Frequently asked questions
Affordable Car Loans is an Australian company, specialising in motor vehicle finance. Affordable Car Loans has expanded to offer finance throughout Australia.
As an alternative finance provider to the major banks and other car finance providers, we strive to treat every customer as an individual. We believe that applying for a car loan should be a simple process so you can focus on the important things in life.
You can count on Affordable Car Loans to tailor a simple and easy to understand car loan to your individual needs.
A secured car loan with Affordable Car Loans means that we have security over the car. The security can help to reduce the risk, which means you may get a lower interest rate than other loan types. If something were to happen and you couldn’t repay the loan, we may be able to recover the car and sell it to repay the loan (or a portion of the loan). More information on car loans and other types of loans can be found on ASIC’s MoneySmart website.
If you cannot make your payments due to a change in circumstances or your financial position, please contact our office as we can help. More information on our financial difficulty process can be found here.
To be eligible for a secured car loan with Affordable Car Loans you must meet the following criteria:
- You must be an Australian citizen or permanent resident who is at least 18 years old;
- You must be employed for more than 3 months and earning over $600 per week after tax;
- You (or a spouse or carer) must have an Australian driver licence or learners permit;
- You need your bank login details so that you can securely submit your bank statements to allow us to verify your income and expenses; and
- You must meet our lending criteria.
You can apply for a secured car loan with Affordable Car Loans by completing our online application. If you need assistance, or have any questions, please contact our office on 1300 782 226, Mon-Fri 8:30am to 5:00pm AEST.
Yes, you can purchase a vehicle through a dealership or private seller. The vehicle must be registered, and be in a roadworthy condition in the applicable state of purchase.
Before you receive final approval on your car loan application, you will need to provide us with the following documents:
|Proof of identity||Primary identification documents (80 points)
Secondary identification documents (20 points)
Note: This is a guide only; other forms of secondary identification may be acceptable. We require 100 points of identification.
|Proof of income||Recent payslip and 90 days bank statements where paid directly into the bank account.
If you are self-employed, your most recent tax return/financial statement and/or associated notices of assessment.
We may require 90-120 days of transactions in some cases i.e. if you’re paid monthly.
Depending on the details of your application, we may also require other documents in addition to those listed above.
In most cases it takes 1-2 business days from when we receive all of the requested documentation to complete our assessment.
If all completed loan documents are received before 4:00pm AEST funds will be disbursed to the car dealer or private seller the same business day. All completed loan documents received after this time will have the funds disbursed on the following business day.
Our car loans start from just 6.95%* (Comparison Rate 7.50%^), however interest and payments vary depending on the finance product identified as best suiting your circumstance.
All our car loans feature fixed interest rates. This makes it easier for you to budget as repayment amounts stay the same throughout the life of the loan.
Non-refundable Upfront Fees
These are included in the amount of credit, unless you have paid them directly to us.
This fee is for assessing your application (if approved) and establishing your account.
|$395 – $995*|
This fee is based on your credit and risk assessment.
Not all fees are listed above. There may be other fees that are payable such as a Broker Fee. All applicable fees will be listed on your contract.
Other Fees and Charges
The following credit fees and charges will apply in the specified circumstances. These amounts are immediately payable by you when we ask you to pay it.
|Early Termination/Payout Fee
We do not charge an early payout fee or any other hidden fees and charges. You can payout your car loan at any stage without penalty.
|Payment Handling/Processing Fee
We do not charge any payment processing fees.
|Dishonour or Missed Payment Fee
If you miss or fail to make a payment in accordance with the repayment schedule or when we are notified of a dishonour by our bankers for a payment you made, this fee may be debited to your account and form part of the balance on which interest (if any) is charged.
|Arrears Notice Fee
If your loan is in arrears and we find it necessary to issue a letter or Default Notice, this fee may be debited to your account and form part of the balance on which interest (if any) is charged.
Yes, we do not charge any payment processing fees or early payout fees. You may make additional payments to prepay all or part of the balance at any time. ASIC’s MoneySmart website has a useful calculator that illustrates how making additional repayments can help to reduce interest charges and repay a loan sooner.
If you prepay part of the balance early, the amount of the repayments set out in your loan offer and their due dates remain unchanged unless we agree to change the repayments. If you prepay the entire balance, you must also pay us any accrued interest, fees and charges not yet debited to your loan account and enforcement expenses (if applicable).
You can sell or trade the car, but you must first have our consent and settle your finance obligations under the contract before we will remove our encumbrance over the security.