Vehicle costs
Funds may be used for car repairs, registration, tyres and an insurance excess. These costs can be especially important when a vehicle is needed for work or daily travel.
car repairs and registration financeMelbourne applicant guide
What Is a Car Equity Loan? (Quick Definition)
A car equity loan is a secured personal loan where an approved vehicle or other approved asset is used as security. AutoSwift Finance’s EquiMax Loan is available to eligible Australians seeking short-term cash flow support for a lawful purpose, with the security interest registered on the Personal Property Securities Register (PPSR).
You keep driving and retain possession of your vehicle while meeting the contract obligations. This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
AutoSwift Finance operates online Australia-wide, including Melbourne, and does not operate a physical Melbourne branch. Applicants need an Australian residential address, contact number and email address.
car equity loans for Melbourne vehicle ownersA vehicle-backed application
Your vehicle is assessed individually. It generally needs to be registered in your name, comprehensively insured, not written off or stolen, and free from existing finance or another encumbrance.
What You Can Use the EquiMax Loan For
The product is designed for lawful, short-term needs rather than ongoing or revolving credit. These examples reflect the use cases described by AutoSwift Finance.
Medical and dental expenses
The EquiMax Loan may be considered for unexpected medical or dental expenses, subject to credit assessment, eligibility and the ability to repay without substantial hardship.
Home and living costs
Examples include home repairs, rent, bond, utilities and temporary cash flow gaps. Consider whether the fixed repayment schedule is manageable before applying.
short-term cash flow supportWork tools and essentials
Eligible applicants may use funds for work equipment, tools, electronics or training fees. The purpose must be lawful and the application must satisfy the lender’s assessment.
What You Get
The EquiMax Loan is structured around a defined loan amount, fixed term and online servicing experience.
Borrow $2,100 to $5,000
Use the stated loan range for eligible short-term needs.
Choose a repayment frequency
Select weekly, fortnightly or monthly repayments aligned with your pay cycle.
Keep using your vehicle
Retain full use and possession of the vehicle throughout the loan term while meeting your obligations.
See itemised fees
The application fee and monthly account-keeping fee are both $0, while other fixed fees are disclosed upfront.
Make additional repayments
Additional repayments are permitted at your discretion.
Apply and manage online
Use digital servicing throughout the loan term, with PayID or EFT funding options when applicable.
How It Works
The Melbourne application process is completed online, with documents and vehicle information reviewed before an offer is issued.
Step 1
Apply online
Provide identification, income information and details about your vehicle.
What you see: an online application form.
online loan applicationStep 2
Complete assessment
AutoSwift Finance checks identity, income, expenses, affordability, credit information and vehicle security.
What you see: a credit and suitability assessment.
loan eligibility criteriaStep 3
Review and receive funds
If approved, review the disclosed offer, sign electronically and receive funds by PayID or EFT.
What you see: a digital offer and funding instructions.
PayID funding is often within minutes of funds being disbursed. EFT is on the next business day. Application processing times may vary. Approval is not guaranteed and is subject to credit assessment.
Features (Grouped)
Core workflow features
- 100% online application process
- Digital servicing throughout the loan term
- Electronic signing when an offer is issued
- Vehicle and income information reviewed online
- PayID or EFT funding options
Reliability & control
- Fixed 12 month repayment term
- Fixed scheduled repayments
- Weekly, fortnightly or monthly frequency
- Additional repayments permitted
- Security interest recorded on the PPSR
Integrations & export
- PayID disbursement option
- EFT next-business-day option
- Online document submission
- Electronic offer signing
- Phone and email support channels
Costs and Eligibility
Representative costs
| Cost | Amount |
|---|---|
| Fixed interest rate | 47% p.a. |
| Comparison rate | 65.61% p.a. |
| Establishment fee | $400 |
| PPSR and credit check fees | $16 total |
| 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 comparison rate is based on a $2,500 loan over 24 months. The $416 in fixed upfront fees is deducted from the amount borrowed at the start. Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
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.
General eligibility
- Be 18 years or older.
- Be an Australian citizen, permanent resident or eligible Australian visa holder.
- Have an Australian residential address, contact number and email address.
- Have verifiable income and capacity to repay without substantial hardship.
- Provide acceptable security, generally a registered vehicle in your name.
- Provide the information and documents reasonably required for assessment.
Applications are not suitable where the applicant is bankrupt, expecting bankruptcy, subject to a current Part IX Debt Agreement or garnishee order, or unable to demonstrate repayment capacity. All applications are subject to credit assessment and eligibility criteria.
documents you may needProof
- Loan amounts range from $2,100 to $5,000.
- The fixed repayment term is 12 months.
- PayID funding is often within minutes of funds being disbursed, or EFT is available on the next business day.
- AutoSwift Finance operates Australia-wide online, including Melbourne, without a physical Melbourne branch.
- The lender operates under Koala Enterprises Pty Ltd and holds Australian Credit Licence 537359.
“Easy process good company to work with they look at you more personally rather than just automatic response.”
Credentials & Key Stats
$2,100–$5,000
EquiMax Loan amount range
12 months
Fixed repayment term
$416
Total fixed upfront fees
537359
Australian Credit Licence
Koala Enterprises Pty Ltd, ABN 19 655 850 409, is a member of AFCA, membership 87780.
FAQs
Is the EquiMax Loan suitable for every Melbourne applicant?
No. It is intended for eligible Australians who need short-term cash flow support and can provide acceptable security. Applicants must demonstrate the capacity to make repayments without substantial hardship, and every application is subject to credit assessment and eligibility criteria.
Do I need to visit a Melbourne branch?
No physical Melbourne branch is operated by AutoSwift Finance. The application and digital servicing process is completed online, with phone and email support available for enquiries.
What vehicle can I use as security?
The standard requirement is an unencumbered, comprehensively insured and registered vehicle in your name. It must not be written off or stolen. Cars, utes and vans are typically accepted, but vehicles are assessed individually and no universal age or kilometre cut-off is published.
How much does a car equity loan cost?
The EquiMax Loan has a fixed interest rate of 47% p.a. The comparison rate is 65.61% p.a. based on a $2,500 loan over 24 months. Fixed upfront fees total $416, including a $400 establishment fee, and the application fee and monthly account-keeping fee are both $0. Rates and fees apply. Refer to the Terms and Conditions for full details.
Can I keep my car during the loan?
Yes, you retain full use and possession of the vehicle while meeting your contractual obligations. AutoSwift Finance registers a security interest on the PPSR. This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
Can I repay the loan early?
Additional repayments are permitted at your discretion, and early payout has a $0 early exit fee subject to contract terms. Paying early does not remove your responsibility to follow the contract or any amount already payable under it. Early payout is available subject to the terms of your contract.
Check your eligibility for a car equity loan in Melbourne
Review the requirements and submit an online application for the EquiMax Loan.