Use your car as security
The vehicle is assessed as approved security, and a PPSR security interest is registered. You retain possession rather than handing the car to a lender or pawnbroker.
Learn about car-secured loansWritten by Justin C
With over 8 years of international experience in client service, operations, and leadership within the finance and technology sectors.
View author profileBorrowing against a car can provide access to short-term funds without surrendering the vehicle you depend on for work, family and everyday travel. The process involves applying for a secured EquiMax Loan, providing vehicle and income information, completing an affordability assessment, reviewing the offer and then continuing to use your car while meeting the contract obligations. This guide is for eligible Australians considering car-secured finance for a lawful short-term purpose. The clearest answer is simple: you can keep driving your car when it is approved as security, but you must understand the costs, eligibility rules and repossession risk first.
What Is Borrowing Against Your Car and Keeping Driving It? (Quick Definition)
Borrowing against your car means using an approved vehicle as security for a secured personal loan while retaining possession of it. AutoSwift Finance registers a security interest on the Personal Property Securities Register (PPSR), and you continue driving the vehicle throughout the fixed 12 month repayment term if you follow the contract. This approach is intended for eligible Australians who need medium-amount credit for a lawful, short-term cash flow purpose.
This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
How the Process Works
Complete the assessment
AutoSwift Finance reviews your identity, income, expenses, liabilities, vehicle details and repayment capacity. Every application is subject to credit assessment and eligibility criteria.
Check vehicle eligibilityKeep driving throughout the term
With the EquiMax Loan, you keep full use and possession of the approved vehicle. You remain responsible for registration, comprehensive insurance, maintenance and scheduled repayments.
See how keep-driving loans workReceive funds after signing
If approved, you receive an offer showing the applicable terms and fees. After electronic signing and completion of requirements, funds may be sent by PayID or EFT.
Explore keep-driving alternativesQuick Answer (Do This First)
- Confirm the vehicle is registered in your name and has no existing finance or other security interest.
- Check that the vehicle is not written off or stolen and is comprehensively insured.
- Gather photo identification, income evidence, registration or log book details and insurance evidence.
- Apply for between $2,100 and $5,000 and provide accurate income, expense and liability information.
- Review the fixed 12 month repayment term, fixed interest rate, fees and security obligations before signing.
- Keep driving the vehicle after approval, while maintaining registration, insurance and repayments.
- Scenario A: use PayID after disbursement if available. Scenario B: EFT is generally sent on the next business day.
All applications are subject to credit assessment and eligibility criteria. AutoSwift Finance is operated by Koala Enterprises Pty Ltd (Australian Credit Licence 537359).
Prerequisites (What You Need)
- You must be aged 18 or over.
- You need an Australian residential address, contact number and email address.
- You need verifiable income from employment, self-employment or another acceptable source under credit policy.
- Your vehicle must generally be registered in your name and unencumbered.
- The vehicle must not be written off or stolen.
- You need comprehensive vehicle insurance.
- You need capacity to make repayments without substantial hardship.
- You need identification and vehicle documents for assessment.
Applications are not suitable where the applicant is bankrupt, expects to become bankrupt, is subject to a current Part IX Debt Agreement or garnishee order, or cannot provide acceptable security and repayment capacity.
Review vehicle loan requirementsStep-by-Step: Borrow Against Your Car and Keep Driving It
Step 1: Confirm the purpose and amount
What to do: Decide how much you need between $2,100 and $5,000 and confirm the funds are for a lawful, short-term purpose such as repairs, registration, tyres, an insurance excess, medical bills, home repairs, rent, utilities, work equipment or training fees.
Success: You have a defined amount and a specific purpose that fits the product’s target market.
Common mistake: Do not treat a fixed-term secured loan as ongoing revolving credit or use it to meet arrears or repayments on another credit facility.
Step 2: Check the vehicle
What to do: Confirm that the car, ute or van is registered in your name, unencumbered, not written off, not stolen and comprehensively insured.
Success: You can provide registration papers or a log book and proof of comprehensive insurance.
Common mistake: Do not assume a vehicle with existing finance can be used as standard security.
Step 3: Submit the online application
What to do: Complete the online application and provide accurate details about your identity, income, expenses, liabilities and vehicle.
Success: Your application and supporting documents are submitted for assessment.
Common mistake: Do not leave out liabilities or estimate income in a way that could make your affordability information inaccurate.
Step 4: Complete credit and affordability assessment
What to do: Respond to requests for identity, income and vehicle information while AutoSwift Finance assesses your repayment capacity and credit history.
Success: The lender has the information needed to make an individual credit decision.
Common mistake: Do not assume approval is guaranteed or that an application avoids a credit check.
Step 5: Review and sign the offer
What to do: Read the loan amount, fixed 12 month term, fixed interest rate, repayment frequency, fees, PPSR security and contract conditions before signing electronically.
Success: You understand the scheduled repayments and what happens if an obligation is not met.
Common mistake: Do not focus only on the amount deposited, because the $416 fixed upfront fees are deducted from the amount borrowed at the start.
Step 6: Receive funds and keep meeting obligations
What to do: After signing and satisfying requirements, receive funds by PayID when available or by EFT on the next business day, then maintain insurance, registration and repayments.
Success: You retain possession and continue driving the vehicle while payments remain up to date.
Common mistake: Do not ignore a missed payment or contact request, because the secured vehicle may be at risk if contractual obligations are not met.
Application processing times may vary. Approval is not guaranteed and is subject to credit assessment.
Validation Checklist (Make Sure It Worked)
- ☐ The requested amount is between $2,100 and $5,000.
- ☐ The purpose is lawful and short term.
- ☐ The vehicle is registered in your name.
- ☐ The vehicle is unencumbered, not written off and not stolen.
- ☐ Comprehensive insurance is in place.
- ☐ Identity, income and vehicle documents have been provided.
- ☐ The offer states a fixed 12 month repayment term.
- ☐ The PPSR security interest and repossession risk are understood.
- ☐ The repayment frequency matches your pay cycle.
- ☐ You know how to contact AutoSwift Finance if circumstances change.
Common Issues & Fixes
| Problem | Cause | Fix |
|---|---|---|
| Vehicle already has finance | The standard requirement is an unencumbered vehicle. | Confirm the existing finance position before applying and contact AutoSwift Finance for clarification. |
| Documents are missing | Identity, income, registration or insurance evidence has not been supplied. | Gather the requested documents and upload clear, current copies. |
| Repayment appears unaffordable | Income, expenses and liabilities do not support repayment without substantial hardship. | Do not proceed unless the repayments fit your budget. Consider free financial counselling if you are under pressure. |
| A payment is missed | A scheduled payment may be returned or dishonoured. | Contact AutoSwift Finance promptly. A $35 Dishonoured Payment Fee may apply per missed or returned scheduled payment. |
| Funds have not arrived | Disbursement requirements or payment method timing may still apply. | Check whether PayID or EFT was selected and contact the lender if the stated timeframe has passed. |
Best Practices (Do It Right Long-Term)
- Keep comprehensive insurance active, because the approved vehicle remains security throughout the loan.
- Set repayments around your pay cycle, because weekly, fortnightly and monthly options are available.
- Keep registration current, because the vehicle must remain compliant with the contract.
- Review every fee before signing, because the establishment, PPSR and credit check charges affect the amount received.
- Make additional repayments only when your budget allows, because early payout remains subject to contract terms.
- Contact the lender early if hardship develops, because early communication gives you more opportunity to discuss the situation.
- Keep copies of the offer and supporting documents, because they provide a clear record of the agreed terms.
Recommended Tool (Optional): AutoSwift Finance
AutoSwift Finance provides the EquiMax Loan for eligible Australians seeking medium-amount vehicle finance while keeping possession of an approved car.
- Online application and digital servicing throughout the loan term.
- Loan amounts from $2,100 to $5,000 with a fixed 12 month repayment term.
- Weekly, fortnightly or monthly repayment options aligned with a borrower’s pay cycle.
- Itemised upfront fees, including no application fee and no monthly account-keeping fee.
- PayID may be available after disbursement, or funds may be sent by EFT on the next business day.
Use it when you have an approved vehicle, verifiable income and a defined lawful short-term need. Do not use a new secured loan to address arrears or repayments on another credit facility.
All applications are subject to credit assessment and eligibility criteria. AutoSwift Finance is operated by Koala Enterprises Pty Ltd (Australian Credit Licence 537359).
Rates, Fees and Repayments
Current loan details
- Loan amount
- $2,100–$5,000
- Repayment term
- Fixed 12 months
- Interest rate
- Fixed interest rate of 47% p.a.
- Comparison rate
- 65.61% p.a. based on $2,500 over 24 months
- Repayment frequency
- Weekly, fortnightly or monthly
Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
Fee schedule
| Establishment fee | $400 |
| PPSR Check fee | $2 |
| PPSR Registration fee | $6 |
| Credit Check fee | $8 |
| Total fixed upfront fees | $416 |
| Application fee | $0 |
| Monthly account-keeping fee | $0 |
| Early payout fee | $0 |
| Dishonoured Payment Fee | $35 |
| Reschedule Fee | $25 |
The $416 fixed upfront fees are deducted from the amount borrowed at the start. The published representative example states that a $2,500 loan over 24 months totals $4,510.33. That example uses a comparison-rate term for illustration; EquiMax Loans have a fixed 12 month repayment term.
Warning: this comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or loan amounts will result in a different comparison rate.
Early payout is available subject to the terms of your contract.
FAQs
Do I lose my car if I borrow against it?
No. With the EquiMax Loan, you retain possession and continue driving the vehicle throughout the loan term while meeting your contractual obligations. AutoSwift Finance registers a security interest on the PPSR, and the vehicle may be repossessed if you fail to meet repayment obligations.
Does borrowing against a car mean the lender takes it?
No. A keep-driving secured loan is different from a vehicle pawn arrangement where the vehicle may be physically held. You keep using your approved vehicle, but you remain responsible for insurance, registration, maintenance and repayments.
Is a credit check required?
Yes. AutoSwift Finance conducts a credit and affordability assessment for every application. It considers income, expenses, liabilities, repayment capacity and credit history, so approval is not guaranteed.
Can I use a car that already has finance owing?
The standard requirement is that the vehicle is unencumbered, meaning there is no existing finance or other security interest over it. If finance is owing, confirm your position with AutoSwift Finance before applying rather than assuming the vehicle will qualify.
How quickly can funds arrive?
Most decisions are made the same business day once all supporting documents are received. PayID may arrive within minutes of disbursement, while EFT is generally sent on the next business day. Application processing times may vary. Approval is not guaranteed and is subject to credit assessment.
Conclusion
Borrowing against your car can let you access a defined amount of short-term finance while continuing to use the vehicle. The key is to check that your vehicle and income meet the requirements, understand the fixed 12 month term and itemised fees, and recognise that the car is security under the contract. If the EquiMax Loan fits your circumstances, you can review the details and begin an online application.