FAQs

Where a new vehicle is purchased with financing and the lender accepts the vehicle as the security for the borrowings, the buyer is required to take out comprehensive motor vehicle insurance.

The amount of the monthly payment is determined by the interest rate, the amount borrowed and the term. Reducing the amount by paying a deposit reduces the repayments. Requesting a longer term will reduce the monthly payment. Getting a lower interest rate will reduce repayments.

Some lenders provide a 24 hour finance approval process. The time taken to arrange financing may depend on the complexity of the individual application and if complete documentation and details have been correctly submitted.

The word secured in secured vehicle finance refers to the lender using the vehicle as their security for the money borrowed. If the borrower defaults on payments, the lender has the right to repossess the vehicle and sell it to recoup the monies owed.

No. The same loan products are available for EVs and petrol vehicles.

Where accessories are ordered from the dealer and included on the invoice for the new vehicle, the costs are usually able to be included in the credit.

The interest rate offered by lenders on new vehicle credit is based on the individual assessment of the credit profile and financial position. Advertised rates by lenders are provided as a guide to the best rates available.

In general terms, the same credit products can be used to finance all types of new vehicles. Different products are available for private and commercial buyers.

Commercial operators can select from Leasing, Chattel Mortgage and CHP. The most suitable option is the one that suits their tax and balance sheet strategy and accounting method.

Individuals and commercial operators can engage a motor vehicle finance broker to source credit.

To apply for new vehicle credit, buyers will need to be over 18 years and provide details of their income such as tax returns, employment history, residential arrangements, assets and cash reserves, and regular expenditure. Businesses will be required to provide tax returns, balance sheets and other documentation.

No. New vehicle finance can attract the lowest interest rates available. Older vehicles can attract higher rate funding.

Subject to lender approval, terms of up to 7 years/84 months are available on financing new vehicles.

Subject to individual lender approval, buyers can include the entire purchase price and other costs as they appear on the dealer’s invoice, in their total loan amount.

Interest rates and credit conditions can be different for new and used vehicles. All new and most used vehicles will suit a secured credit provider. New vehicle buyers usually do not need extra collateral but used buyers might.