FAQs

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.