Consumer Finance FAQ

To apply for a car loan, the following are required:

• to be 18 years of age or older
• to be an Australian Resident
• to earn a regular income
• to be looking to borrow more than $5,000

Your broker can access a variety of lenders so that you are able to get the best rates and have the flexibility to choose from a wide range of products. This varies from no monthly administration fees to no early payment penalties and the flexibility of low fixed interest rates and options to make payments weekly/fortnightly/monthly.

The broker will also do all the research for you, from the numerous lenders on their panel.

Lenders will consider all loans you have (e.g. mortgages, commercial hire purchases, leases, credit cards) in calculating your personal borrowing ability. This is because you are responsible for making those repayments.

Some banks are more flexible, as they assume that all debts under the company’s name are being managed through the cash flow of the company. They will therefore exclude them from your personal assessment. This can significantly increase your borrowing ability.

If you require more information, please let us know.

The following factors will all help to determine the business use percentage:

• Do you travel by car to see clients, or for appointments?
• Do you have a car allowance?
• Did you ever claim vehicle usage?

For more information, please contact one our Perth credit advisors