Car Stamp Duty Rates by State (Including Cost Comparison)
Stamp duty is a mandatory, state-based tax is applied when a vehicle’s registration is either newly issued or transferred into a new owner’s name. This is a state based tax and therefore the rates and calculation methods vary depending on where you are in Australia. Depending on the value of the vehicle you wish to […]
How to Finance a Car from a Private Seller
Purchasing a vehicle through a private seller can be a good way to save money on the purchase price of your next car. However, if you are going to be using finance you may find that those savings are eroded by the reduction in finance options. But why are there fewer options? Well, a buying […]
What Documents Do I Need for a Low-Doc Car Loan in Australia?
A low-doc loan requires less paperwork than a standard car loan – it’s all in the name! If you are asset-backed and have a deposit, then you may not need any financials at all! While not every loan will be as straightforward, this is your starting point with a low-doc car loan. Who Can Apply […]
When Will A Late Payment Show Up on Your Credit File
If you have missed a repayment, then you have a small window of time to make this up before it will be visible on your credit file. As long as you do so within 14 days, then no long-term harm has been done. Beyond this, there are various levels of credit events that can be […]
What Happens if I Can’t Pay My Balloon Payment?
If you cannot pay your balloon payment, you need to act quickly to ensure you find a suitable solution prior to the due date. There are multiple finance options to consider. Either with your current lender, or refinancing to a new one to extend your repayment period. However, if you default on your payment, your […]
Chattel Mortgage vs Hire Purchase: Which is Right for Your Business?
The main difference between a chattel mortgage and a hire purchase agreement is the timing with which the ownership of the asset transfers to the borrower. Both structures have merit depending on what your objectives are for your business, as they will lead to different outcomes from a tax and cash flow point of view. […]
What Are the Pros and Cons of a Chattel Mortgage Vehicle Loan?
Australian business owners can use a chattel mortgage to finance vehicles and equipment to accelerate the growth of their operations while preserving capital and optimising tax outcomes. This type of business loan provides immediate ownership of the asset while allowing structured repayments, making it an attractive option for sole traders, partnerships, and companies alike. But […]
What is the Minimum Credit Score for a Car Loan in Australia?
While most people don’t know it, Australia has undertaken a huge transition in the credit system over the last decade. Prior to 2014, a credit file could only ever report on enquiries and significant credit events (like a default). This has now changed with credit scores now a more comprehensive reflection of your borrowing history. […]
New Car Loans vs Used Car Finance
Vehicle financing usually requires the asset being purchased to be used as collateral for the loan. The lender registers a security interest in the vehicle, and if the loan is not repaid as agreed, it could be repossessed and sold to recover the borrowed funds. This protects the lender from potential losses. As a result, […]
What is an Unsecured Car Loan?
Secured car loans are the most common form of auto finance for a regular consumer. They are lower cost which is the priority for most when shopping around. However, an unsecured loan can be used to buy a car if you need that separation between the asset and the lender. You must be willing to […]