Car Finance Experts

The Oldtimer Centre has been selling cars since 1994 and in that time we have helped thousands of people find the car of their dreams. Buying a car usually requires some form of finance so we have years of experience in getting the best finance deal for our customers.

5 Reasons why you should talk to us about your finance needs:

  1. Best Products: The lowest interest rate doesn’t always make the best product as you may be locked into an unsuitable product with very high early termination fees or other costs. We have access to an extensive range of finance products and can advise you on the best options for your situation.
  2. Best Service: We make the process as simple as possible for you, from your initial application through to the final settlement, we look after everything for you.
  3. Our history: We have been in business for over 23 years and have sold thousands of cars. Many of our customers keep coming back when they need to upgrade or buy an additional car because they trust us to look after their needs.
  4. We are independent. Most dealers will have an agreement with a single finance provider, so they can only offer a limited range of products. After extensive research, we have chosen to be an agent for Auto Approve, which gives us access to a large range of banks and finance lenders allowing us to choose the best company and product to suit your circumstances and the car you are buying.          auto approve
  5. No need to shop around: Why spend your days shopping around for finance – we have access to a range of lenders, we know their approval criteria and can have your finance fully approved the same day so you can relax knowing we have found you the best possible deal.

Looking to buy a car older than 5 years? Many finance companies will only deal with new or late model used vehicles purchased from a dealer, but with our long history of selling prestige and classic cars we can arrange finance on cars up to 20 years old. We can also help you with finance even if you’re not buying a car from us.

Buying as a company or an individual? Your finance options will largely depend on how you will be purchasing the vehicle – as an individual or as a sole trader / company. If you have an ABN as a sole trader or company and purchasing a vehicle for business use, your finance options will provide tax benefits and the ability to claim back GST.

As an individual buyer you will have access to a different range of finance products specifically suited to your circumstances. If you will be using the car partially or entirely for business purposes you will also be able to claim some of the finance, depreciation and running costs back on your annual tax return.

In either case, we can provide you with our recommendations but you should speak with your accountant for specific advice for your circumstances.

The following options are the most common types of finance arrangements, however we can also offer specialised financing options for more complicated requirements, such as low doc loans and bad credit loans.

Consumer car finance options

Individual buyer

Consumer Loan

The most popular form of finance is the consumer car loan, which uses the vehicle you purchase as security for the loan.  This form of finance offers a lot of flexibility:

  • Loan terms from 2 years to 7 years
  • Available for used cars up to 20 years old
  • Flexible final payment amount, or balloon – this allows you to reduce your monthly repayments and have one larger repayment at the end of the term. This amount is usually estimated to be the car’s value at the end of the loan contract, so you can sell the car and pay out the loan.
  • Can be used to finance a car, motor cycle, boat or caravan
  • Purchase costs like registration, transfer fees and stamp duty, insurance and even payout costs from your trade-in vehicle can be included in your loan amount
  • You don’t need to finance the full amount – if you have a trade-in vehicle, or want to pay cash for part of the car’s value, you can do so and just finance the rest to reduce your costs.

Novated Lease

Many companies provide their employees with a range of staff benefits, including salary packaging, which allows you to purchase a vehicle using your pre-tax salary. This type of finance arrangement is a Novated Lease and if you include all annual running costs, such as registration, fuel, insurance and servicing this is called a Fully Maintained Novated Lease.

  • Lease terms from 2 years to 5 years
  • Available on new vehicles and used vehicles up to 12 years old
  • There is always a residual or balloon amount at the end of the lease
  • Repayments are deducted from your pre-tax salary, providing attractive tax benefits

You will need to speak with your employer first to make sure they offer salary packaging options.

Personal Loan

A personal loan from your bank can be used to purchase a car, but most people avoid this option in our experience because specialised car finance products are cheaper and more flexible. A personal loan without security is usually limited to a maximum of $10,000. Using the car as security will allow you to borrow more, but generally you will find a better deal with a specialist car financer.

Business car finance options

Sole Trader / Company buyer

If you have an ABN then you can choose from a range of finance products that will be tax effective and allow you to better manage your assets, cashflow and expenses.

Finance Lease

The most common type of finance is the Finance Lease. When you lease a vehicle you have all the benefits of owning the vehicle, but the actual ownership remains with the finance company so the vehicle is not an asset on your company accounts.

  • Lease terms from 1 to 5 years
  • The finance is secured against the vehicle, reducing the interest rate
  • There is a residual or balloon amount at the end of the lease, reducing monthly payments

Chattel Mortgage

This form of finance is like a home mortgage – the vehicle you purchase is used as security for the loan, but unlike the Finance Lease you are the owner of the vehicle, not the finance company. You have the option to reduce the finance amount by paying a cash deposit or including your current vehicle as a trade-in. The residual or balloon payment is also optional – if you would prefer higher monthly payments to avoid a large payment at the end of the finance period, you can do so. Once you have made the final payment, the car is yours.

  • Contract terms from 2 to 6 years
  • Available for used cars up to 20 years old
  • The finance is secured against the vehicle, reducing the interest rate
  • Flexible terms, including deposit amounts and the optional balloon payment
  • Repayments are GST exempt
  • Interest and depreciation are tax deductible

Low Doc Loans

If you are a sole trader or business without a credit history or transaction history you may struggle to find business finance as most finance companies require bank statements and tax records for their approval process. Fortunately there are low doc options that may be suitable – these require less paperwork from you, as long as the car will be used for business purposes.

Bad Credit History Loans

Many finance companies will not lend to someone who has a bad credit history – whether it is something as simple as missing a bill payment or a significant bankruptcy. In most cases we can find you a finance deal, as long as you have been discharged from bankruptcy for at least 12 months with no further defaults following the bankruptcy.

To find out more about our finance options for your circumstances, call us now on 02 9569 9999.