Car Finance Melbourne | Vehicle Loans

Find Your Pathway to Vehicle Finance

Every financial situation is different. Here's a quick snapshot of how we may be able to help.

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PAYG Employees

Payslips-only assessment may be available — no bank statements needed for eligible applicants.

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Business Owners

Trading 3+ months with $5K+ monthly revenue? You may be eligible for business vehicle finance.

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Property Owners

Homeowners and mortgage holders may access more competitive rates through established financial stability.

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Every Credit Score

Above 400 or below — there may be a pathway for you, subject to eligibility criteria.

Car Finance Types Explained

Understanding which finance type suits your situation is the first step towards the right vehicle.

Woman with new SUV — car finance eligibility

Consumer Car Loan

Standard personal car finance for individuals. The vehicle acts as security for the loan, which typically means more competitive interest rates compared to unsecured options. Available with fixed or variable rate structures.

Suits: PAYG employees, casual workers, and individuals purchasing a vehicle for personal use.

Chattel Mortgage

A popular business vehicle finance option. The lender finances the purchase and the vehicle acts as security. Business owners may be able to claim GST credits on the purchase price, depreciation deductions, and interest as a business expense. A balloon payment option can help manage monthly cash flow.

Suits: ABN holders, sole traders, and businesses purchasing vehicles for work purposes.

Tradesman with work ute — business vehicle finance

Commercial Hire Purchase

A business arrangement where you hire the vehicle from the lender with the option to purchase it at the end of the term. The financier owns the vehicle during the hire period. Repayments and interest may be tax deductible for business use.

Suits: Businesses that want to spread the cost of a vehicle with the intention of owning it outright at term end.

Novated Lease

A salary sacrifice arrangement set up through your employer. Lease payments are deducted from your pre-tax salary, which may reduce your taxable income. Running costs like fuel, insurance, and servicing can also be bundled into the arrangement.

Suits: Employees whose employer offers salary packaging or novated lease arrangements.

Property owners may access better car finance terms

The Property Owner Advantage

If you own property or hold a mortgage, you may already be positioned for more favourable car finance terms.

Property ownership demonstrates financial stability, which lenders value
Reduced lender risk may translate to more competitive interest rates
Your combined financial profile can support higher vehicle values
A holistic assessment considers your full financial position

If you own property or have a mortgage, you're already ahead.

Check Your Eligibility Free Assessment

Typically responds within 2 hours

Business Vehicle Finance

Whether you're a sole trader, contractor, or running a growing company — business vehicle finance can be structured to support your cash flow and tax position.

✅ Eligibility

Trading for 3+ months
$5,000+ monthly revenue
ABN holders welcome
Must be 18 years or older

📋 Tax Considerations*

GST credits on purchase price
Depreciation deduction
Interest may be deductible
Consult your accountant for specifics

💰 Balloon Payments

Reduce monthly repayments
Preserve working capital
Lump sum due at end of term
Increases total interest paid

📄 No Doc / Low Doc

Established businesses may qualify
Reduced documentation requirements
No formal financial statements needed
Subject to lender criteria

📖 Case Study: Marcus — Tradesman

Marcus runs a plumbing business — 6 months trading with $8,000 per month in revenue. He needed a reliable work ute. Through a chattel mortgage, Marcus was able to claim the GST credit on the purchase price and set up depreciation deductions through his accountant. With a balloon payment structure, his monthly repayments were lower than anticipated, helping him manage business cash flow.

*Illustrative example only. Individual outcomes depend on personal circumstances, lender assessment, and eligibility criteria. Tax benefits should be confirmed with a qualified accountant.

*Tax benefits described are general in nature. Individual tax outcomes depend on your specific business circumstances. Always consult a qualified tax professional.

Navigating Car Finance With a Complex Credit History

Your credit history is just one chapter of your financial story. We take an honest, supportive approach — no judgement, just clear guidance.

Credit Score Above 400

A wide range of car finance options may be available with competitive rates across our lender panel. Multiple lenders to compare for your situation.

Credit Score Below 400

Specialist bad credit car finance may be accessible through lenders who consider the full picture — not just your score. Subject to eligibility criteria.

Previous defaults, debt agreements, or past bankruptcy don't automatically disqualify you. We assess your current situation — income, stability, and ability to repay — to explore what may be available. Our approach is transparent and supportive, focused on helping you understand your realistic options.

Talk to Us — No Obligation Free Assessment

Typically responds within 2 hours

Understanding Your Car Finance Costs

Knowing what makes up your finance costs helps you make informed decisions.

🔒 Secured vs Unsecured Loans

With a secured loan, the vehicle acts as security — this typically results in lower interest rates because the lender's risk is reduced. Unsecured loans don't require the vehicle as security but generally come with higher rates.

📊 Fixed vs Variable Rates

Fixed rates lock in your repayment amount for the loan term — giving you certainty in budgeting. Variable rates may start lower but can change over time, meaning your repayments could go up or down.

🎈 Balloon Payments Explained

A balloon payment is a larger lump sum due at the end of your loan term. It reduces your regular monthly repayments throughout the loan, which can help with cash flow. However, the total interest paid over the life of the loan will typically be higher. At the end of the term, you'll need to pay the balloon amount, refinance it, or sell the vehicle.

💲 Fees to Be Aware Of

Car finance may include fees such as establishment fees, monthly account-keeping fees, and early termination fees. The specific fees depend on the lender and product. Your broker will outline all applicable fees before you commit.

📈 Total Cost of Credit & Comparison Rate

The interest rate alone doesn't tell the full story. The comparison rate includes standard fees and charges, giving you a more accurate picture of the true cost. Always consider the comparison rate alongside the advertised rate when evaluating options.

How It Works

A straightforward process designed to get you on the road.

1

Check Eligibility

Quick initial assessment with no impact on your credit score.

2

Get Matched

We compare options across our lender panel to find the right fit for your situation.

3

Approval

Fast turnaround with minimal paperwork required for eligible applicants.

4

Drive Away

Settlement completed, keys in hand. Ongoing support if you need it.

Finance broker shaking hands with client

Real Situations, Real Outcomes

Every car finance journey is different. Here's how we've helped people in situations like yours.

Sarah — First Car Buyer

PAYG employee with a credit score of 620. Sarah was assessed using her payslips only — no bank statements required. She was approved through a consumer car loan and driving her first car within a week of initial enquiry.

Marcus — Business Owner

Plumber, 6 months trading, $8K monthly revenue. Set up with a chattel mortgage for his work ute, allowing him to claim GST credits and depreciation through his accountant. Balloon payment structure kept monthly repayments manageable for his business cash flow.

*Illustrative examples only. Individual outcomes depend on personal circumstances, lender assessment, and eligibility criteria.

Frequently Asked Questions

Common questions about car finance — answered clearly.

Do I need bank statements for car finance? +

Not always. Eligible PAYG employees may be assessed using payslips only, without the need for bank statements. Eligibility criteria apply, and your broker will advise what documentation is required for your specific situation.

Can I get car finance with bad credit? +

Yes, pathways exist for applicants with various credit histories. If your credit score is above 400, a wide range of options may be available. For scores below 400, specialist bad credit finance may be accessible, subject to eligibility criteria. Your full financial situation would need to be reviewed.

What credit score do I need for car finance? +

There is no single minimum score required. Applicants with scores above 400 typically have access to a broader range of competitive options. Those with scores below 400 may still be eligible through specialist lenders, subject to meeting specific criteria.

How does a chattel mortgage work for business vehicles? +

A chattel mortgage is a business vehicle finance arrangement where the lender provides funds to purchase the vehicle, and the vehicle acts as security. Business owners may be able to claim GST credits on the purchase price, claim depreciation as a tax deduction, and deduct interest charges. A balloon payment option can reduce monthly repayments. Consult your accountant for your specific tax position.

What's the difference between secured and unsecured car finance? +

With secured car finance, the vehicle itself acts as security for the loan, which typically results in lower interest rates. Unsecured finance does not require the vehicle as security but generally comes with higher rates to offset the increased lender risk.

Can I get car finance as a casual employee? +

Yes, casual employees may be eligible for car finance, subject to eligibility criteria. You would generally need to demonstrate consistent income and employment stability. Your broker will assess your individual circumstances.

How long does car finance approval take? +

Approval timeframes vary depending on the lender and the complexity of your application. Many straightforward applications can receive conditional approval quickly, sometimes within the same business day. Your broker will provide a realistic timeframe based on your situation.

What is a balloon payment and should I use one? +

A balloon payment is a lump sum due at the end of your loan term. It reduces your regular monthly repayments during the loan, but means you'll pay more in total interest over the life of the loan. At the end of the term, you'll need to pay the balloon, refinance, or sell the vehicle. Whether it suits you depends on your cash flow needs and financial goals — your broker can help you weigh the options.

Do property owners get better car loan rates? +

Property owners or mortgage holders may be eligible for more competitive car loan rates. Owning property demonstrates established financial stability, which can reduce lender risk and may result in more favourable terms. Your individual circumstances will be assessed.

Can I finance a used car? +

Yes, finance is available for both new and used vehicles, subject to the vehicle meeting the lender's criteria regarding age and condition. Used car finance may have different rate structures compared to new vehicles. Your broker will help identify suitable options.

Car Finance That Works For You