Vehicle Finance
Buying a vehicle, whether it’s a car, boat or motorbike, is a big investment. Make sure you’re ready for all the costs that come with it with vehicle finance. Read on to learn how a broker can help you or contact us today.
Australia’s most accessible financial broker
What is vehicle finance?
Vehicle finance is money that is borrowed to acquire a vehicle, usually to buy or lease. While car loans are the most common kind of vehicle finance, the term also refers to motorbikes, caravans, and boats.
How does vehicle finance work in Australia?
A vehicle finance loan gives you a lump sum of money to buy a car or other type of vehicle. You pay the money back in monthly instalments along with fees and interest.
The exact rates and fees you will need to pay will depend on the lender and type of vehicle. Carefully review the rates, fees, and payments you’ll need to pay before you enter into a loan agreement.
Different vehicle finance options suit different products and situations. For example, some people find having a balloon payment at the end of their loan suits them more than the usual repayment setup. This means that they pay less in repayments and make a large payment at the end of the loan to cover the remaining cost.
Personal and business vehicle loan options
Personal vehicle finance
Getting a personal vehicle loan is easy with Oceania Finance. Whether you’re looking for a car to get you from A to B or a recreational vehicle loan to invest in a motorhome for your retirement, we’ve got you covered.
Business vehicle finance
Being a business owner and running your own business is time-intensive. And when you’re already so busy, it can be a major hassle trying to wade through finance jargon and terms and conditions to find the best business vehicle loan. Instead, let our team of finance experts take care of the loan process for you.
Learn about different types of Vehicle Finance
Car Finance
Whether you’re looking to get the hottest car on the market or just your first car, Oceania Finance can help. Our car finance brokers can handle the tricky stuff so you don’t get bogged down in the details. Speak to our personal finance brokers today.
Jet Ski Finance
Water sports are the perfect way to cool down in the Aussie summer sun. Get all the information you need to start your jet ski finance journey today. Chat with one of our experienced vehicle loan brokers to learn more.
Motorbike Finance
Craving the feel of the road as you cruise down the highway or longing to charge down rough dirt tracks? Motorbike finance can get you there. Speak to our experienced personal loan brokers today to find out how quickly your dream could become a reality
Boat Finance
Ready to feel the sea breeze in your hair? With boat finance, you can get there faster. Speak to our expert personal loan brokers today.
Caravan Finance
Ready to start living life in holiday mode? Traverse the great outdoors and leave your worries behind with caravan finance. Speak to our personal loan brokers today.
Automobile finance FAQs
If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.
Vehicle finance or personal loan?
Vehicle finance is a type of personal loan used specifically for the purchase of a vehicle, often a car.
It might seem counterintuitive but in some instances, a vehicle loan may not be the best choice for you. For example, if you have other loans, it might be more financially savvy to get a debt consolidation loan. This means you get the money to finance your vehicle and pay off your other debts from one loan. That way you aren’t paying interest on multiple loans, and it is simple to keep track of your payments.
Can I get vehicle finance with a low credit score?
You may still be able to get automotive finance with a lower credit score but you will have fewer options. A vehicle finance broker can help you find a loan to suit your financial situation.
How old can a vehicle be to finance?
The max limit on vehicle age will depend on the lender and client. For example, most lenders will finance a vehicle that is up to 20 years old at the end of the loan term. Whereas other lenders do not have a limit on vehicle age and decide eligibility based on the client profile.
If you are unsure about your eligibility, contact us for more information.
Can you transfer vehicle finance?
You generally can’t transfer vehicle finance because lenders are required to meet strict ASIC responsible lending laws – which involves checking if the client is financially capable of making the car loan repayments. However, there are ways for you to sell your vehicle while it is encumbered.
You could pay off the remaining debt using money from your savings. Or alternatively, you could negotiate with the buyer to have them pay the remaining loan balance to the lender upon transfer of ownership.
What happens if you buy a car with finance owing?
Buying a second-hand car from a reputable dealer means they will inform you of any finance the car is under. However, this isn’t legally required and a private seller may decide to withhold this information from you.
Although the debt is attached to the car and will not be transferred to you, it can still affect you in certain circumstances. For example, if you get into an accident and put in an insurance claim, the insurer may have to transfer the payout to the creditor and not you.
Security is linked to a car via its VIN number, so you can check beforehand if a car is encumbered by looking it up on the Register of encumbered vehicles.
What are vehicle loan rates?
The interest rate on auto loans is calculated by how old the vehicle is (newer vehicles have lower rates, second-hand vehicles have higher), the length of the repayment period, your credit score, and the lender you choose.
An auto finance broker can help negotiate terms to suit your individual financial situation.
Is a vehicle loan tax deductible?
This will depend on your type of vehicle loan. Vehicles being used for business purposes can claim certain tax deductions, like interest costs and depreciation value. But personal use cannot be claimed for tax.
What is a balloon payment?
Some lenders will have the option or requirement to make a balloon payment at the end of your loan term. A balloon payment means that you pay a lower amount in your scheduled repayments – so you pay less each week, fortnight, or month. And when you reach the end of your loan term, you pay off the remaining amount as one lump sum.
Why choose Oceania Finance?
Large network of specialist lenders
Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.
Tailored loan solutions
Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.
Friendly, local expertise
Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!
Large network of specialist lenders
Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.
Tailored loan solutions
Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.
Friendly, local expertise
Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!
Our Process
Step 1
Submit basic information.
Step 2
One of our expert brokers contacts you for more information.
Step 3
We review lenders and negotiate to find the best loan for you.
Step 4
We file the application on your behalf.