No, New ABN Finance assists new businesses find car loans.

A chattel mortgage is usually used to buy an asset – such as a car – for your company for business use. Its structure is based on a lender providing you with funds to purchase an asset while registering their security interest on the Personal Property Securities Register (PPSR) for the life of the loan. In this case, the asset is known as the chattel. After the loan has been repaid, you will have full ownership of the asset. 

It is the most popular finance option for businesses and the one we recommend at New ABN Finance on most occasions. A chattel mortgage is usually preferred by self-employed or small business owners, due to flexible options available for repayment. In some cases, you may get 100 per cent of the cost of the asset, which means that no upfront deposit needs to be put down.

You can complete our online application within about 5 minutes. The final approval can take up to 24 hours.

Yes. Our online application system is securely encrypted through XXX. Your information will only be used for the purposes of quoting and completing car loan applications. Further information is available through our Privacy Agreement.

Every lender has different eligibility criteria and the interest rate depends on the risk profile that you have. No lenders can give you an accurate car loan quote until they know some information about you. We’ve kept our quote tool as simple as possible to make the loan application as hassle-free as possible.

A dealership is a car yard or a place where cars are sold. It is widely agreed that you are safest to get your car loan from a specialist like New ADN Finance.

As above, every lender has different eligibility criteria and your interest rate depends on what risk profile you have. 

A car loan comparison rate simply shows the true cost of the car loan. It considers the interest rate plus all fees and charges you’d need to pay on the loan.

No, it doesn’t. You’ll receive an exact, obligation-free quote and you can decide from there if you want to continue.

Yes, you can go the most lenders directly. That takes a lot of time though, and the benefit we offer is doing the work for you. In most cases we are also able to offer better rates due to our scale.

You can save yourself some grief if you get pre-approval for a car loan before going shopping for a car. Pre-Approval is an offer from a lender to lend you an agreed amount. That amount is subject to full approval once you have found your dream car. Pre-approval remains valid for 120 days. To gain full approval, you’ll need to supply an invoice for the car from the dealership, and some supporting documents.

• Complete an Application and Privacy agreement. 
• Gain pre-Approval. 
• Find your car and negotiate a price. 
• Request an invoice from the Dealership. 
• Provide the invoice and Supporting Documents. 
• Sign the loan documents. 
• Lender settles the deal. 
• You collect your car.

A residual or balloon payment is a one-off lump sum payment that your pay the lender at the end of your car loan term. It is designed to lower your regular repayments during the term of the car loan. It is an option only.

Each lender that we work with has a hardship policy. Please call their customer service department and they will provide you with a hardship application form. You can call us if you cannot find their contact details and we can assist.

Yes, we work with a variety of lenders to help borrowers with a poor credit history to find an affordable car finance option suited to their needs. This is what we do best at New ABN Finance.

New ABN Finance has an Internal Dispute Resolution (IDR) process to investigate and respond to all customer complaints. Our IDR process is: –
 
a) Referral to the Disputes Manager – when we receive a complaint, the matter is referred to the Disputes manager with the appropriate knowledge and authority to undertake the investigation. 
 
b) Management Investigation – the Dispute manager completes a thorough investigation of your complaint. Once the investigation is completed, full details and results are returned to the Management of New ABN Finance. 
 
c) Response to Client – we will then provide the outcome of the investigation to you.

d) If you aren’t satisfied with our response to your complaint, you can contact the Australian Financial Complaints Authority (AFCA) with your concerns. Before you contact AFCA however, you must give New ADN Finance the opportunity to investigate and respond to your complaint. You can contact the Australian Financial Complaints Authority at afca.org.au or on 1800 931 678.

Most lenders are happy to lend for a car loan when the car is less than 6 years old at the start of the loan. Most business loans are 5 years (60 months).

A secured loan is when the lender has security over the asset involved in the loan – in this case, your new car. This means if something were to happen and you couldn’t repay the loan, the lender would be able to sell your car to recoup its money.

In contrast, an unsecured loan does not have any security attached to it. Because of this, unsecured car loans typically come with higher interest rates and potentially fees as they are riskier for the lender.

• Application Form – This can be completed by yourself or by Us (in conjunction with you). This car loan application includes your personal information such as name, telephone, email, home address, employment history, assets, and liabilities.
• Driver’s Licence both sides (certified) — Used to confirm your identification and your home address. Needs to be certified by a JP, Pharmacist or Australia Post, with current residential address AND dated within 3 months of the car loan application.
• Medicare card — a copy is required to demonstrate your residential status (colour) and your dependents. If you have non-dependents or other family members listed on your card, these need to be identified and written on a photocopy of the cards and signed by you.
• Tax invoice – from the Dealership to your company for the total price of the vehicle and its accessories. The invoice should state the correct address, the full deposit to be paid to the dealership, and the amount to be paid by this car loan.
• Rates notice (if applicable) – on a council-issued rates notice, not older than 12 months, to confirm your property ownership (if you have one). It is worth noting that if the property is NOT in your name, then legally you are not the owner.
• Proof of Rent paid (if applicable) – demonstrates how much you are paying in rent. This may be a current Rent Receipt or Tenancy Agreement in your name and is important in demonstrating your monthly expenses.
• Comprehensive Insurance Policy – Lenders will not lend money on a car loan unless the car is comprehensively insured. This is because the car is used as collateral for the loan (chattel mortgage). In most circumstances this will include the Lenders name noted on the policy as an interested party, and the Vehicle Identification Number (VIN) listed as well. This policy will need to be ACTIVE before settlement can occur.
• 2 x Personal contacts – these contacts must not reside at the same address as each other or the car loan applicants. The lender would require their telephone number, relationship to you, and residential addresses.
• Proof of address (potentially) – when the loan applicant’s address does not appear on the applicant’s Drivers licence.
• Trust Deed – if the applicant is a Trust.
• Partnership agreement/Letter from Accountant – if the applicant is a Partnership. A letter would need to be on letterhead and stating the Partnership name and ABN, Full Name, Address and DOB of each partner, Establishment date, stating that one partner can sign solely, & stating vehicle is for business use.

When assessing your car loan application, we need to know the following things about you:

• Your full name, address, telephone number and email address.
• Your age and Date of birth.
• Your Marital status and your citizenship information.
• A list of dependants (children, elderly or sick relatives you care for etc.)
• Driver’s license and Medicare card, and in some cases your Passport and Visa.
• Occasionally, bank statements for the last 3 months showing your income, expenses and savings.
• A list of your assets and liabilities, and a Council rates notice for any property that you own.
• We also need to know the details of the car you wish to buy – Price, deposit and in time a dealer invoice.
• Comprehensive insurance for the vehicle.
• Key contacts for emergencies.

For most lenders, the minimum amount you can borrow for a car loan is $5,000. Many lenders will allow you to borrow up to 100% of the vehicle’s purchase price, however other factors like your income, employment history and credit score can affect your borrowing capacity.

A CHP, or commercial hire purchase, is an arrangement by which a finance company buys a car on your behalf. You get to borrow the car in return for making regular payments to the lender. Once the final payment is made, you take ownership of the car. 

Stamp duty is a tax you pay when you transfer a car into your name. Stamp duty applies to both new and used cars. Stamp duty is a state tax, so rates and conditions vary from state to state. Visit our “Information” page for links to the governing body in your state.