Hi, How can we help you?

 

How is my interest rate calculated?

Your specific interest rate may vary depending on your individual circumstances, as well as the loan details such as the amount you wish to borrow, your desired loan term, and the rates that Ignition Loans lenders have selected. To find out the likely interest rate for your loan, complete a 1-minute Estimate.

Eligibility

Am I able to get a loan?

The best way to assess your eligibility to apply for a loan with Ignition Loans is to request a callback and speak with a Loan Expert.

Ignition Loans provides secured and unsecured loans to Australian residents.

Here are some basics to cover:

You are aged 18 or over

You are an Australian citizen or permanent resident

You have a regular source of income that you can demonstrate

You have a good credit history

Can I get a loan if I’m self-employed?

Yes, you can. We have a range of products designed for self-employed people. You may be able to claim part of the car’s costs, including loan interest, as a tax deduction.

If you purchase a car for less than $20,000, you can immediately claim the full value back as a tax deduction within the same year you buy it. Please check with us for any accelerated depreciation schemes that may exist.

There are products designed to support 1-day ABN holders, as well as for established sole traders, contractors, companies, and trusts.

Can I have more than one car lease or loan at a time?

You can have as many car leases or loans as the lender – and your budget – allow. The lender will take into account how well you deal with your current and past loans, and whether you can afford to take out a new lease or loan. This will involve looking at your income , weighing it up against your income and expenses and the current health of your credit file.

What fees am I charged?

Our fee structure includes a once off Dealer Origination Fee which is payable to Ignition Loans for assisting with your loan, as well as an interest rate.

When you request a Estimate we will provide you with an estimate of all the fees and charges that may apply to your Ignition Loans loan. These fees and charges are included in your monthly repayment.

Although your Estimate includes our best estimate of fees that may apply, it’s important to remember that these could change as we assess your loan application in more detail.

What is a comparison rate?

A comparison rate helps you work out the true cost of a loan by providing you a single rate that includes both the advertised interest rate and most fees and charges relating to the loan. This allows you to compare loans from different lenders with a clear idea of how much they will cost.

Can I refinance a loan with Ignition Loans?

Yes, you can. However, your request to refinance a loan with Ignition Loans will be treated as a new loan application and must therefore meet the same eligibility criteria as your original loan. We will likely request that you provide us with updated information concerning your personal and financial circumstances before assessing your refinancing request.

What are the benefits of going through a broker for my car?

A broker has access to a much higher number of lenders then a bank or a dealership. As such, they are not only able to find you a sharply priced car loan, but a loan solution that meets your unique set of circumstances. In other words, they can find you a loan that meets some of your other requirements, like no monthly administration fees, or no early payment penalties. In addition, they can offer you low fixed rate options that allow you repayment flexibility, ie: weekly/fortnightly/monthly.

Moreover, a broker works for you, not a car dealership or a particular lender. While a dealership may focus on clearing out stock and serving one car franchise and lender, a broker’s focus is making sure you find a car and finance product that is well suited to your needs.

Can I choose between a fixed or variable rate loan for a car loan?

All car loans are fixed rate loans.

Application

Will applying for a loan impact my credit score?

Applying for a loan may impact your credit score, particularly if you are applying for multiple loans in a short space of time. Our credit team may apply a soft credit search first known as “access seeker” search and determine the state of your credit file. This will help us determine whether we should continue with the application or not.

Why do I need to verify my identity?

Ignition Loans is required to verify the identity of all applicants by law, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

It only takes a minute to upload your license photo directly to us, or you can take a photo and email/text it directly to our team.

What is cashdeck.com.au?

cashdeck.com.au is a trusted financial data platform used by 150 of Australia’s largest financial institutions to retrieve customer bank statements in a safe and efficient manner.

cashdeck.com.au takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.

Why do you need my bank statements?

We require your bank statements in order to verify the information provided on your loan application, which may include your income, expenses, and living costs. Other loan providers are also likely to require your bank statements before approving your loan for this reason.

Ignition Loans values customer privacy and will handle your information in accordance with our Privacy Policy.

How do I cancel my application?

You can cancel your loan application by calling the Ignition Loans customer service team on 1300 500 397. Alternatively, you can email your cancellation request to hello@Ignition Loans.com.au.

How long does it take to approve a loan?

Ignition Loans prides itself on reviewing loan applications in a fast and seamless manner. It takes just five minutes to submit an application online. Once we have received all required documents, we aim to provide you with an outcome within 1 business day. Please check with the Ignition team for current wait times, as these may have changed due to COVID19.

How long do I have to accept my loan once it’s approved?

If we approve your loan application, you will have 1 month to accept the loan before your approval is no longer valid. After this point you may need to apply again which may create another credit hit on your file. If you need additional time, please contact us.

Are there any fees for making extra payments?

No – you can make extra payments, increase your monthly payment or repay your loan early and there are no fees for doing this. You would also save on the amount of interest you are paying. 

Can I pay by BPAY?

Yes you can make extra payments by BPAY, but you may need to make your contractual payments by a monthly direct debit. This depends on the lender you have gone ahead with.. 

Can I pay fortnightly or weekly?

You can only make your payments on a monthly basis, however we may be able to adjust the direct debit date if the current date is not convenient. This really depends on the lender your finance is with.

What & when are my repayments?

Your payment schedule is provided to you on the day of your finance settling, and mailed / emailed out to you.  If you are unsure of this, you can contact the team at Ignition loans.  

How do I change my direct debit bank account?

Your first monthly repayment must come from the bank account that you originally provided to us. After the first payment has been made we can update your bank account details if required.

To change your nominated account, contact us on 1300 500 397. For verification purposes, we will require a copy of a recent bank statement for the new account clearly showing your name, BSB, and account number.

How do I make an extra repayment?

You can make an extra payment at any time using BPAY or bank transfer without incurring any fees or penalties.

Under a consumer loan, any extra payments you make will automatically reduce the term of your loan. This means that your monthly repayments will stay the same, but you will pay less interest overall. Additionally, any extra payment will not affect the amount or timing of your regular monthly direct debit payments. Please check with your loan expert if your loan facility allows extra repayments.

How do I pay off my entire loan balance?

Depending on the bank you financed with, and the product type, there may be a fee applicable to pay out your loan. We do work with lenders that don’t offer payout fees, so its important to highlight this with your loan expert if it is important to have this feature

What happens if I miss a payment?

If you miss a scheduled direct debit repayment, you may incur fees for missed repayments as outlined in your loan contract.

If you are having trouble making your repayments, you should contact us so we can speak to your chosen lender about catching up.

How secure are my details?

Ignition Loans takes the security of your information very seriously. We work hard to protect ourselves and your information from unauthorized access.

We also protect against unauthorized disclosure, alteration or destruction of information we hold.

We keep hard copy and electronic records on our premises and systems or offsite using trusted third parties.

We ensure personal information we hold on you is always secure , including ensuring that it is protected from misuse, interference and loss, unauthorized access, disclosure and modification.

Your information is only accessible by you and those authorized to access it. Employees and third parties who deal with your information are bound by confidentiality obligations and are required to complete training about information security and privacy.

When we no longer need your information, including when we are no longer legally obliged to keep records relating to you, we will destroy it or de-identify it.

Can I get a car loan if I have a poor credit history?

Yes, there are lenders who can assist you if you have a poor credit history. Speak to your Ignition Loans expert for more information.

How is buying privately different from buying through a dealer?

Purchasing a vehicle privately may give you more room for negotiation on price and the ability to select a vehicle you are looking for in the price range you can afford. There are extra precautions taken by the lender to ensure that the car is roadworthy, and able to be financed. This includes the verifying the seller, confirming the car is currently registered and roadworthy, and checking any finance that may exist on it. We are able to assist you buy from dealers or private sellers.

Are there extra fees when buying cars privately?

When financing a vehicle privately there can be additional fees to cover an inspection report and photos of the vehicle. This fee can vary depending on the location of the inspection report. Some lenders also charge additional establishment fees. If you are considering buying a car from a private seller, please check with your loan expert for information.

Are there any fees involved in taking out a car loan?

Yes, there may be some fees involved, including lender application fee; origination fee, vehicle inspection fee (for private purchases) PPSR (Financiers Security Registration fee) monthly account keeping fees. Please check with your Ignition Loans expert before getting started.

Is a deposit required for a car loan?

You may not need a deposit to take out a car loan, however it may increase your chances of success and will also reduce your repayments.

How old can the vehicle be?

Ignition Loans works with a variety of different lenders, so the answer changes depending on who you choose to finance with. We have loans that support vehicles as old as 20 years at end of term. An example of how its works is choosing a 15 year old car and financing it over a 5 year term. The car is 20 years old by the final payment.

Can I get a car loan if I am on disability benefit?

Yes, there are some lenders who will consider your application if you are on a disability pension. This really depends on how much spare income you have after all expenses are considered.

Can I pay the loan out early?
Yes, with all our loans you can pay them off early. However depending on who you finance your loan with, there may be an early termination fee payable.

How can I find out the payout figure?
Give us a call and we can advise you of your payout figure.

When do I make my first payment?
Usually it is a month after the settlement date. This depends on the finance company as there are some instances where we may be able to choose your first payment date. A payment schedule will be provided to you at settlement.

How do I make my loan repayments?
You can choose to make your payments via direct debit or BPAY.

How do I make extra repayments?
Usually you can make extra repayments via BPAY however we may be able to provide you with bank details to do a direct EFT.

What do I need to apply for a loan?
A completed application for, accepted privacy form, 2 current payslips, and a photo of your license for ID purposes.

Do I need to have insurance on the car?
Yes whenever there is finance on a car you must have a valid certificate of currency (insurance policy) covering you.

Can you help find me the car of my dreams?
Yes. Ignition Loans has a car buying service which can find you the perfect car for your situation. Give us a call for more details.

Can I finance an imported car?
Yes you can.

Can I get pre-approval before purchasing?
Yes we can definitely organize a pre approval for you.

I have an international or overseas Drivers licence – can I apply for a car loan?
This can depend on the visa/PR conditions individual to you. Please call us on 1300-500-397 to discuss your eligibility.

I am in Australia on an overseas visa – can I apply for a car loan?
If you are living and working in Australia on a 457 Visa, you can apply for a car loan through Ignition Loans. Please note that the term of your loan does need to end before the expiry of your visa.

What happens now that my loan has been approved?
Go shopping for a car! We can help you find the perfect car to suit your circumstances. Once the car has been found, we’ll need to organise a time for you to sign the documents with us, and then you can pick up the car when it is made available.

Do I need a driver’s licence to apply for a car loan?

Yes, you must hold a current, unconditional Australian driver’s licence or learners permit.  

Do I need to have a job to apply for an Ignition Loans car loan or personal loan?

You need to be able to financially demonstrate that you will be able to pay back the car loan or personal loan over the loan term.

Does Ignition Loans provide car loans and personal loans to self-employed or contractors?

Yes, we have car loans and personal loans available to self-employed and contractors who have an ABN number. You will still need to be assessed and meet the lending criteria.  

Can I apply for a car loan or personal loan outside of business hours or during the weekend?

Yes. Apply online anytime for an Ignition Loans car loan or personal loan. 

Do I need to take out insurance on my vehicle?

You will be required to have the vehicle comprehensively insured under any car loan agreement.

Loan types

What is a car loan?

A car loan is a loan taken out for the purpose of buying a motor vehicle such as a car, Ute, 4WD, motorbike, or other road vehicle. It involves a finance company lending you the money to purchase an asset and retaining security over it for the life of the loan. Car loans can be arranged for both personal use (such as a consumer car loan) or business (such as a chattel mortgage).

What are the benefits of a car loan?

By taking out a car loan to finance your next car you can reduce your overall cash outlay which you may want to use for other purposes (such as having a rainy day fund). If you’re a business, a car loan may improve your cash flow, as well as potentially allowing you to claim a tax deduction for the car (check with your accountant for eligibility). 

 

Who should choose a secured car loan?

A secured car loan is a relevant option for an individual or business looking to access lower interest rates and has sufficient serviceability. For a fulltime employee of a business looking to salary package benefits of their employment, a novated lease may be more appropriate.

Who should choose a car lease?

If you’re using a vehicle for business purposes more than 50% of the time but you’re unable or don’t want a chattel mortgage or commercial hire purchase, a car lease may be right for you.

 

What is a car lease and how does it work?

Aimed at customers who will mainly be using their vehicle for business purposes, a car lease effectively works like a long-term rental. A finance company will purchase a car on your behalf and then lease the vehicle back to you for an agreed monthly payment.

When the lease comes to an end, you’ll be given the option to purchase the vehicle by paying a final lump sum (the residual value) directly to the finance company, restart another lease to pay off the remaining balance on the vehicle or trade the vehicle in. A lease may benefit ABN holders that are looking for a fixed monthly repayment, and a loan facility where they can claim the lease payment as an expense against the business. For further information, please seek independent advice.

What is motor vehicle stamp duty?

Motor vehicle stamp duty is a government tax, which has to be paid when you register or transfer the ownership of any motor vehicle.

How much you pay in Stamp Duty is usually based on the vehicle’s market value (including GST) and paid to your State’s Tax Revenue Office within 14 days of buying or transferring the vehicle. However, there are some concessions available, so do get in touch with your Tax Revenue Office for more information.

 

When is motor vehicle stamp duty paid?

Stamp Duty will usually be included in the on-road costs of the vehicle and paid by the dealership on your behalf. If you’re buying a used vehicle privately, you’ll need to pay the Stamp Duty directly to your State’s Tax Revenue Office within 14 days. There may be an option to finance your on road costs even with private sale. Please speak to your Ignition Loans Expert.

 

What is the Personal Property Securities Register (PPSR) and how does it work?

The PPSR is a register put together by the Australian Government which allows finance companies and other businesses to register their security interests over personal property. It also allows other parties to search and view these security interests.

 

What tax and GST can I expect to pay on a secured loan?

There may be tax benefits if you are financing a car for business purposes. Please visit the ATO website, or speak to your accountant to understand potential tax deductions for your specific purposes

 

What is a green car loan?

A green car loan is a secured car loan that often offers a more competitive interest rate than comparable non-low emission vehicle financing options, rewarding you for helping do your part to lower our environmental impact. Check with your Ignition Loans expert to see if you are eligible.