Auto Financing Made Easy

Auto financing is a type of loan used to buy a vehicle - such as a car, motorbike, caravan, or even a boat.

With AFS, you apply online and, if approved, we lend you the funds (money) to purchase the vehicle. You then repay the loan over time with fixed weekly, fortnightly, or monthly repayments.

The loan is secured against the vehicle, and our Australian-based team manages the process from start to finish.

Once you've submitted your loan application, approval is conditional pending credit checks and verification of the information you have supplied. Approval is usually obtained within 48 hours, subject to satisfactory credit checks and verification of financial information. Your Loan Account Manager can provide more information about documenting your loan and the settlement process.

To ensure applying online is straight forward, we suggest you gather a few key documents so that you have the information at your fingertips.

Here is a checklist outlining all necessary information you should have at hand before applying.

• Your full name

• Your date of birth

• Your current driver's licence number and expiry date

• If you do not have a current driver's licence, then details of your passport including number, place of issue and expiry date.

Your Residential Details

• Your current residential details

• If you have not been living at your current address for at least 3 years, the details of your previous address

• If you have a mortgage, or have recently applied for a mortgage, the details of the monthly payments

• If you are renting or boarding, the details of your landlord/real estate agent including Name and Telephone Number.

The minimum amount you can borrow at AFS is $5,000. AFS will provide finance for up to a maximum of $130,000 dependent on the price of the asset you are purchasing and your ability to service that debt.

No deposit is required with AFS for approved applicants. We offer up to 100% auto finance, meaning you could borrow the full purchase price of the vehicle¹. whether you're buying from a dealer, private seller, or auction. All applications are assessed individually, and approval is subject to eligibility.

No. There are no fees payable to AFS or any third party to apply for a car loan or car finance. However, AFS will charge you some fees should you decide to proceed with the loan once you’re approved.

It is important that you fully understand the fees and charges associated with a particular credit product.

Your credit score is a number calculated from information in your credit report at a point in time.

In Australia, a credit score is issued by credit reporting bodies to determine your suitability for credit and the level of risk associated with providing you credit.

AFS utilises the credit reporting body known as Equifax Pty Ltd ("Equifax") to review information contained on your credit report and your credit score.

We access your credit file to confirm the information you have told us and to assess your suitability for a loan. Whilst we utilise the Equifax information, it only forms part of our credit assessment process.

A credit report is a detailed report of an individual's credit history. Credit bureaus collect information and create credit reports based on that information, and lenders, like AFS, use the reports along with other details to determine loan applicants' credit worthiness.

Credit reports may contain details about your current credit accounts - such as the type of credit and the credit limit - and also information about credit applications that you have made. Your credit report will also contain certain other information about you, including whether you are, or have been, bankrupt or had court judgements against you, or whether you have had a credit account where you defaulted on your repayments.

Your credit report also contains your name and other identifying information (like date of birth, address, driver's licence number and current employer).

Generally, when you apply for credit, the credit provider may use some of the information in your credit report to help work out whether to approve your credit application.

The Privacy Act sets out the rules about what can be in your credit report and how it can be accessed and used.

A payment default may be recorded on your credit report if you don't pay a bill or loan payment of $150 or more for at least 60 days after it is due.

The payment default can only be listed with the credit reporting body if:

1. the credit provider notified you (at or before the time you entered into the credit agreement) that credit information would be given to a credit reporting body;
2. you were overdue in making a bill or loan payment;
3. the credit provider issued you a written notice to recover the payment;
4. the credit provider informed you that it intends to list a payment default on your credit report at the time it asked you to make the overdue payment;
5. the credit provider issued a second written notice providing you with one final opportunity to pay, and advising you that, within a period of at least 14 days but no more than three months, it will disclose to a credit reporting body that you are in default;
6. on the date that the credit provider discloses to the credit reporting body that you are in default, the bill or loan payment is at least 60 days overdue.

However, if you are in financial difficulty and have requested hardship assistance from your credit provider, they may not list your default during the period that they are considering your request for hardship assistance.

Once a default is added to your credit report, it will remain there for five years, even after you pay back the money. However, if you have paid the default amount, it must be noted on your credit report that the debt was paid in full.

Perhaps the simplest way to maintain a healthy credit file is to pay your bills on time and ensure that you meet your loan repayments. It is also important to regularly check your credit file held by Equifax, and if any information listed there by a credit provider is incorrect, contact the relevant credit provider to seek an amendment. In the case that public record information such as bankruptcy, deed agreement, court writ or court judgement information is incorrect, write to Equifax and they will investigate and advise you of the outcome of that investigation, free of charge.

Borrowing more money when you're already having financial troubles may only make your situation worse. If you're finding it hard to make repayments or if you've lost your source of income, you should contact your credit provider right away and work with them in order to preserve a default-free credit report.