What is Drive Select Finance?

Car loans and vehicle finance made simple. Access low rates from 30+ lenders and get approved fast. Great loans by expert brokers!

How does the loan application process work?

Getting a loan through Drive Select Finance is designed to be as simple and stress-free as possible. Here's how it works: Step 1 — Apply in 2 Minutes: Complete our short online form with your basic details, loan purpose, and approximate amount. There's no lengthy paperwork at this stage — just the essentials to get started. Step 2 — Broker Review: One of our experienced brokers reviews your application, assesses your situation, and searches our panel of 30+ lenders to identify the most suitable options for your specific circumstances. Step 3 — Your Options Presented: Your broker contacts you — usually within hours — to present your personalised loan options side by side. You'll see rates, terms, repayments, and fees clearly laid out, with no pressure to decide on the day. Step 4 — Documents & Formal Application: Once you choose a preferred option, your broker guides you through the document collection process and submits the formal application on your behalf. Step 5 — Approval & Settlement: Formal approvals typically arrive within 24 hours of submitting your full application. Once approved, your broker handles all the paperwork and the loan is settled — funds disbursed or lender pays vendor directly. The entire process, from initial application to settlement, often happens within 1-3 business days for straightforward applications.

Will getting a quote affect my credit score?

No — getting a quote from Drive Select Finance will not affect your credit score. This is one of the most common concerns we hear from customers, and the answer is unequivocally no. Here's the technical explanation: There are two types of credit enquiries — "soft" enquiries and "hard" enquiries. A soft enquiry is used to check your credit file for assessment purposes, and it leaves no mark on your credit report. A hard enquiry is lodged when a formal credit application is submitted to a specific lender, and this does appear on your credit file. When you enquire with Drive Select Finance, we perform a soft enquiry only to understand your credit profile and identify suitable lenders. This does not affect your credit score in any way. A hard enquiry is only lodged when you formally proceed with a specific lender — and this only happens after you've reviewed your options and given your full, informed consent. This approach also means you can safely explore your options with multiple brokers or enquire with us multiple times without any negative consequence. We will always ask for your explicit consent before any hard enquiry is made.

Is your service really free? Are there broker fees?

Yes — our service is completely free to you. There are no broker fees, no application fees, no upfront charges, and no hidden costs of any kind for using Drive Select Finance. So how do we get paid? When your loan settles with a lender, that lender pays us a commission. This is standard practice across the finance brokering industry and is fully disclosed. The commission is paid by the lender — not by you — and it doesn't add to the cost of your loan. One important point: our commissions are based purely on loan settlement, not on which lender you choose or whether you accept the first option presented. This means our incentive is genuinely aligned with yours — we want to find you the best possible option, because satisfied customers come back, refer their friends, and leave five-star reviews. That's what drives our business. All commissions are disclosed to you in writing before you commit to any product. As a referral service, we connect you with licensed finance brokers who are legally obligated to act in your best interests under their own Australian Credit Licence.

How quickly can I get approved?

Our approval timeframes are among the fastest in the industry. Here's what you can typically expect: Pre-approval (conditional approval): Many customers receive a conditional pre-approval within minutes to a few hours of submitting their application online. This gives you a strong indication of borrowing capacity and rate before you've even found the vehicle or asset. Formal approval: Once you've provided your supporting documentation (payslips, bank statements, ID etc.), formal approvals typically arrive within 24 hours. For well-prepared applications with straightforward circumstances, same-day approval is often achievable. Settlement: After formal approval, settlement (funds disbursed or lender pays the vendor) usually occurs within 1-3 business days. For some loan types like personal loans or car finance, same-day or next-day settlement is possible. The fastest applications we've processed have gone from initial enquiry to settlement within the same business day.

What types of loans does Drive Select Finance offer?

Drive Select Finance offers a comprehensive range of loan products to suit personal and business needs: Car Loans: Finance for new and used cars, SUVs, utes, and all personal vehicles — dealer or private sale. Personal Loans: Flexible, unsecured or secured loans for debt consolidation, travel, renovations, medical expenses, weddings, and more. Leisure Loans: Finance for motorbikes, boats, jet skis, caravans, campervans, and recreational vehicles. Equipment Finance: Commercial and business asset finance including trucks, trailers, forklifts, agricultural machinery, and business equipment. Business Loans: Unsecured and secured business lending including lines of credit, working capital, and growth finance for ABN holders. Debt Consolidation: Combining multiple debts into one manageable personal loan at a lower rate. Whatever your finance need, Drive Select Finance has a specialist broker and a panel of 30+ lenders to match you with the right product and the best available rate.

How is Drive Select Finance different from going to a bank?

Going directly to a bank means you get one product from one lender at their rate. There's no comparison, no advocacy on your behalf, and no obligation for them to find you the best deal. Drive Select Finance is a referral service that connects you with an independent finance broker. Here's what that means for you: We connect you with brokers who compare 30+ lenders simultaneously. Instead of one offer, you get the best option from a wide panel — banks, credit unions, non-bank lenders, and specialist providers. The broker you're connected with acts in your best interests. Licensed finance brokers have a legal obligation under their own Australian Credit Licence to act in your best interests — something a bank's own staff are not required to do. It costs you nothing. There are no broker fees. Brokers are paid a commission by the lender when your loan settles — you pay nothing. We know which brokers and lenders suit which borrowers. Different lenders have different appetites for different credit profiles, employment types, and asset ages. We connect you with a broker who knows who to approach for your specific situation — saving you from wasted applications and unnecessary credit enquiries. In practice, customers who use Drive Select Finance instead of going directly to a bank typically secure a lower rate, better loan structure, and a smoother experience.

Yes — our entire application process can be completed online, from initial enquiry through to formal approval in most cases. Here's how the online process works: Step 1: Complete our short online application form at /apply. This takes approximately 2 minutes and captures your basic details, loan purpose, and amount. There's no lengthy paperwork at this stage. Step 2: A dedicated broker from our team reviews your application and contacts you — usually within a few hours during business hours — to discuss your options and answer any questions. Step 3: Your broker presents your personalised loan options electronically. You can review, compare, and ask questions at your own pace. Step 4: Once you've chosen your preferred option, document submission is done securely online. Most lenders accept digital copies of ID, payslips, and bank statements. Step 5: Approval notifications and loan documents are sent electronically. E-signatures are accepted by most lenders, meaning the entire process can be completed without a single piece of physical paper. Whether you're applying from home, at work, or on your phone — we've designed the process to be as convenient as possible. Start your application at our [Apply](/apply) page.

Does Drive Select Finance operate Australia-wide?

Yes — Drive Select Finance operates nationally across all states and territories of Australia. Whether you're in Sydney, Melbourne, Brisbane, Perth, Adelaide, Darwin, Hobart, or a regional area, our brokers can assist you. Our process is entirely digital and phone-based, which means your location doesn't affect the quality of service or the range of lenders available to you. We regularly assist customers in remote and regional areas who don't have easy access to physical bank branches or finance offices. Our lender panel includes major banks, regional lenders, and specialist non-bank lenders — many of whom operate nationally. There is no geographic limitation on what we can arrange for you. Get started today at our [Apply](/apply) page or call us to speak with a broker.

Who is Drive Select Finance?

Drive Select Finance is a referral service specialising in connecting Australians with independent finance brokers for car loans, personal loans, leisure finance, equipment finance, and business lending. We are not a bank, lender, broker or credit representative ourselves — we refer your enquiry to licensed finance brokers who work on your behalf to find the best available finance from a panel of 30+ lenders including major banks, credit unions, and specialist non-bank lenders. The brokers we refer you to are experienced finance professionals who understand the Australian lending landscape and how to navigate it for customers of all backgrounds — including those with less-than-perfect credit, self-employed income, or complex financial situations. Drive Select Finance is operated by MPG Group Australia Pty Ltd (ABN 39 696 110 291 | ACN 696 110 291), based in Australia and serving clients nationally.

Is Drive Select Finance licensed?

Drive Select Finance is a referral service — we do not hold an Australian Credit Licence ourselves and are not a credit representative, so we don't provide credit assistance or advice directly. Instead, we refer your enquiry to independent finance brokers who are properly licensed — holding their own Australian Credit Licence, or operating as an authorised credit representative of a licensee — and legally authorised to provide credit assistance under the National Consumer Credit Protection Act 2009. Those brokers' obligations include: Best interests duty: Licensed brokers are required to act in the best interests of their customers — not the lenders they work with. Responsible lending: Brokers assess suitability and affordability for every application before recommending any product. Full disclosure: All commissions, fees, and material conflicts of interest must be disclosed to customers before any credit is arranged. Dispute resolution: Licensed brokers are members of the Australian Financial Complaints Authority (AFCA), which provides free, independent dispute resolution for customers. You can verify a broker's licence status at any time through ASIC's MoneySmart website or the ASIC Connect Professional Registers, once you know which broker you've been referred to.

How does Drive Select Finance get paid?

Drive Select Finance earns a referral fee when a loan settles. This is standard practice across the Australian finance industry and is fully disclosed to you by the broker you're referred to, before you commit to any product. What this means for you: - You pay no broker fees, application fees, or upfront costs of any kind - Our service is completely free to you - Our commission is paid by the lender, not by you - Our commission does not increase the interest rate on your loan Why this is a fair model: Our commission is based on the settlement of a loan that suits your needs. If we don't place your loan, we don't get paid. This aligns our incentive directly with finding you a suitable, competitive product — not the most expensive one. All commissions and referral arrangements are fully disclosed in writing before any credit contract is entered. The brokers we refer you to comply with all obligations under the National Consumer Credit Protection Act and ASIC's responsible lending guidelines.

What lenders does Drive Select Finance work with?

Drive Select Finance works with a panel of 30+ lenders spanning major banks, regional banks, credit unions, non-bank lenders, and specialist finance providers. Our panel includes lenders across all major credit tiers — from premium lenders with the most competitive rates for excellent credit, through to specialist lenders who focus on non-conforming credit, self-employed borrowers, and adverse credit histories. We intentionally maintain a diverse lender panel because different lenders are best suited to different borrower profiles: - Major banks are ideal for borrowers with strong credit and standard employment - Non-bank lenders often offer more flexibility around employment types and asset ages - Specialist lenders are essential for bad credit, discharged bankrupts, and complex income structures - Green lenders may offer discounted rates specifically for electric or low-emission vehicles Because we work with such a broad panel, we can typically find a suitable option for the vast majority of applicants — including many who have been declined elsewhere. We do not disclose specific lender names publicly, as our panel relationships are confidential and may change. Your broker will identify the most appropriate lenders for your specific situation during the application process.

How do I contact Drive Select Finance?

There are several ways to get in touch with our team: Online Application: The fastest way to get started is to complete our 2-minute online application at our [Apply](/apply) page. A broker will contact you within hours during business hours. Contact Form: Submit a general enquiry via our [Contact Us](/contact) page and we'll respond promptly. Phone: Call us directly to speak with a broker. Our number is displayed on the website header and contact page. Social Media: You can also reach us via our Instagram, Facebook, or LinkedIn pages for general enquiries. Business Hours: Our brokers are available Monday to Friday during standard business hours. Online applications can be submitted at any time and will be processed on the next business day. We aim to respond to all enquiries within a few hours during business hours. For urgent finance needs, calling directly is the fastest option.

Does Drive Select Finance charge any fees?

No — Drive Select Finance does not charge you any broker fees, application fees, or upfront costs. Our service is completely free to use. Here's a breakdown: Broker fee: $0 Application fee: $0 Consultation fee: $0 Quote fee: $0 Credit check fee: $0 We are compensated by lenders via a commission when your loan settles. This commission is fully disclosed and does not increase the interest rate you pay. The only fees you will encounter are the standard lender fees that apply to any loan product — things like establishment fees ($200-$600 typically) and monthly account-keeping fees (where applicable). These fees exist regardless of whether you go to a lender directly or through a broker — using a broker doesn't add any cost. All fees — including lender fees and broker commissions — are disclosed in your Credit Proposal Document before you commit to any product. There are no surprises.

Can Drive Select Finance help if I've been declined by another broker or lender?

Yes — being declined by another broker or lender is one of the most common reasons customers come to us, and we regularly achieve approvals where others couldn't. Here's why a decline from one source doesn't mean a decline from all: Different lender panels: Not all brokers work with the same lenders. If another broker only had access to 5-10 lenders, they may not have been able to find a suitable match. Our panel of 30+ lenders includes specialist providers that many brokers don't have access to. Different credit assessment approaches: Some brokers or banks use automated systems that apply rigid credit score cutoffs. Our specialist lenders use manual underwriting that assesses your full situation. Different expertise: Bad credit lending, self-employed income assessment, and non-standard asset finance are specialist areas. Not all brokers have the experience to navigate these successfully. Things may have changed: If you were declined a few months ago, your circumstances or the lender's criteria may have changed. It's always worth re-applying. If you've been declined elsewhere, please contact us for a no-obligation assessment. We will give you an honest assessment of your options — including if we genuinely can't help — rather than wasting your time or credit file on an application with no realistic chance of approval.

What states does Drive Select Finance service?

Drive Select Finance services all states and territories across Australia: - New South Wales (NSW) - Victoria (VIC) - Queensland (QLD) - Western Australia (WA) - South Australia (SA) - Tasmania (TAS) - Australian Capital Territory (ACT) - Northern Territory (NT) Our process is fully digital and phone-based, meaning your location does not affect service quality or lender availability. We regularly assist customers in regional and remote areas across all states. Our lender panel includes national lenders who operate across all states, as well as some lenders with specific state focuses. Your broker will identify the most suitable lenders for your specific location and circumstances. There is no geographic restriction on who we can help. Get started at our [Apply](/apply) page regardless of where in Australia you're located.

What credit score do I need to get approved?

The honest answer is: there's no minimum credit score required to apply with Drive Select Finance. We work with lenders across the full credit spectrum — from borrowers with excellent credit (750+) to those with adverse credit histories including defaults, Part IX agreements, or discharged bankruptcies. Here's how credit scores generally map to lending options: Excellent (700+): Access to the full lender panel including major banks, competitive non-bank lenders, and green loan providers. You'll typically qualify for the lowest advertised rates. Good (600-699): Still access to a wide range of lenders, though some of the most competitive bank rates may be reserved for higher credit tier borrowers. Rates may be slightly higher. Average (500-599): A more targeted selection of lenders. Some specialist and non-bank lenders operate comfortably in this range. Rates will be moderate to reflect the slightly higher risk. Poor / Adverse (below 500, or with defaults/judgements): Specialist bad credit lenders who assess your full situation — not just your score. Your current income, stability, and the circumstances around past credit issues all matter. We have an industry-high approval rate in this category. Discharged bankrupt: Depending on when your bankruptcy was discharged and what assets you're looking to finance, there may be options available. Your broker will advise on the specific timeline and requirements. If you've been declined elsewhere, please don't assume there's nothing available. Our specialist lenders often say yes where others say no.

Can self-employed and ABN holders apply?

Absolutely — self-employed applicants and ABN holders are not just welcome, they're a core part of our customer base. We've helped thousands of Australian sole traders, contractors, small business owners, and company directors access competitive vehicle, personal, and business finance. The key difference for self-employed borrowers is how income is assessed. Rather than payslips, lenders typically look at: For low-doc applications (most common for ABN holders): 6-12 months of business or personal bank statements, showing consistent income and responsible financial management. Many applications under $150,000 can be approved on this basis alone. For standard applications: The last 2 years of personal and/or business tax returns, ATO Notices of Assessment, and potentially BAS statements and accountant declarations. For full-doc applications: Full financial statements, profit & loss accounts, and balance sheets. We have specialist lenders who understand the realities of self-employment — irregular income, seasonal fluctuations, the difference between gross revenue and taxable income, and the legitimate deductions that reduce taxable income while not reflecting actual cash flow. Importantly, having 12+ months of ABN history significantly expands your lender options. If you're a newer ABN holder, there are still options available — your broker will advise on the best path forward. Visit our [Car Loans](/car-loans), [Equipment Finance](/equipment-loans), or [Business Loans](/business-loans) pages for more details on self-employed lending.

Can I get approved with bad credit or past defaults?

Yes. This is one of our core specialisations and an area where we consistently deliver outcomes that our customers believed were impossible. A "bad credit" history can encompass many things: a missed payment from years ago, a default listed by a utility company, a Part IX debt agreement, a judgement, or a discharged bankruptcy. Each of these situations is different, and specialist lenders assess them differently. Here's what specialist bad credit lenders actually look at when assessing an application: Current financial stability: Are you earning a regular income today? Have your bank statements been clean for the past 6-12 months? This matters far more than a negative event from 3 years ago. The nature of the adverse credit: A $500 default from a phone company is very different from a $50,000 judgement from an unpaid personal loan. The type, size, and age of credit issues all factor into the assessment. The purpose and asset being financed: A loan secured against a vehicle (where the lender can repossess if needed) is lower risk than an unsecured personal loan — this opens up more options even for bad credit borrowers. Employment and income: Stable, demonstrable income is the single biggest factor in getting a bad credit application approved. We strongly encourage anyone who has been declined elsewhere, or who assumes their credit is "too bad" to apply, to contact us for a no-obligation assessment. There is no downside to asking, and we may have options you haven't considered. Start at our [Car Loans](/car-loans) or [Personal Loans](/personal-loans) pages.

Do I need to be an Australian citizen to apply?

Australian citizens and permanent residents have access to our full lender panel and the complete range of loan products. However, visa holders and temporary residents may also have options available, depending on their visa type and the specific lender. Generally speaking: Australian citizens and permanent residents: Full access to all lenders and loan products. Temporary residents (working visas, partner visas etc.): Access to a smaller selection of lenders who have specific policies for temporary residents. The type of visa, remaining visa duration, and employment stability all factor into lender decisions. Non-residents: Very limited options in most cases, though some specialist lenders may consider applications depending on income source and asset being financed. Please let your broker know your residency status during the initial consultation. This allows us to quickly identify which lenders can assist and structure the application appropriately.

How can I improve my chances of getting approved?

There are several things you can do to maximise your approval chances before applying: Check and clean up your credit file: Get a free copy of your credit report from Equifax, Experian, or illion. Dispute any incorrect listings and resolve any outstanding defaults if possible. Avoid multiple credit applications: Every hard enquiry leaves a mark on your credit file. Using a broker like Drive Select Finance means we do one soft assessment before identifying the best lender — minimising unnecessary enquiries. Save for a deposit (if applicable): For vehicle or asset finance, a deposit reduces the lender's risk and improves approval chances, especially for adverse credit borrowers. Stabilise your employment: Lenders value stability. If you're between jobs or recently started a new role, waiting a few months can improve your options. Clean up your bank statements: Lenders review your last 3-6 months of bank statements. Reduce gambling transactions, avoid multiple dishonour fees, and maintain a positive balance where possible. Reduce existing debt: Paying down credit card balances or closing unused accounts can improve your debt-to-income ratio. Be honest in your application: Misrepresentation is a serious issue that can lead to declined applications or loan cancellation. Always provide accurate information. Your Drive Select Finance broker will give you personalised advice on what to do — or not do — before submitting your application.

What is a credit enquiry and how does it affect my score?

A credit enquiry is a request to access your credit file. There are two types: Soft enquiry (no impact): Used for identity verification, credit monitoring, or initial assessments by brokers. Drive Select Finance uses soft enquiries only during our assessment stage. Soft enquiries do not appear on your credit file and do not affect your credit score. Hard enquiry (does impact): Lodged when you formally apply for credit with a specific lender. Hard enquiries appear on your credit file and can temporarily reduce your score by a small amount (typically 5-15 points). The impact fades over time. The multiple enquiry risk: If multiple hard enquiries are made in a short period (e.g. you apply to 5 different lenders), it can signal to lenders that you're in financial distress, which can further reduce your score and hurt approval chances. How a broker helps: By using Drive Select Finance, we conduct one soft assessment, identify the most suitable lender for your profile, and submit one targeted application — rather than scattergunning applications across multiple lenders. This protects your credit file. Hard enquiries remain on your file for 5 years but their scoring impact reduces significantly after 12 months.

What is a default and how long does it stay on my credit file?

A credit default is a listing on your credit file that records a payment that is overdue by 60+ days on an amount over $150, where the credit provider has attempted to contact you and you haven't paid or made arrangements to pay. Types of defaults: - Utility defaults (electricity, gas, phone) - Telco defaults (mobile, internet) - Financial defaults (loans, credit cards) - Serious credit infringements How long defaults stay on your file: - Standard defaults: 5 years from the date of listing - Serious credit infringements: 7 years - Court judgements: 5 years Does paying a default remove it? No — paying a default updates its status to "paid default" but it does not remove the listing from your file. However, paid defaults are viewed much more favourably by lenders than unpaid ones. How defaults affect loan applications: The impact of a default varies depending on its size, age, type, and whether it's paid. A $200 utility default from 4 years ago is treated very differently from a $10,000 loan default from last year. Specialist lenders — which we have on our panel — look at the full picture rather than automatically declining based on any default.

Can I finance a private sale vehicle?

Yes — we finance private sale vehicle purchases and do so regularly. While dealer finance is more straightforward (the dealer handles much of the paperwork), private sales are entirely achievable with a broker and in many cases result in a better overall outcome — you have more room to negotiate the car price when you have pre-approved finance in hand. Here's how private sale car finance works: Step 1: Apply for pre-approval with Drive Select Finance. This gives you a budget to work with and puts you in a strong negotiating position. Step 2: Find the vehicle you want and negotiate the price with the private seller. Step 3: Provide the vehicle details to your broker — make, model, year, VIN, purchase price, and seller's details. Step 4: Most lenders require a current roadworthy certificate (RWC) for private sale vehicles in most states. Some also require a PPSR check to ensure there's no finance owing on the vehicle. Step 5: Once the vehicle is verified, the lender pays the seller directly or provides the funds to you, and you complete the purchase. The key advantage of using a broker for a private sale is that we know exactly which lenders are comfortable with private purchases and can match you quickly. Some lenders won't finance private sales at all — we filter these out and only approach appropriate lenders. For more information, see our [Car Loans](/car-loans) page.

What is the difference between broker finance and dealer finance?

This is one of the most important questions any car buyer can ask — and the answer can save you thousands of dollars. Dealer finance is arranged through the dealership's in-house finance department. The dealership typically works with one or a small number of lenders, and their finance manager earns a commission (called a "dealer rate margin") on the interest rate they charge you. This means the finance manager has an incentive to put you into a higher rate loan — not the lowest one. Additionally, because the dealer's finance team isn't independent, they're not legally required to act in your best interests in the same way a broker is. Using a broker through Drive Select Finance works completely differently: - The broker you're connected with compares 30+ lenders simultaneously to find your lowest available rate - They are legally obligated to act in your best interests under their own Australian Credit Licence - They present multiple options so you can make an informed comparison - They earn a standardised commission from lenders — not a margin on your interest rate - There's no incentive to push you toward a more expensive product In practice, customers who use an independent broker instead of dealer finance frequently save $2,000–$6,000 in total interest over the life of a 5-year car loan. On a $40,000 loan, even a 1.5% rate difference saves approximately $3,000 over 5 years. Our strong recommendation: always get an independent broker quote before accepting any rate from a dealership. It costs you nothing and could save you a significant amount.

What types of vehicles can you finance?

We finance a very broad range of vehicles and assets. Here's an overview of what we can typically finance: Personal vehicles: New cars, used cars (all ages, conditions permitting), SUVs, hatchbacks, sedans, wagons, prestige and luxury vehicles, electric vehicles (EVs), hybrid vehicles. Commercial vehicles: Utes, vans, dual-cabs, light commercial vehicles, work vehicles. Motorcycles: Road bikes, off-road/dirt bikes, cruisers, sports bikes. Leisure and recreational assets: Caravans, campervans and motorhomes, boats and jet skis, quad bikes and ATVs, golf carts. Heavy commercial vehicles: Rigid trucks, semi-trailers, prime movers, tipper trucks, tow trucks, garbage trucks. The key factors that affect what can be financed include the age and condition of the asset, its registered value or valuation, the purpose (personal vs. commercial), and the borrower's credit profile. Your broker will advise on any limitations for your specific asset.

What is the minimum and maximum age of a vehicle I can finance?

Vehicle age is an important factor in car finance because it affects the lender's security. Here's what you need to know: New vehicles: No age restriction. New cars have the broadest lender access and typically the lowest rates. Used vehicles (1-10 years old): The majority of our lender panel finances vehicles in this age range with no issues. Older vehicles (10-20 years): A reduced but still meaningful selection of lenders will finance these. Rates may be slightly higher and some lenders cap the loan term based on the vehicle's age. Classic and vintage vehicles (20+ years): Fewer lenders, often specialist providers. Typically requires an independent valuation. Some lenders specifically cater to classic car collectors. General age-at-end-of-term rule: Many lenders have a policy that a vehicle cannot be more than 15-20 years old at the end of the loan term. For example, a 10-year-old vehicle may only be financeable over a 5-year term, not 7. Your broker will identify which lenders are suitable based on the specific vehicle's age and your credit profile.

Can I get car finance with no deposit?

Yes — the majority of car loans arranged through Drive Select Finance are 100% financed with no deposit required. This is one of the most common questions we receive and the answer is typically yes for borrowers with standard employment and reasonable credit. When a deposit may help: - If your credit profile is adverse (defaults, bad credit), a deposit reduces the lender's risk and significantly improves approval chances - For older vehicles where the loan-to-value ratio matters to lenders - If you're borrowing an amount close to or above the vehicle's market value Factors that determine if a deposit is needed: - Your credit score and history - The age and condition of the vehicle - Your income and existing commitments - The lender's specific policy Alternatives to a deposit: Some lenders will accept trade-in equity in lieu of a cash deposit. If you're trading in a vehicle with equity, this can be used as the effective "deposit" on your new loan. The best way to find out if you need a deposit is to apply. Our brokers will give you an honest assessment upfront.

What is Comprehensive Car Insurance and do I need it?

When you finance a vehicle, most lenders require you to hold Comprehensive Car Insurance for the duration of the loan. This is a standard lending condition and protects both you and the lender's security interest in the vehicle. Why lenders require it: The vehicle is security for the loan. If it's written off in an accident and you don't have comprehensive insurance, the lender loses their security but you still owe the full loan amount. Comprehensive insurance protects against this. What comprehensive insurance covers: Damage to your own vehicle (regardless of fault), damage to third-party property, theft, fire, weather events, and vandalism. It's the highest level of vehicle insurance available. GAP Insurance: Worth considering when financing a new or near-new vehicle. If your vehicle is written off in an accident, insurance pays the market value — which may be less than your remaining loan balance. GAP insurance covers the difference. Ask your broker about this option. CTP vs. Comprehensive: Compulsory Third Party (CTP) insurance is required for vehicle registration and covers injury to other people — but it does not cover vehicle damage. Comprehensive insurance is separate and additional. We recommend comparing insurance policies at the time of settlement to ensure you have adequate coverage in place from day one.

Can I finance an electric vehicle (EV)?

Yes — and in many cases, financing an electric vehicle comes with better terms than a traditional petrol or diesel car. Several lenders on our panel offer specific "green car loan" products with discounted interest rates for electric and plug-in hybrid vehicles. These discounts typically range from 0.5% to 1.5% below the standard rate for equivalent borrower profiles. Why EV loans are cheaper: - Government policy incentives are encouraging lenders to support EV uptake - EVs generally have lower running costs, improving borrower affordability - Some lenders view EVs as lower risk due to their durability and lower mechanical complexity Eligible vehicles: Most battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) qualify for green rates. Standard hybrid vehicles (HEVs) may or may not qualify depending on the lender. Novated leasing: For employees, a novated lease can be a particularly tax-effective way to finance an EV under the current FBT exemption for EVs below the luxury car tax threshold. Ask your broker about this option. Visit our [Car Loans](/car-loans) page for more information on EV finance options.

What happens if I want to sell or trade in my financed car?

You can sell or trade in a car that has finance owing on it — but the process requires a few extra steps compared to a free-and-clear vehicle. Step 1 — Get a payout figure: Contact your lender (or your Drive Select Finance broker) to request a current payout figure. This is the exact amount needed to discharge the loan as of a specific date. Step 2 — Private sale: - The buyer pays the payout figure directly to the lender - Any remaining funds (sale price minus payout) go to you - The lender sends a discharge of mortgage / clear title to the buyer once paid - Never accept full payment into your account and then pay out the lender — buyers are protected by PPSR checks Step 3 — Trade-in at a dealership: - The dealership obtains the payout figure and pays it out as part of the deal - Any equity above the payout figure is credited toward your new vehicle - If the trade-in value is less than the payout, you have "negative equity" and must cover the shortfall PPSR check: Buyers purchasing a used vehicle privately should always run a PPSR (Personal Property Securities Register) check to confirm no finance is owing. This is a legal protection for buyers. Your broker can assist with any questions about selling, trading in, or refinancing a financed vehicle.

What can I use a personal loan for?

Personal loans from Drive Select Finance can be used for virtually any lawful personal purpose. Unlike a home loan (which must be used for property) or a car loan (which is secured against the vehicle), a personal loan gives you maximum flexibility. The most common uses our customers apply for include: Debt consolidation: Combining multiple high-interest debts — credit cards, store cards, buy-now-pay-later accounts — into a single personal loan with a lower interest rate and one manageable repayment. Many of our customers save $300-600 per month through debt consolidation. Home renovations: Kitchen upgrades, bathroom renovations, landscaping, extensions, or any home improvement project. A personal loan can be faster and more flexible than touching your home equity. Medical and dental expenses: Elective procedures, specialist consultations, dental work, or any health-related expense that private health insurance doesn't cover. Weddings and events: Funding a wedding, engagement, honeymoon, or other significant life event. Travel and holidays: A personal loan for travel is far cheaper than putting it on a credit card and paying 20%+ interest. Education and courses: University fees not covered by HECS, professional development courses, trade certifications, or overseas study. Vehicle purchase: A personal loan can be used to purchase a vehicle where a secured car loan isn't suitable — for example, very old vehicles or when the borrower prefers not to use the vehicle as security. Emergency expenses: Unexpected expenses like urgent car repairs, appliance replacement, or family emergencies. For all personal loan options, visit our [Personal Loans](/personal-loans) page.

What is the difference between a secured and unsecured personal loan?

This is one of the most important questions to understand when considering a personal loan, as it significantly affects both the interest rate you'll pay and the borrowing limits available to you. Secured personal loan: A secured personal loan uses an asset as collateral — this could be a vehicle you own, or in some cases, equity in a property. Because the lender has security (something they can repossess if you default), the risk is lower, and therefore the interest rate is lower. Secured personal loans typically offer: - Lower interest rates (sometimes 2-4% lower than unsecured) - Higher borrowing limits - Longer loan terms - Better availability for borrowers with average credit Unsecured personal loan: An unsecured personal loan doesn't require any asset as security. The lender is extending credit based purely on your creditworthiness and income. Unsecured personal loans offer: - Faster approval (no asset valuation required) - No risk to your assets - Full flexibility on use of funds - Simpler application process Your Drive Select Finance broker will assess your situation and recommend the most appropriate structure. For more detail, visit our [Personal Loans](/personal-loans) page.

How much can I borrow with a personal loan?

Through Drive Select Finance, personal loans are available from $5,000 up to $75,000. The amount you're eligible to borrow depends on several factors: Income and expenses: Your net income after living expenses and existing commitments determines how much you can comfortably repay. Lenders use a "serviceability" test to ensure the repayment is affordable. Credit profile: Borrowers with strong credit typically have access to higher loan limits. Adverse credit borrowers may have access to smaller amounts initially. Loan purpose: Some purposes have lender-specific limits. For example, debt consolidation loans are typically capped at the total amount being consolidated. Loan type (secured vs unsecured): Secured loans generally allow higher borrowing limits. For amounts above $30,000, lenders typically require slightly more documentation to confirm repayment ability. Your broker will advise exactly what's needed for your requested amount.

What interest rates apply to personal loans?

Personal loan interest rates through Drive Select Finance start from 5.68% p.a. for well-qualified borrowers. The rate you receive depends on several factors: Credit score and history: This is the primary rate driver. Borrowers with excellent credit (700+) access the lowest rates. Those with average or adverse credit will pay higher rates to reflect the additional lender risk. Loan type: Secured personal loans are typically 2-4% cheaper than unsecured loans of the same amount due to the reduced risk. Loan term: Longer terms may carry slightly higher rates on some products. Lender selection: Different lenders price risk differently. By comparing 30+ lenders, we find the most competitive rate for your specific profile. Typical rate ranges: - Excellent credit, secured: From 5.68% p.a. - Good credit, unsecured: 8% - 12% p.a. - Average credit: 12% - 18% p.a. - Adverse credit (specialist lenders): 18% - 25%+ p.a. Use our [Loan Calculator](/loan-calculator) to estimate total repayments across different rates and terms.

How quickly can a personal loan be funded?

Personal loans — particularly unsecured ones — are among the fastest-settling loan products available. Typical timelines: - Conditional pre-approval: Within hours of submitting your application - Formal approval: Usually within 24 hours of submitting all required documents - Settlement (funds in your account): 1-3 business days after formal approval Same-day funding: Some lenders offer same-day settlement for unsecured personal loans when applications are submitted early in the business day with complete documentation. This is available for select borrowers with straightforward profiles. What speeds up the process: - Having all documents ready (ID, payslips, bank statements) - A straightforward employment situation (regular PAYG employment) - Clean credit history - Applying early in the day What can slow it down: - Incomplete documentation - Self-employed income requiring more documentation - Complex financial situations requiring additional assessment Your broker will advise you on exactly what to prepare to achieve the fastest possible turnaround.

Can I pay out a personal loan early?

In most cases, yes — personal loans can be paid out early, though the fee implications depend on whether your loan is fixed or variable rate. Variable rate personal loans: Almost always allow early repayment with no penalty. You can make extra repayments, pay lump sums, or pay out the loan entirely at any time. Fixed rate personal loans: May carry an early repayment fee (sometimes called a "break cost"). This varies by lender and can range from a nominal administration fee to an amount equivalent to several months' interest. Your broker will always highlight this clearly for any fixed rate product. The financial benefit of paying early: Even on loans with early repayment fees, paying out early can still save you money on total interest if the savings exceed the fee. Your broker or the lender can calculate the exact payout benefit. How to pay out early: Contact your lender (or ask your Drive Select Finance broker) for a current payout figure. This is the exact amount to clear the loan as of a specific date. Once paid, the lender provides a written confirmation of discharge.

Can I use a personal loan to consolidate debt?

Yes — debt consolidation is one of the most common and most beneficial uses of a personal loan. The concept is simple: combine multiple high-interest debts (credit cards, store cards, buy-now-pay-later, other loans) into a single personal loan with a lower interest rate and one manageable repayment. The typical benefits: - Lower interest rate: Credit cards often charge 18-24% p.a. A personal loan at 8-12% p.a. can represent a significant saving - One repayment: Replace multiple payments on different due dates with a single monthly repayment - Fixed term: Know exactly when you'll be debt-free — unlike revolving credit card debt - Improved cash flow: Lower total monthly repayments free up money for savings or living costs Example: $20,000 across three credit cards at 20% p.a. costs approximately $4,000 per year in interest alone. Consolidating to a personal loan at 9% p.a. reduces that to $1,800 — saving $2,200 per year. Important consideration: Consolidating to a longer term reduces monthly repayments but may increase total interest paid. Your broker will model this clearly so you understand the full picture. Visit our [Personal Loans](/personal-loans) page for more information on debt consolidation.

What leisure assets can Drive Select Finance help me finance?

Drive Select Finance arranges finance for a wide range of leisure and recreational assets. Common examples include: Motorbikes & Scooters: Road bikes, cruisers, sports bikes, dirt bikes, scooters, and electric motorbikes. Boats & Watercraft: Fibreglass boats, aluminium boats, sailing vessels, speedboats, ski boats, jet skis, kayaks (with motor), and houseboats. Caravans & Campervans: New and used caravans, pop-tops, fifth-wheelers, campervans, motorhomes, and camper trailers. Off-Road Vehicles: ATVs (quad bikes), side-by-sides, dirt bikes, and recreational 4WDs. Other Leisure Assets: Jet skis, snowmobiles, golf buggies, and horse floats. Whether you're buying new from a dealer or used from a private seller, we can typically finance it. The asset must be in good condition and have a clear title (no existing finance owing). Your broker will advise on any specific requirements for your chosen asset. Visit our [Leisure Loans](/leisure-loans) page for more details.

Can I get a loan for a used boat or caravan?

Yes — used boats, caravans, and leisure assets are financed regularly through Drive Select Finance. The key factors that determine financeability are: Age of the asset: Lenders generally finance used leisure assets up to 15-20 years old. Some specialist lenders may go older for well-maintained assets with a clear valuation. Condition: The asset should be in roadworthy or seaworthy condition. Some lenders require a condition report or inspection for older assets. Value: The lender needs to be able to establish the market value of the asset. For boats, this may require a marine survey. For caravans, market value guides like Glass's or CarsGuide are used. PPSR (Personal Property Securities Register): Before settlement, a PPSR check is conducted to confirm no existing finance is owing on the asset. If existing finance is found, it must be paid out as part of the purchase. Private vs. dealer purchase: Both are financeable. Private purchases require the seller's details and may require additional documentation. Visit our [Leisure Loans](/leisure-loans) page for more information.

What loan terms are available for leisure finance?

Leisure finance loan terms typically range from 1 year to 7 years, depending on the asset type, age, and lender. Common term ranges by asset: - Motorbikes: 1-5 years (up to 7 for newer bikes) - Boats: 3-7 years - Caravans & motorhomes: 3-7 years - Jet skis & smaller watercraft: 1-5 years Factors affecting available terms: - The age of the asset (older assets typically have shorter maximum terms) - The loan amount (smaller amounts may have shorter minimum terms) - Lender policy (each lender sets their own term limits) Balloon payments: Many leisure loans can include a balloon payment, which reduces your regular repayments by deferring a lump sum to the end of the term. This is popular for those who plan to upgrade their asset before the loan ends. Your broker will identify the term options available for your specific asset and recommend the structure that best suits your budget and goals.

Do I need to insure a financed boat or caravan?

Yes — lenders require comprehensive insurance to be in place for financed leisure assets, just as they do for vehicle loans. Why it's required: The boat or caravan is the security for the loan. If it's damaged, stolen, or destroyed without insurance, the lender loses their security while you still owe the full loan amount. What to insure: Comprehensive cover for the asset against accidental damage, theft, fire, flood, and third-party liability. Marine insurance: For boats and watercraft, you'll need a specific marine insurance policy. This is different from standard car insurance and covers the unique risks of watercraft including sinking, storm damage, and liability on waterways. Caravan insurance: Comprehensive caravan insurance covers the van itself plus contents (up to a limit) and may include on-site cover. Some policies also include roadside assistance. When to arrange insurance: Insurance should be arranged to commence from the settlement date — the day you take ownership. Your broker can advise on timing. We recommend comparing insurance policies before settlement to ensure you have appropriate coverage from day one.

Can I finance a caravan or boat as a private sale?

Yes — private sale leisure asset finance is arranged regularly through Drive Select Finance. The process is very similar to private car finance: Step 1: Apply for pre-approval. This gives you a clear budget and strengthens your negotiating position. Step 2: Find the asset you want and agree on a price with the private seller. Step 3: Provide the asset details to your broker — make, model, year, condition, and asking price. Step 4: A PPSR check is conducted to confirm no existing finance is owing on the asset. For boats, a marine survey may be required. Step 5: The lender pays the seller directly (or you pay and are reimbursed, depending on lender policy), and you take ownership with a clean title. Important: Never pay a private seller in full before finance is confirmed and a PPSR check is complete. Your broker will guide you through this process safely. Visit our [Leisure Loans](/leisure-loans) page for more details.

What is a comparison rate for a leisure loan?

A comparison rate is a standardised tool designed to help you compare the true cost of loans across different lenders. It combines the interest rate with most fees and charges into a single percentage figure. What it includes: The comparison rate incorporates the interest rate plus establishment fees, monthly account-keeping fees, and other known ongoing charges — expressed as an equivalent annual interest rate. What it doesn't include: Balloon payments, early repayment fees, government charges, and some optional fees may not be included. This means the comparison rate is an approximation, not the total cost. How to use it: When comparing leisure loan options, look at both the interest rate AND the comparison rate. A loan with a low headline rate but high fees may have a higher comparison rate than a loan with a slightly higher rate but no fees. Example: A loan advertised at 7.5% p.a. with a $500 establishment fee over 5 years might have a comparison rate of 8.2% p.a. — meaning the total cost including fees is equivalent to borrowing at 8.2% with no fees. Your Drive Select Finance broker will present all options clearly including comparison rates so you can make a fully informed decision.

Can I get leisure finance with bad credit?

Yes — specialist lenders on our panel consider leisure asset finance applications from borrowers with adverse credit, though the options may be more limited than for standard credit applicants. What specialist lenders look for: - Stable, demonstrable income - Clean recent bank statements (6-12 months) - A reasonable loan-to-value ratio (the loan isn't too high relative to the asset's value) - A deposit may improve approval chances significantly Asset as security: Because leisure finance is typically secured against the asset, lenders have more comfort extending credit to adverse credit borrowers — they have security they can realise if needed. Loan terms and rates: Adverse credit borrowers will typically access shorter terms and higher rates than standard credit applicants. However, the loan is still achievable in many cases. What doesn't automatically disqualify you: - Old defaults that are now paid - A Part IX agreement that's been completed - A discharged bankruptcy (depending on discharge date) Speak to a Drive Select Finance broker for an honest assessment of your specific situation. We will tell you honestly what's achievable before any credit is impacted.

Is there a minimum loan amount for leisure finance?

Yes — most lenders have a minimum loan amount for leisure finance, typically $5,000 to $10,000. This reflects the administrative cost of setting up and managing a loan — very small loans can be uneconomical for lenders relative to the processing cost. General minimums by asset type: - Motorbikes: From $5,000 - Boats: From $5,000 - $10,000 - Caravans: From $10,000 - Jet skis: From $5,000 If the asset you want to purchase is below the minimum threshold, there are a few options: - An unsecured personal loan (which has no asset restriction) may be used for any purpose including leisure purchases - Some specialist lenders have lower minimums - Combining the purchase with accessories or additional items can sometimes bring the total above the minimum Speak to your Drive Select Finance broker about the best approach for your specific purchase. Visit our [Leisure Loans](/leisure-loans) page for more details.

What is the difference between a chattel mortgage and a finance lease?

This is one of the most frequently asked questions by ABN holders and business owners exploring equipment or vehicle finance, and the answer has meaningful tax implications. Chattel Mortgage: With a chattel mortgage, you (the borrower) own the asset from day one. The lender takes a "charge" (mortgage) over the asset as security, but legal title is in your name throughout the loan. Tax advantages of chattel mortgage: - Claim the full GST on the purchase price in your next BAS (immediate cash flow benefit) - Deduct the interest component of each repayment as a business expense - Claim depreciation on the asset over its effective life A chattel mortgage is the most common structure for business vehicle and equipment finance in Australia. Finance Lease: With a finance lease, the lender technically owns the asset throughout the lease term, and you make regular lease payments to use it. At the end of the term, you have the option to purchase the asset for a pre-agreed residual amount, refinance it, or return it. Tax advantages of finance lease: - Lease payments are fully deductible as a business expense - Keeps the asset off your balance sheet - No depreciation claim (the lender claims it as the owner) Your broker will help you choose the right structure based on your accountant's advice and your business's specific tax position.

What equipment can Drive Select Finance help me finance?

Drive Select Finance can arrange finance for a very broad range of business and commercial equipment: Commercial vehicles: Trucks (rigid, semi, tipper, crane), trailers, prime movers, buses, forklifts, elevated work platforms. Agricultural equipment: Tractors, harvesters, seeders, sprayers, irrigation systems, livestock equipment. Construction equipment: Excavators, bulldozers, loaders, graders, concrete pumps, scaffolding. Yellow goods: Any earthmoving or construction machinery. Technology and office equipment: IT infrastructure, servers, POS systems, medical equipment, dental chairs. Hospitality and retail equipment: Commercial kitchen equipment, refrigeration, fit-out fixtures. Manufacturing and industrial: CNC machines, printing presses, processing equipment, packaging machinery. Renewable energy: Solar panels and systems for business premises. If you're unsure whether your specific asset is financeable, ask your broker. In most cases, if it's a legitimate business asset with a defined value, we can finance it.

How much can I borrow for equipment finance?

Equipment finance amounts through Drive Select Finance typically range from $10,000 to well over $1,000,000 for the right asset and business profile. Common ranges by asset type: - Work utes and commercial vehicles: $20,000 - $150,000 - Trailers and semi-trailers: $50,000 - $300,000 - Agricultural machinery: $30,000 - $500,000 - Excavators and earthmoving: $50,000 - $1,000,000+ - General plant and equipment: $10,000 - $500,000 Factors that determine borrowing capacity: - Business turnover and cash flow - Existing business debt levels - The asset's market value (lenders typically lend up to 100% of the asset's value) - ABN trading history (longer is better) - The loan structure (low-doc vs. full-doc) For large equipment purchases, your broker will work with specialist commercial lenders who understand asset values in your industry and have appropriate risk appetite for larger transactions.

Can a new business (under 12 months ABN) get equipment finance?

Yes — though the options are more limited for newer businesses, equipment finance is achievable for many ABN holders with less than 12 months of trading history. Options for newer businesses: Director-guaranteed loans: A personal guarantee from the business owner/director, supported by their personal assets and credit history. If the business director has strong personal credit and assets, this opens up many lender options. Secured asset lending: If the equipment itself provides strong enough security (high-value, easily realisable assets), some lenders will approve based on asset security rather than trading history. Specialist new-business lenders: Some lenders specifically focus on new businesses and assess the business plan, industry experience of the directors, and upfront deposit. Personal loan for business use: For smaller amounts (under $75,000), an unsecured personal loan can be used for business asset purchases without ABN requirements. What helps your application: - A deposit (10-20%) significantly improves approval chances - Strong personal credit history of the business owner - Evidence of industry experience and knowledge - A detailed business plan (for larger amounts) Speak to your Drive Select Finance broker about the best path forward for your specific situation.

???

Frequently Asked Questions

You got questions? We got answers!

Detailed, honest answers to every question about car loans, personal finance, business lending, bad credit, self-employed applications, and working with Drive Select Finance.

❓

General FAQ

8 detailed questions answered

Explore our loan pages for more information

🚗 Car Loans →🤑 Personal Loans →🚜 Equipment Finance →👔 Business Loans →⛵️ Leisure Loans →🧮 Loan Calculator →

💬

Still have questions?

Our brokers are happy to answer any questions — no obligation, no pressure, no credit impact.

Get a Free Quote →Contact Us →

Locations We Service

Car finance across Australia.

We help drivers in every major city secure the best car loan rates. Explore your local page for tailored car finance options.

📍Sydney 📍Newcastle 📍Wollongong 📍Gold Coast 📍Brisbane 📍Melbourne 📍Adelaide 📍Perth 📍Canberra 📍Hobart 📍Geelong 📍Parramatta 📍Penrith 📍Liverpool 📍Blacktown 📍Central Coast 📍Sunshine Coast 📍Townsville 📍Ballarat 📍Toowoomba 📍Coffs Harbour 📍Burwood 📍Campbelltown 📍Bondi 📍Castle Hill 📍North Sydney 📍Eastern Suburbs 📍Inner West Sydney 📍North Shore 📍Sutherland Shire 📍Austral 📍Leppington 📍Kellyville 📍Marsden Park 📍Newtown 📍Concord 📍Bankstown 📍Merrylands 📍Baulkham Hills 📍Auburn 📍Albury-Wodonga 📍Port Macquarie 📍Bathurst 📍Blue Mountains 📍Tweed Heads 📍Lake Macquarie 📍Muswellbrook 📍Ballina 📍Nowra 📍Wagga Wagga 📍Kalgoorlie 📍Rockhampton 📍Point Cook 📍Darwin 📍Pyrmont 📍Greenacre 📍Ryde 📍St Marys 📍Fairfield

⚡ READY TO GET STARTED?

Questions answered. Now let's find you a great rate.

Free quote, no credit impact, no broker fees. Our brokers are ready to help Australia-wide.

Get My Free Quote →

You got questions? We got answers!

General FAQ

About Drive Select Finance

Credit History

Car Loans

Personal Loans

Bike, Boat, & Caravan Loans

Equipment Loans

Business Loans

Rates & Repayments

Application Process

Explore our loan pages for more information

Still have questions?

Car finance across Australia.

Questions answered. Now let's find you a great rate.