Car Finance FAQs We know finance can feel complicated, so we’ve made it easy. Here are the most common questions our customers ask — with simple, straightforward answers. General Car Finance | What is car finance? Car finance lets you spread the cost of a vehicle over time instead of paying upfront. It gives you access to the car you need while keeping your budget manageable with regular repayments. What’s the difference between secured and unsecured car finance? - Secured car finance uses the car as collateral, usually giving you lower interest rates and higher borrowing power.
- Unsecured car finance (often a personal loan) doesn’t use the car as security, which means more flexibility but usually higher rates.
How much can I borrow? Your borrowing power depends on your income, credit history, existing debts, and the car’s value. We’ll give you a clear estimate upfront and match you with the right lender to protect your credit score. How long does approval take? Approvals are usually the same day, often within just a few hours. The exact timing depends on how quickly you can provide the supporting documents we need. We’ll keep the process moving and update you every step of the way.
Can I pay off my car loan early? In many cases, yes — some lenders allow early repayments with no fees, while others may charge a small penalty. We’ll guide you through your loan terms so you know exactly where you stand. | New & Used Car Finance | What’s the difference between new and used car loans?
- New car finance often has lower rates and longer terms since lenders see it as lower risk.
- Used car finance may have slightly higher rates, but loan amounts are usually smaller because second-hand cars cost less.
Which is better — new or used finance?
It depends on your budget, goals, and the car you want. New cars can be cheaper month-to-month, while used cars often mean borrowing less overall. We’ll help you compare both options.
| Personal Car Loans | What is a personal car loan? This is an unsecured loan you can use to buy a car. It doesn’t require the vehicle as security and usually comes with flexible terms between 1–7 years. Can I finance a used car with a personal loan? Yes — personal loans can be used for both new and used cars. They’re a good option if your circumstances don’t fit a secured loan. Is refinancing with a personal loan possible? Yes. You may be able to refinance an existing car loan with a personal loan to adjust your terms or consolidate debt. We’ll help check if this makes sense for your situation. | Business Car Finance | Can I get car finance with an ABN? Yes. Sole traders and businesses with an ABN are often eligible for business car finance. We’ll help you find competitive options that suit your business needs. What vehicles qualify for business car finance? Most work vehicles are covered, including cars, vans, utes, trucks, buses, and some specialty vehicles. What’s the difference between business car finance and a chattel mortgage? With standard business finance, the lender owns the vehicle until the loan is repaid. With a chattel mortgage, your business owns the car from day one while it’s used as loan security. Each has different tax treatments — check with your accountant for what works best. How long does approval take for business car loans? Usually the same day — often within a few hours once you’ve provided all supporting documents. We’ll make sure the process is smooth and keep you updated throughout. | Refinancing Car Loans | Can I refinance my car loan with a different lender? Yes. Switching lenders can get you a better rate, lower repayments, or a shorter term — provided your current loan allows you to exit. Can I change my loan term when refinancing? Often yes — you can shorten the term to pay off faster, or extend it to reduce your repayments. When’s the right time to refinance? It depends on your car’s value, remaining balance, interest rates, and your financial goals. We’ll help you decide if refinancing now makes sense. | Electric & Green Car Finance | Is an electric car loan the same as a green loan? Not exactly. Electric car loans cover EVs only, while green loans may also include hybrids and fuel-efficient vehicles. Do EVs get better finance deals? Sometimes — lenders may offer sharper rates or incentives for EVs, and you might qualify for government rebates too. Can I refinance a green loan? Yes. Refinancing can help you lower your rate or repayments. Are EV/green loans available for business use? Yes — if you’re adding EVs to your fleet, there are finance options available. | Motorbike Finance | Can I finance different types of bikes? Yes — we cover motorbikes, tourers, cruisers, dirt bikes, quads, and more. Do you finance second-hand bikes? Yes, whether from a dealer or private seller. Can I get pre-approval for a bike loan? Definitely — pre-approval gives you a set budget and confidence when shopping. | Key Things to Remember | - Approvals are usually same day, often within a few hours once you provide the required documents.
- We’ll match you with the right lender first time to help protect your credit score.
- Options are available for first-time borrowers, self-employed clients, and those rebuilding credit.
- Most loans can be pre-approved, so you can shop with confidence.
| | Commercial Finance FAQs At Laid Back Loans, we know business finance can feel complicated. That’s why we’ve pulled together everything you need to know — so you can find the right answers in one place. Business Loans | How long does it take to get approved for a business loan? Usually, approvals are the same day — often within a few hours. It depends on how quickly you can return the requested supporting documents. What repayment options are available? Repayment terms vary by lender, but you’ll typically find: - Fixed or variable interest rates
- Short, medium, or long-term loans
- Flexible repayment schedules (monthly, quarterly, or even seasonal) to match your cash flow
Can I get business finance as a new business? Yes — although approval may be more challenging without trading history. Lenders may put more weight on your business plan and personal financials, and you may start with smaller loans or tailored options like start-up loans, equipment finance, or working capital. How do I choose the right finance option? It depends on your goals, how much you need to borrow, and how you’ll use the funds. A broker can help assess your needs and recommend tailored options. How can I improve my chances of approval? Strong business plans, up-to-date financials, and a good credit score help. Demonstrating stable revenue or clear growth potential also makes a difference. | Cash Flow Finance | What is cash flow finance? It’s a way of using future cash flows — like unpaid invoices — as collateral to unlock immediate funding. It’s designed to bridge the gap between expenses and income, keeping your business running smoothly. Who benefits from cash flow finance? It’s especially helpful for small and medium businesses dealing with long invoice payment terms. How fast can I get approved? Approvals are often the same day — within a few hours if documents are ready. Can I use it for any business expenses? Yes — it can cover things like: - Payroll
- Operational costs
- Marketing campaigns
- Inventory purchases
- Equipment or tech upgrades
What types of cash flow funding are available? - Invoice Financing – Advance against unpaid invoices
- Lines of Credit – Draw funds up to a set limit as needed
- Factoring – Sell receivables to a third party for immediate cash
| Chattel Mortgage | Who is a chattel mortgage best suited to? Businesses and individuals using a vehicle or equipment mainly for business purposes. It’s especially useful for GST-registered businesses on cash accounting, as you may be able to claim the GST upfront as an Input Tax Credit. What can be financed? Cars, trucks, vans, machinery, tools, and business-use equipment. What is a balloon payment? It’s a lump sum due at the end of the loan term. Choosing a balloon payment lowers your monthly repayments during the loan, and the balloon can be refinanced or paid out when due. What are the benefits? - Fixed interest rates and repayments
- Flexible loan terms
- Potential tax deductions on interest and depreciation*
- GST Input Tax Credits if registered*
- Repayments aligned with your cash flow
*Check with your accountant for eligibility. What tax or GST should I expect? If the asset is for business use, you may be able to claim deductions on interest and depreciation (up to ATO limits). Always confirm with your accountant. | Equipment Finance | What types of equipment finance are there? - Equipment Loan – Buy now, pay over time, own at the end
- Hire Purchase – Use while paying, own after final instalment
- Chattel Mortgage – Own upfront, with lender security
- Operating Lease – Flexible use, return at end of lease
- Finance Lease – Lease with the option to buy later
- Equipment Lease – Rent for a set period without ownership
What’s the difference between leasing and buying? - Buying – Long-term ownership, higher upfront costs, tax benefits
- Leasing – Lower upfront cost, flexibility to upgrade, no ownership unless purchased at end
What equipment can I finance? - Vehicles – cars, vans, trucks, machinery
- Construction – excavators, loaders, cranes
- Manufacturing and industrial machinery
- Medical or dental equipment
- Agricultural equipment – tractors, harvesters
- Business tech – computers, printers, software
- Office and business fitouts
What tax or GST can I expect? If used for business, you may be able to claim: - Tax deductions on loan interest
- Depreciation on assets (up to ATO limits)
- GST Input Tax Credits if registered
Speak with your accountant for tailored advice. | |
