FAQs

Interest rates for individual applicants are based on the credit assessment carried out by lenders. The same rate should apply for petrol and electric vehicles of the same or similar value.

No deposit funding incorporating the full price of the vehicle can be approved, subject to individual lender guidelines.

Commercial funding terms for motor vehicle credit are subject to lender approval. Terms of up to 7 years are typically approved for many applicants by many lenders.

A Secured Car Loan will suit most private buyers of new cars. The car is accepted as the collateral for the credit, and the borrower repays the amount in equal monthly instalments. Additional payments can be made if desired.

Both Chattel Mortgage and Leasing include tax-deductible components. Monthly Lease payments are fully deductible as business expenses. Chattel Mortgage offers deductions through vehicle depreciation in line with the ATO schedule at the time of purchase. Interest on Chattel Mortgage payments is also deductible.

Online lender calculators are provided to generate estimates only. These tools do not allow for the lender fees. These devices do not have the capacity to evaluate the credit profile of the calculator user. The credit profile can determine the interest rate and other aspects of the credit. Any quote received can be higher than calculator-generated estimates.

Some banks and lenders have approval criteria that include a minimum trading time for business enterprises. New businesses that do not meet this criteria may seek No Doc options through brokers and specialist lenders. Alternatively, the owner of the enterprise may consider personal vehicle financing.

Hire Purchase or Commercial Hire Purchase provides a tax deduction for commercial operators through vehicle depreciation. Interest charges are also a deduction.

Secured Car Loans for private buyers are often approved with the new vehicle as the sole form of collateral against the credit. Buyers with good creditworthiness may not be required to provide additional collateral.

Yes. Approval for motor vehicle funding can be obtained prior to purchase. Buyers can nominate an amount they think they will require for the credit for approval purposes. The quote and/or offer is amended with the precise figure after purchase.

Secured Car Loans for private buyers are typically arranged with a fixed interest rate.

Where a loan is arranged with a fixed interest rate over a fixed term, the repayments will not change over the term.

Buyers may consider a balloon amount which delivers a repayment schedule that works with their cash flow. Considerations can include the ownership cycle and resale value. Balloon amounts may be subject to lender approval.

A balloon applies to Chattel Mortgage and Hire Purchase. It is a percentage of the loan amount set aside to be paid in full at the conclusion of the term.

Where extras and accessories are included on the dealer invoice with the vehicle cost, they can usually be included in the funding.