehicle owners should consider a change to their vehicle credit arrangements. The best timing is when the current arrangements no longer suit their circumstances or when they may realise additional benefits or savings by switching.
Yes. When seeking to change vehicle funding, businesses can change from a Lease to Chattel Mortgage or other options. They do not have to stay with the same lending product.
When seeking to change business vehicle funding, operators can select the product – Lease, Commercial Hire Purchase, Chattel Mortgage, that best suits their set-up.
Whether a new credit arrangement will attract a lower interest rate than the current one will depend on a number of factors. Current rates compared with rates at the time of the original credit. The new credit will be based on used vehicle rates. If the credit score has improved over time. The type of lending product.
Reasons to seek a different vehicle funding arrangement can vary. In general terms, if the current arrangement is not meeting current circumstances or if savings may be realised with lower interest rates now available, it may be time to get a quote for new funding.
All types of lending products – personal and business, may be eligible for refinancing.
