FINANCE VEHICLES, EQUIPMENT & MACHINERY WITH EASE

With over a decade of finance  and banking experience our
team delivers expert guidance and exceptional care at every step.

How We
Support Your Asset Finance Needs

Whether you need a vehicle for personal use or equipment for your business, acquiring assets shouldn't drain your savings or cash flow. We work with you to understand your needs and match you with the right finance solution, from personal car loans to business equipment finance, chattel mortgages, and commercial vehicle loans.

We assess your options, compare lenders, and structure the finance to suit your situation, whether that's maximizing tax benefits for your business or securing competitive rates for personal use. Our goal is to get you the assets you need with repayment terms that work for you.
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Why Choose Fruition Financial?

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FAQs

Looking for an answer?

What are the different types of car finance?
There are several car finance options available in Australia, each suited to different needs:

Personal loans: An unsecured loan that can be used to purchase a vehicle. These typically have higher interest rates but offer flexibility in loan amount and term without requiring the car as security.

Secured car loans: A loan secured against the vehicle you're purchasing, offering lower interest rates than personal loans but with stricter eligibility requirements.

Chattel mortgage (business use): Allows businesses to purchase a vehicle while claiming tax deductions on interest and depreciation. You own the vehicle from day one.

Hire purchase: You make regular payments over time that cover both interest and the purchase price. Once all payments are complete, you own the vehicle outright.

Novated lease (employee benefit): Your employer pays for the vehicle and running costs from your pre-tax salary, potentially offering tax savings.

We'll help you determine which option best suits your personal or business situation.
What are the benefits of car finance?
Car finance offers several advantages over paying cash upfront:

Preserve your cash flow: Keep your savings intact for emergencies or other opportunities rather than depleting them on a vehicle purchase.

Buy now, not later: Get the car you need immediately without waiting years to save the full amount.

Flexible repayment terms: Spread the cost over a period that suits your budget, making monthly payments more manageable.

Competitive interest rates: Secured car loans typically offer lower rates than credit cards or personal loans.

Tax benefits (for business): Business vehicle finance can provide significant tax deductions on interest, depreciation, and running costs.

Build credit history
: Regular, on-time repayments help strengthen your credit profile.
What are the fees associated with car finance?
Car finance may involve several fees, though not all lenders charge every fee:

Application fee: Charged by some lenders to process your finance application.

Establishment fee: A one-time fee to set up your loan, typically $200-$600.

Interest charges: The cost of borrowing, expressed as a percentage and built into your repayments.

Monthly account-keeping fees: Some lenders charge ongoing fees to maintain your loan.

Late payment fees: Charged if you miss or delay a repayment.

Early repayment fees: Some loans penalise paying out the loan before the term ends (though many lenders now offer flexibility here).
What factors affect my car finance interest rate?
Several factors influence the interest rate you'll receive:

Credit history: A strong credit score demonstrates reliability and typically secures lower rates.

Loan amount: Smaller loans sometimes attract higher rates due to fixed processing costs.

Loan term: Longer terms may have higher rates, though monthly repayments will be lower.

Vehicle type and age: Newer vehicles often attract better rates than older or high-risk vehicles.

Loan security: Secured loans (where the car is collateral) typically have lower rates than unsecured personal loans.

Employment and income stability: Steady employment and sufficient income improve your rate prospects.

We'll assess your situation and connect you with lenders offering competitive rates based on your profile.
Can I sell my car during the term of a secured car loan?
Yes, but the process requires paying out the remaining loan balance before transferring ownership. When your car is under a secured loan, the lender has a registered interest that appears on the Personal Property Securities Register (PPSR). This interest must be cleared before the sale is finalised.

Dealership trade-ins: Dealerships routinely handle payout calculations and can pay your lender directly, deducting the amount from your trade-in value.

Private sales: Some private buyers are comfortable with you paying out the lender from the sale proceeds, but others prefer the loan cleared first. If you need to pay out the loan before selling, options include using savings, equity from your home, or taking a short-term personal loan, though you'll need to weigh any fees and interest costs against the potential sale price difference.

We can help you understand your payout figure and explore the best approach for your situation.

Speak With Our Team

Secure a complimentary session with one of our MFAA-approved brokers today

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