Vehicle Finance

Vehicle Finance

Whether you’re looking to purchase a new or used car, it may be difficult to pay the full amount upfront. Applying for vehicle finance deals in Australia is a common option for more payment flexibility.

Our goal at SocietyOne is to provide Australians all over the country with financial help through our flexible personal loan offers.

How do I check if a car has finance owing?

You may opt to buy a used car for many reasons: they may be less expensive, a collector’s item, or more suited to your needs than a new vehicle. However, if you are not careful, there’s a possibility that you may purchase a car with finance owing.

To avoid such situations, run a search on the vehicle with the Personal Property Securities Register (PPSR). The Australian Financial Security Authority created the register to protect consumers who want to buy personal property, including cars and motorbikes. Running a search with the PPSR will reveal if the vehicle is debt-free.

While sellers should be upfront about what they are selling, it is the buyer’s responsibility to do due diligence to ensure the security of the purchase. We highly suggest running your potential vehicle through a PPSR search before purchasing.

If the PPSR search raises no finance owing or issues, you may be interested in applying for online loaning to purchase the vehicle. SocietyOne makes it possible to fund a vehicle that is a little too different, old, or may not qualify for traditional car loans or secured personal loans – perfect for a collector’s car!

If you’re wondering if you’re a good candidate for a personal loan at SocietyOne, here’s a list of our eligibility criteria:

• At least eighteen years old
• An Australian citizen or permanent resident
• Earning more than $30,000 per year
• With good credit standing

If your credit standing is less than ideal, you can sign up for our Credit Score Club, where we give you a range of resources to help you build and maintain a good credit score. Improving your credit score makes it easier to avail of the best car loan offers.

For those who don’t know their credit score, we can also help! SocietyOne partners with the credit reporting agency Experian to conduct quick credit checks on our website. All you have to do is present your driver’s licence for verification, and we can give you a look at your credit report.

How to buy a car that is under finance?

If you want to purchase a car under finance, you have two options.

Prior to purchasing the car, you can ask the seller to fully repay their car loan company and have the lender’s security over the car lifted. Doing so makes it fully theirs to sell, making the purchase process much smoother.

On the other hand, you can negotiate with the seller to purchase the car at a lower price and shoulder the remaining debt with the financer. Have the seller request their finance and loan company to send you a dated payout letter or car finance quote. When you receive the letter, you can pay the financing company for the payout amount and the seller for the agreed price. This will make way for the transfer of ownership.

If paying for everything upfront is not an option, you can apply for a personal loan with SocietyOne. Get free vehicle financing rates with our car loan repayment calculator.

If you’re satisfied with the vehicle financing rates offered, you can complete the online application, which takes around five minutes to complete. Once your loan is approved, you can have the funds for your car in as little as one business day.

Can I check the history of a car for free?

You can conduct a registration check of your potential vehicle directly on the transport authority website of your state. Run the car’s Vehicle Identification Number (VIN) through the PPSR, and you’ll find out the following information for free:

• Registration number
• Registration status
• Registration expiry date
• Make, model, and body shape of the vehicle
• Details of the CTP insurer and policy expiry date

If you want more information, such as the vehicle’s write-off status, finance owing status, first sale information, or registration details, you can purchase a comprehensive car history check with the PPSR for as low as $2. The PPSR report also includes a certificate with the vehicle details.

This information is vital to know if the used car is worth purchasing. Proper research on the car’s history helps avoid any potential regrets on such a big purchase.

Make smart vehicle finance decisions with SocietyOne today!

SocietyOne is the leading digital lending platform in Australia for a reason. We work hard to provide our customers with loan offers suitable for their needs, preferences, and financial capabilities.

You can loan above the vehicle amount to pay for car restorations, upgrades, registration fees, and even debt consolidation. With SocietyOne, you get to enjoy the absence of extra fees like early loan repayment fees, monthly fees, or balloon payments, which are common in vehicle financing.

What’s taking you so long? Apply for vehicle finance with SocietyOne to make owning your dream car a reality!