Symple Loans

Car Loan

Advertised Rate

From

5.75%

Variable

Comparison Rate*

6.47%

Upfront Fee

0%

of loan amount up to 5%

Loan amount

$5k to $50k

Real Time Rating™

3.28

/ 5
Repayment

based on $30,000 loan amount for 5 years at 6.47%

Advertised Rate

From

5.75%

Variable

Comparison Rate*

6.47%

Upfront Fee

0%

of loan amount up to 5%

Loan amount

$5k to $50k

Real Time Rating™

3.28

/ 5
Repayment

based on $30,000 loan amount for 5 years at 6.47%

Pros and Cons

Pros and Cons

  • No application fees
  • Can apply online
  • Suitable for both new or used car
  • Fast time to funding
  • Approval is instant
  • Service fee charged
  • Requires security to be held
  • Monthly repayments only
  • Cannot apply in branch

Features and Fees

Symple Loans Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$5k - $50k

Security type

Secured

Loan term

5 Years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

0%

of loan amount up to 5%

Ongoing Fee

$10 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Benefits

No early repayment fee

Pros and Cons

  • No application fees
  • Can apply online
  • Suitable for both new or used car
  • Fast time to funding
  • Approval is instant
  • Service fee charged
  • Requires security to be held
  • Monthly repayments only
  • Cannot apply in branch

Symple Loans Features and Fees

Details

Total repayments

Interest rate type

Variable

Borrowing range

$5k - $50k

Security type

Secured

Loan term

5 Years

Secured by

Loan type

Is Fully Drawn Advance

Repayment frequency

Monthly

Age of car

Features

Extra repayments

Yes

Redraw facility

Instant approval

Time to funding

24 hours

Fees

Upfront Fee

0%

of loan amount up to 5%

Ongoing Fee

$10 Monthly

Missed Payment Penalty

$35

Early Exit Penalty Fee

$0

Permitted Loan Purposes

New Car

Used Car

Motorcycle

Boat

Application method

Online

Phone

Broker

In branch

Other Benefits

No early repayment fee

FAQs

What do I need to apply for a chattel mortgage?

Chattel mortgages are a form of secured car loan for businesses. The lender will set up a mortgage, while you take the car’s ownership. When the mortgage is paid off, you own the car. The borrowed amount is repaid through regular installments over a fixed period of time.

To qualify, you’ll have to meet the following chattel mortgage requirements:

  • The car should be used for business purposes at least 51 per cent of the time.
  • You must hold a valid Australian Business Number (ABN).
  • You must show you can service the loan on time
  • Identity proof
  • Financial records, such as profit and loss account and balance sheet
  • Details of the vehicle you want to buy
  • Bank statement for your business

What is proof of income?

Before giving you a car loan, lenders will ask for proof of income – documentary evidence that you earn as much as you claim you earn. Lenders will typically want some combination of tax returns, pay slips and bank statements. The reason lenders want proof of income is because they want to be sure you have the means to repay the car loan.

How do I get car loan approval from Bankwest?

Bankwest offers loans for cars that are less than seven years old or have a minimum value of $10,000. Loan terms are between three and seven years  at a fixed interest rate, with the option to make extra payments without any extra charges.

To apply for Bankwest car loan pre-approval, you’ll need proof of your identity and income. You’ll also need other documentation, such as insurance certificates and registration papers. 

Once you receive conditional approval and have selected your car, you may have to provide supporting documents to proceed to the next stage.

What are the chattel mortgage tax benefits?

Buying a vehicle with a chattel mortgage can help to reduce your tax burden. The tax benefits you can get from a chattel mortgage include:

  • Goods and Services Tax (GST): GST is paid when you buy a new vehicle. You can claim the GST credit for vehicles and other goods or services used for commercial use. The GST paid when you buy the car is claimed as an Input Tax Credit if your business is registered for the GST in your Bank Activity Statement (BAS).
  • Interest payments: You can claim the interest paid on your chattel mortgage as a deduction in your annual tax returns.
  • Depreciation: The longer you own the vehicle, its value will depreciate, and you can claim this depreciation as a tax deduction.

You should consult an experienced tax professional for more information about chattel mortgage tax benefits.

What is a chattel mortgage fee?

A chattel mortgage fee is an amount you’ll pay the lender to procure the funds for a chattel mortgage.

You can use a chattel mortgage to finance vehicles used for your business at least 50 per cent of the time. It’s similar to a secured vehicle loan. The lender will give you the funds required to purchase the vehicle whilst you retain the ownership. The finance company then holds a mortgage on the vehicle, using the car as the security, until you repay the loan amount. At the end of the loan term or once you’ve paid it off, the lender will release the mortgage. Alternatively, you can opt to trade-in or refinance the residual value.

How to get pre-approval for a car loan from Westpac?

You can easily apply for pre-approval on your Westpac car loan over the phone, in the branch or online. A fast way to apply for pre-approval is by applying online as the application process only takes around 10-15 minutes to complete.

While filling out the application, you’ll need to answer specific questions about your financial situation, like your income, assets, debts, and expenses. You’ll also have to provide supporting documentation, especially if you’re not an existing customer.

Once you’ve submitted the application, and meet the eligibility criteria, Westpac will likely take up to 2 days to provide pre-approval. After you get pre-approval, you’ll know the size of the car loan Westpac is willing to offer you. You’ll then have 30 days to find your new car within the pre-approved amount.

What is dealer finance?

Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.

Can an individual apply for a chattel mortgage?

Lenders offer chattel mortgages as a way to finance vehicles used for business purposes. Companies, as well as individuals, are eligible to apply for and receive chattel mortgages. The essential eligibility requirement is that the vehicle is used for business at least 51 per cent of the time. If you’re a tradesman and require a new utility vehicle to move equipment, you can apply for a chattel mortgage to finance the purchase.

A chattel mortgage for individuals is an option if you’re self-employed and have an Australian Business Number (ABN). You’ll also need to be registered for the Goods and Services Tax (GST) and have a clear credit history. Like all other loan types, you’ll have to prove your capability to service the loan to qualify for a chattel mortgage.

You’ll retain the ownership while the lender holds the vehicle as security for the loan in a similar way as they would a property with a home loan. You repay the borrowed amount in predetermined monthly instalments. Once you repay the entire loan amount, the lender will remove the mortgage.

What is a chattel mortgage used for?

A chattel mortgage is usually used to buy an asset - such as a car - for your company for business use. Relatively similar to regular mortgages, a chattel mortgage structure is based on a lender providing you with funds to purchase an asset while registering their security interest on the Personal Property Securities Register (PPSR) for the life of the loan. In this case, the asset is known as the chattel. After the loan has been repaid, you will have full ownership of the asset. 

A popular finance option, a chattel mortgage is usually preferred by self-employed or small business owners, due to flexible options available for repayment. In some cases, you may get 100 per cent of the cost of the asset, which means that no upfront deposit needs to be put down.

However, it’s important to note that a chattel mortgage is not regulated under the National Consumer Credit Protection Act. It’s therefore important to seek advice about the product and fully understand the agreement terms before signing.

Where can I find lenders who offer no credit check car loans?

You can find lenders who offer no credit check car loans through comparison sites like RateCity or by doing an online search.

One thing to bear in mind is that lenders who offer no credit check car loans are likely to charge higher interest rates and higher fees than on car loans that include a credit check. Also, lenders who no credit check car loans might expect you to pay a higher deposit. You might also be expected to provide security.

Lenders regard no credit check car loans as riskier than other car loans, which is why it’s a niche product that often features special conditions.

Can I get a no credit check car loan?

You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.

Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.

That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.

How to get pre-approved for a credit union car loan?

Getting pre-approval for a credit union car loan can make the process and paperwork required to buy a car more streamlined and less stressful. You can apply for pre-approval for a credit union car loan, online or contact your credit union. You’ll be asked to provide relevant documentation regarding your income. After you submit your application, your credit union will review and evaluate it along with the documents you submitted. If you meet the eligibility criteria, your loan will be pre-approved for a specific amount.

With pre-approval for a credit union car loan in hand, you can negotiate your new car’s price with peace of mind you have the funds.

How to apply for pre-approval of a car loan from RACV?

If you’re planning to apply for a car loan with RACV, the best way to start is by having a clear picture of your requirements. By getting pre-approval on your car loan, you’ll be able to go shopping for your new car with a definite budget that will help you narrow your search. Once you’ve decided to buy a car with the help of a loan, you may have even identified the type of car you would like to purchase, you can seek pre-approval on a car loan from RACV. 

You can apply for pre-approval by filling out a form online and uploading the relevant documentation regarding your identification, income, debt and credit history. Once you submit your application, RACV will review and verify the documents. If you meet their eligibility criteria, you will get pre-approval for the amount they are willing to lend to you. With this pre-approval, you can go car shopping with the confidence of knowing what you can afford.

What is an unsecured car loan?

An unsecured car loan is a loan that is not connected to a form of security, or collateral. Not all lenders provide unsecured car loans – and if they do, they generally charge higher interest rates for their unsecured car loans than their secured car loans.

What is a dealership?

A dealership is a car yard or a place where cars are sold.

How does a chattel mortgage work?

A chattel mortgage is a loan issued to a person or a corporation for movable property. The movable property could include automobiles, yachts or boats, mobile homes, caravans or trailers. The term chattel in chattel mortgage refers to the movable property  used as collateral or security for the loan.

In a chattel mortgage, the loan is backed by 'chattel,' which the lender retains ownership of until the full loan has been repaid. Usually, the interest rate charged on such mortgages is lower. Repayments can also be fixed, which means you know exactly how much you’re repaying each month.

The most significant benefit for the lender is that the properties held as insurance are movable and can be sold easily if the borrower defaults.

Can you terminate your chattel mortgage early?

Some lenders might provide you with an option to terminate your chattel mortgage early by repaying the full amount before the term is over. This way, your overall loan term decreases, therefore reducing the interest you need to pay.

It’s important to note that some lenders might charge a fee for you to pay off your chattel mortgage early. So, if you’re planning to terminate your chattel mortgage early, make sure you check if your lender allows you to do this. You should also determine if there are any additional fees or charges that you would need to pay to do this.

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.

How to get pre-approval for your ANZ car loan?

Getting pre-approval on your car loan can give you a good idea of how much you may be allowed to borrow. This will help you set your limits while selecting your car. You can apply for pre-approval for an ANZ car loan by filling out a simple online application form, where you’ll have to submit relevant identity, employment and income documentation. 

ANZ will then conduct a credit check based on your application and documentation. It’s important to note that this could have an impact on your credit history. Based on your credit and income documentation analysis, ANZ will provide an amount they are willing to give you as a loan. After this, you can find the right car that matches the proposed loan amount and send it through your final loan application. 

It’s important to remember that pre-approval gives you an indication of how much you can borrow from ANZ to purchase your car, but it doesn’t guarantee the final approval. 

What is an establishment fee?

Some lenders will charge you an establishment fee, or one-off upfront fee, to cover the cost of setting up your car loan.