FlexiGroup is an award-winning financial services group that operates in Australia, New Zealand and Ireland. Founded in 1988, FlexiGroup today offers interest-free finance options for a range of business partners, including interest-free credit cards and no-interest ever payment plans.
FlexiGroup does not have branches, but information on their products is accessible through their website or by phone. They offer financial products in Australia via Lombard Finance and FlexiCards, with further offerings in New Zealand.
FlexiGroup is among the top 200 ASX-listed companies. It also prides itself on being active in the community, partnering with charities like the Starlight Foundation and encouraging out-of-office volunteering work to its staff.
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Pros and cons
- High number of interest-free days
- Promotional offers with selected retailers
- Balance transfer option available
- Annual fee charged
- High interest rates
- High late payment fees
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About FlexiGroup’s credit cards
FlexiGroup’s Australian credit cards are distributed through Lombard Finance and FlexiCards Australia.
FlexiGroup’s credit cards are primarily interest-free credit cards with some promotional offers attached, including balance transfer offers.
FlexiGroup’s credit cards tend to have high interest rates.FlexiGroup’s credit cards have some of the highest interest free periods currently on the market.
In terms of fees, annual fees are moderate, while late payment fees are high. Other fees, such as card replacement fees and additional cardholder fees, may apply.
Minimum credit limits apply. High credit limits available.
FlexiGroup offers extended interest-free days with some of their retailer partners. They also offer promotional rate offers through partnered retail stores, both in Australia and overseas.
FlexiGroup also offers free ATM cash withdrawals, and 0 per cent fees on international transactions and purchase offers.
FlexiGroup’s credit cards review
FlexiGroup offer credit cards through Lombard Finance and FlexiCards Australia: both are online distributors only.
FlexiGroup’s cards are best suitable for those looking for long-term interest-free periods, and/or are interested in taking advantage of the promotional rate offers with any of their partnered retailers, which include furniture, computers, electrical appliances, solar appliances, home improvement, travel and outdoors equipment.
While FlexiGroup’s cards allow a lot of breathing room in regards to interest-free periods, there are minimum repayments required for by certain due dates during the periods. It is wise to pay off your entire balance each billing cycle, as FlexiGroup’s purchase rates are on the higher end of the market.
Annual fees apply to all of their cards, plus additional fees for defaults or card replacement.
Some of FlexiGroup’s cards come with balance transfer offers, but others do not.
They do not currently offer any low-interest rate cards. As such, it’s always worth comparing credit cards from various providers before settling on one so you can be sure that a FlexiGroup credit card is appropriate for your needs.
Learn more about Flexigroup
What is a credit score?
Your credit score is a number that represents how credit-worthy you are. The higher your credit score, the more credit-worthy you are and the more likely you are to receive loans from credit providers.
There is no industry standard for credit scores – different credit reporting bodies use different methodologies. For example, Equifax gives consumers scores between 0 and 1,200; Illion (through the Credit Simple service) gives scores between 0 and 1,000; and Experian gives scores between 0 and 999.
When it comes to car loans, lenders tend to offer lower interest rates to borrowers with better credit score. There are steps you can take to improve your credit score, including paying bills on time and paying off existing loans.
What is a dealership?
A dealership is a car yard or a place where cars are sold.
What is a finance lease?
A finance lease, also known as an asset lease or car lease, 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 financier. At the end of the lease, you can either buy the car or hand it back.
What is the luxury car tax?
The federal government imposes a luxury car tax of 33 per cent on the value of a car above a threshold. As of the 2017-18 financial year, that threshold was $75,526 for fuel-efficient vehicles and $65,094 for other vehicles. So a fuel-efficient car worth $80,000 would be taxed only on the difference between the threshold and the value of the car ($4,474), rather than taxed on the entire $80,000. Similarly, an ordinary car worth $70,000 would be taxed on the $4,906 above the threshold, rather than the entire $70,000. The luxury car tax is paid by dealers that sell or import luxury cars, and also by individuals who import luxury cars.
What is vehicle finance?
Vehicle finance, also known as a car loan, is money that a consumer borrows with the express purpose of buying a vehicle, such as a car, motorbike, van, truck or campervan. Vehicle finance can be used for both new and used vehicles.
What is proof of residence?
Before giving you a car loan, lenders will ask for proof of residence – documentary evidence that you live where you claim you live. Lenders will typically want some combination of utility bills, bank statements, mortgage documents or driver’s licence. The reason lenders want proof of residence is to verify your identity and credit history.
What is CTP insurance?
CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.
What is a green slip?
A green slip, also known as compulsory third-party insurance or CTP insurance, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your green slip will be used to pay any compensation due to anyone who might be injured or killed. However, a green slip doesn’t cover you for vehicle damage or theft.
What is a commercial hire purchase?
A commercial hire purchase, or CHP, 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 financier. Once the final payment is made, you take ownership of the car.
Can you get a car loan as a single mum?
Getting a car loan can be tricky if you’re a single mum, but it’s not impossible. Juggling your finances can be difficult, particularly if you are reliant on a sole income or on Centrelink payments (or a combination of the two), and having a car is a necessity rather than a luxury for many who have to look after children. Luckily there are specialist providers and services that can help you get the loan you’re after, even if you’re in a tough spot financially.
What is trade-in value?
The trade-in value is the price you could realistically charge if you were to sell your car to a dealer while buying a replacement vehicle. Generally, a car’s trade-in value is less than its market value. That’s because the dealer has no interest in buying your car unless it can make a profit – which can only be done if the dealer has room to increase the price.
What is a finance broker?
Finance brokers help borrowers organise car loans with lenders – that is, they act as middlemen between borrowers and lenders. While lenders will only recommend their own products, finance brokers recommend products from a range of lenders. Finance brokers need to be accredited with a lender to do business with that lender; a typical broker will be accredited with between 10 and 30 lenders. Finance brokers generally don’t charge consumers; instead, they receive commission payments from lenders.
What is the principal?
The principal is the value of the loan that is still outstanding. So if a borrower takes out a $20,000 loan, the principal is $20,000. If the borrower repays $5,000 in the first year, the principal is now $15,000.
How much can I get towards a new car as a single parent?
It really depends on your financial circumstances as to how much a lender will grant you towards a new car as a single parent. With most lenders, the smaller the loan you apply for, the higher your chances are of approval, so getting a cheaper car or adding some savings of your own, may be a valid option if you are struggling for approval on a car loan.
What are loan repayments?
Loan repayments are the regular payments you make to pay off your car loan. Loan repayments generally occur on a monthly basis, although many lenders will also give you the option of making fortnightly or weekly loan repayments.