Answers to the most common questions about finance products, loan types and how the process works. Can't find what you need? Get in touch.
Secured loans require you to put up collateral, such as a car, in case you default on the loan.
Unsecured loans don't require collateral, but may come with a higher interest rate.
A deposit is an upfront payment you make when purchasing something like a vehicle, machinery or equipment. It reduces the amount you need to finance and may also lower your interest rate.
The interest rate is the percentage of the loan amount a lender charges you for borrowing the money. A lower rate means you pay less in interest over the life of the loan.
Car loans typically run from three to five years, though some lenders offer terms up to seven years. The length of the loan affects both your monthly payment and the total interest you'll pay.
A credit score reflects your creditworthiness based on your credit history. In Australia, the three main credit reporting agencies are Equifax, illion and Experian. Your score helps determine whether you qualify for a loan and what interest rate you're offered — a higher score can mean a lower rate and better terms.
Pre-approval helps you know what you can realistically afford, gives you negotiating power when you're ready to buy, and can help you avoid surprises at the dealership.
Yes, financing a used car is very common in Australia — though interest rates and loan terms may differ from those on a new car.
Yes, private vehicle sales can be financed, though lenders may require additional documentation to verify ownership and the vehicle's condition.