Finance One has joined the Connective Asset Finance lender panel!

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Did you know there were over 7.6 million new cars sold in Australia over the last seven years? We’re making sure we have Australia’s leading car financers on our Connective Asset Finance lender panel so you can maximise your opportunities in our very healthy car finance market – and this month we’d like to welcome Finance One.

Finance One is a dynamic motor vehicle financer catering to the needs of both private and commercial customers. They offer a variety of products and have created a point of difference by offering vehicle finance alternatives when other lenders say no.

You’ll get support from an experienced, knowledgeable team with over 35 years of experience in car finance. They aim to help your customers hit the road without the hassle, confusion and stress that often accompanies ‘bad credit’ car loans.

Here are some key points about the Finance One offer:

Consumer car finance

  • 5 risk products to choose from
  • Terms from 36 – 84 months
  • Rates range from 12 – 28% p.a.
  • Flexible LVRs
  • Discharged bankrupts accepted from day 1
  • First time borrowers and boarders accepted
  • Payday loan activity accepted
  • Short term and casual employment accepted
  • No early pay-out penalties
  • Funding for cars, road registerable motorcycles, caravans, camper trailers and other kinds of trailers – including second hand vehicles, classic cars and private sales.

Commercial vehicle finance

  • 4 risk products to choose from
  • Terms from 36 – 84 months
  • Rates range from 12 – 28% p.a.
  • Bank statements only – no financials needed
  • Self-declaration letters accepted
  • Discharged bankrupts accepted from day 1
  • Unpaid defaults accepted
  • Short term ABN accepted, no GST requirement
  • No tonnage limits
  • Maximum NAF $125K
  • Small early payout penalty of $995 if paid out within the first 24 months
  • Will fund any business asset with wheels, an axel and a VIN!

Case study examples: Consumer car loans

Gold approval over 84 months for an $68k 2018 Toyota Landcruiser:

Key points:

  • Joint application with applicant’s sole source of income Government Benefits, Child Support and Foster income.
  • Both applicants clear and established CRA’s
  • Long term residential stability with applicants renting privately for some years.

The employment situation for both applicants would normally mean their car finance would be restricted to an economy lend with a maximum loan amount of $8k at 36 months. However, Finance One offered our Gold product over 84 months for $68k on the merits of strong stability, clear credit files and proven strong account conduct.

Silver approval over 60 months for $15k:

Key points:

  • Boarding with their parents, long term
  • Employed 2 years full time
  • Minimal retention of funds in account with applicant withdrawing the majority of funds at the ATM
  • Unpaid utility default listed in 2014.

Silver Product offered due to applicant’s stability, with account conduct accepted on review as applicant was able to show regular debits being honoured in account.

Bronze approval over 48 months for $10k:

Key points:

  • 2 months casually employed, with Government benefits main source of income
  • 3 months private rental
  • CRA – Unpaid Financial default listed for $228 along with two unpaid utility defaults all over 12 months old. Also noted that applicant had excessive enquiries on CRA along with seven Pay Day lender enquiries in the prior twelve months to application.

NIL over drawings or dishonours in bank statements provided.

Employment accepted by Finance One with supplementary benefit income evident along with casual income. Applicant’s credit file accepted given no current Pay Day facilities evident along with time since last default listing.

Want to know more?

Talk to your local Connective Broker Support Manager or call the Finance One Broker direct line on (07) 4766 9690. You can also visit the Finance One website here.