Interest rates vary from one person to another because each individual’s circumstances are unique. This is why the interest rates can differ among our customers. However, we do provide an estimate for your loan to give you an idea of how much it might cost.

Please note that Aussie Commercial Loans do not determine your interest rate. Instead, our panel of over 20 lenders decides on the rate based on specific factors related to your application. After carefully reviewing your case, these lenders will select a reasonable interest rate tailored to your situation.

Factors that influence the interest rate include your living situation (whether you are boarding, renting, or mortgaged), your work history, the length of time you’ve been employed in your current job, and other relevant considerations such as your credit score and the age of your credit file (if you’ve had previous loans). If you have a bad credit history, now is a good time to start repairing it. 

Yes, you can access your credit file. You can view your credit score, along with other pertinent information, from the three main credit reporting bodies in Australia: Equifax, CheckYourCredit (illion), and Experian. These credit reporting bodies are legally required to provide consumers with access to their credit report for free. If you haven’t requested your credit file in the last 12 months, you can obtain it without any charge.

All consumers can also access their credit file if their credit application has been refused or rejected within the past 90 days. If you need to correct specific personal data related to your credit history, you can request a free copy as well. Whenever you send a loan application or even make an inquiry, lenders perform a soft or hard credit check to determine your eligibility for a particular financial product. By reviewing your credit report, you can assess whether the offer you’ve received from a lender is fair based on your credit history.

When unexpected expenses arise, you want quick access to cash. At Aussie Commercial Loans, we strive to offer a fast, hassle-free loan process. However, the approval time depends on your application.

If you wish to receive approval on the same day or within a few days, it’s beneficial to have your loan secured with collateral (asset-backed). Many of our lenders can provide an immediate response, allowing you to quickly access the funds you need.

On the other hand, if you are a part-time or casual employee with a bad credit history, approval may take longer. Providing additional information, such as bank statements, can help support your application. The sooner you submit the required documents, the faster your application will be evaluated.

A balloon payment, also known as a residual payment, is a lump sum that you, as a borrower, must pay to the lender at the end of the loan term. The term “balloon” is used because this final payment is significantly larger compared to your regular monthly payments.

For example, if you apply for a car loan with Aussie Commercial Loans for a vehicle worth $40,000 over a five-year term with a 5.44% interest rate, and the agreed balloon payment is 25% of the loan (which is $10,000), your monthly payment will be $617.54 instead of $762.94. As you can see, a balloon payment reduces your monthly repayments, but keep in mind that you may not save money overall due to the accumulated interest.

At Aussie Commercial Loans, we strive to give you the best possible chance for loan approval. However, as with banks and other lenders, your approval odds increase significantly if you have a satisfactory credit history.

Depending on the type of loan you’re applying for, you may need to provide an asset as collateral. Doing so not only boosts your chances of approval but can also result in a lower interest rate. If you have many liabilities or an unstable employment history, your chances of approval may decrease. Despite this, our team is committed to working hard to help you get approved while ensuring you receive the best possible interest rate and loan terms.

Yes, you can use a personal loan to buy a car. One of the biggest advantages of a personal loan is its flexibility—you can use the funds for a variety of purposes, including purchasing a car, paying for a home remodel, or even financing a vacation.

However, we highly recommend considering an auto loan instead. The process for an auto loan is often more straightforward, and qualifying may be easier. Additionally, interest rates on auto loans tend to be lower, especially if you have a good credit rating. Another reason to opt for a car loan is that personal loans may come with various fees, such as origination fees and prepayment penalties.

Since a car loan automatically uses the vehicle as collateral, you’re likely to secure a lower interest rate, making it a more cost-effective option for purchasing a car.

Interest rates are a key factor when choosing a loan, and many people are drawn to loans with lower rates. However, it’s important to understand that interest rates can change over the duration of a loan.

With a variable interest rate loan, the rate can fluctuate during the loan term, which can be either favorable or unfavorable for you. If the interest rate decreases, your monthly payments might go down, but if it increases, your payments could rise as well.

If you value predictability and stability, a fixed-rate interest loan might be the better option. With a fixed-rate loan, your monthly payments will remain the same until the loan is fully paid off. However, one downside is that fixed-rate loans typically do not allow for extra repayments, unlike variable-rate loans, which usually offer more flexibility in making additional payments.

The amount you can borrow depends on your borrowing capacity, which is assessed based on your current needs and purchase plans. This assessment takes into account several factors, including your credit history, monthly income, expenses, and overall credit profile. These factors help ensure that you can manage and repay the loan on time.

Each lender or loan product may have specific requirements for determining your borrowing capacity. Generally, you will need to provide information such as your marital status, number of dependents, Gross Taxable Income (excluding Superannuation), and details about your credit card limits or existing debts.

At Aussie Commercial Loans, we aim to make the application process as easy as possible. Here’s how you can apply for finance:

1. Online Application: Click on the “Apply Now” button located at the top right-hand corner of our website. A short form will appear where you can enter your personal information and the amount you need. Once you’ve completed the form, click on the “Request a Call” button.
2. Phone Application: Alternatively, you can call us at 1800 677 113. Our friendly customer service representatives will assist you with your loan requirements and guide you through the application process. You will need to provide documents such as your ID, salary details, and bank statements.

Once your application is approved, here’s what happens next:

1. 1. Review Loan Details: We will provide you with more information about the loan after reviewing offers from various lenders. If any additional documentation is required, we will request it from you.
   2. Finalize Documents: Once all required documents are in order, we will update you on the status of your application. You will then need to read and sign the finance documents.

• Disbursement of Funds:

1. • For a Car Loan: We will arrange for the payment to be made for your vehicle purchase.
   • For a Personal Loan: We will inform you of when the funds will be available in your bank account, allowing you to use the money for your holiday, home improvement, or any other purchase.

At Aussie Commercial Loans, we strive to provide the best possible deals for everyone, including those with bad credit histories. However, many lenders may view you as a higher risk if you have existing debts or a recent bankruptcy. To improve your chances of obtaining a better interest rate, it’s advisable to work on repairing your credit first. You can use this guide to check your credit score. 

Despite this, we are committed to finding a favorable outcome for our customers. Our extensive network includes specialist lenders who are willing to assist those with less-than-ideal credit ratings. While the interest rate may be higher than average, you will still receive a competitive offer. Additionally, this opportunity can help you improve your credit record, potentially leading to better rates in the future.

Yes, Aussie Commercial Loans offers pre-approved loans to help you set a budget and make your purchasing process smoother. Pre-approval can also be advantageous when negotiating with sellers, especially if you’re looking to buy a car. It makes you a more attractive buyer, potentially leading to better deals and negotiations with dealers.

Sellers are more likely to offer favorable terms and even make compromises when they see that you are qualified for a specific loan amount. However, please note that pre-approvals do expire, so we recommend obtaining one only if you are confident you will make a purchase within the given time frame.

At Aussie Commercial Loans, we prioritize the security of your personal details. Our privacy policy ensures that your information is used exclusively for your loan application and not for any other purposes. We store your personal details for a specified duration, as deemed appropriate, to facilitate any future updates or changes you may request.

It’s important to note that while we do conduct a credit check as part of the loan assessment process, this is only done once you confirm your intention to apply for a loan. Your initial inquiry does not trigger a credit background check. This approach helps protect your personal information and ensures that credit checks are conducted only when necessary.

At Aussie Commercial Loans, we welcome loan applications from all Australians who are at least 18 years old. To apply, you should be employed and prepared to provide us with your personal details. We thoroughly review all application forms, and if any issues arise, we will contact you promptly. You may be asked to verify your details by providing proof of identification and employment.

It’s important to keep your lines of communication open, as additional information may be required before your application is approved, particularly for car loans. You can start your application process by clicking the “Apply Now” button located at the top right corner of our website. Alternatively, you can reach us by calling 1800 677 113.

Yes, Aussie Commercial Loans accept loan applications from self-employed individuals. To apply, you will need to provide financial statements and other relevant documents. You can start by filling out the application form on our website.

On the services page, select the type of finance you need, provide your details, and request a call. A member of our team will get in touch with you. Please ensure that all information provided is accurate, as we may need additional documents specific to your situation to complete the application process.

Yes, Aussie Commercial Loans perform a credit check on all applicants. This step is crucial for ensuring the safety and integrity of our business. By conducting a thorough background check, including a credit assessment, we can determine your ability to repay the loan on time.

Credit background checks help us identify if you have a balance owing. Many consumers seek car finance with Aussie Commercial Loans even if they have existing debts, and we are committed to helping you get the financial assistance you need. Before we proceed with any assessment, we will always ask for your consent to conduct a credit check.

Yes, the loan calculators on Aussie Commercial Loans’ website are designed to provide accurate estimates of your loan repayments. They will give you precise repayment amounts as long as you enter the correct information.

For example, if you plan to borrow $35,000 personal loan with a five-year term at a 6% interest rate, you would need to pay approximately $156 per week or $677 per month. If your loan includes a balloon payment, the repayments will vary. Simply input the balloon percentage into the calculator to get a tailored estimate for your situation.

A comparison rate is a key figure to consider when evaluating a loan, as it represents the true cost of the loan. Unlike the advertised interest rate, which may appear lower to attract borrowers, the comparison rate includes both the interest rate and most fees and charges associated with the loan. This gives you a clearer picture of the overall cost of borrowing.

At Aussie Commercial Loans, we ensure that you are aware of your exact comparison rate. We start with the advertised rate to give you an idea, but we provide the actual rate based on your specific circumstances. This is because rates can vary depending on individual factors.