Self-employed income
Applicants may be asked for invoices, contracts, tax returns and other information that helps verify business income and repayment capacity.
What Is a Car-Secured Loan with Irregular Income?
A car-secured loan uses an approved vehicle registered in your name as security for borrowing. For people whose income changes between pay periods, assessment focuses on verifiable income, expenses, existing liabilities, repayment history and the capacity to meet scheduled repayments without substantial hardship. AutoSwift Finance offers the EquiMax Loan, a medium-amount credit contract for eligible Australians who need short-term cash flow support.
You can read more about what happens to your car under a secured loan before deciding whether this type of finance is suitable. This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
Ways Irregular Income May Be Assessed
Income that varies does not automatically mean an application will be approved or declined. The assessment requires evidence that shows where income comes from and whether repayments are affordable.
Variable employment income
Recent payslips can help show changing pay between periods. The assessment also considers expenses, liabilities and the regular repayment required.
Contract or invoice income
Contracts and invoices may provide useful evidence of the source and timing of income. Additional documents may be required during assessment.
Vehicle-backed security
The vehicle must generally be registered in your name, unencumbered, not written off or stolen, and covered by comprehensive insurance. You keep using it during the loan term.
You can also review this short-term car-secured loan eligibility guide to prepare for the information commonly requested.
What You Get
Show your income clearly with documents relevant to employment, self-employment or contract work.
Choose a repayment frequency of weekly, fortnightly or monthly to align with your pay cycle.
Keep driving your vehicle while the approved vehicle remains security for the loan.
See itemised fees upfront including the establishment, PPSR and credit check fees.
Apply and manage your loan online with digital servicing throughout the loan term.
Make additional repayments at your discretion, subject to the contract terms.
How It Works
1
Apply online
Provide details about your income, expenses, liabilities, vehicle and borrowing needs.
What you see: an online application available 24/7.
2
Provide documents
Upload identity, income and vehicle documents reasonably required for assessment.
What you see: a request for supporting evidence.
3
Receive funds if approved
Review the offer, sign digitally and receive funds by PayID or EFT if your application is approved.
What you see: disclosed terms before signing.
Most decisions are made the same business day for complete submissions. Application processing times may vary. Approval is not guaranteed and is subject to credit assessment.
Features
Core workflow features
- 100% online application
- Individual credit assessment
- Digital signing if approved
- Vehicle and income document review
- Online loan management
Reliability & control
- Fixed 12 month repayment term
- Fixed scheduled repayments
- Weekly, fortnightly or monthly frequency
- No monthly account-keeping fee
- Additional repayments permitted
Integrations & export
- PayID funding option
- EFT funding option
- Digital document submission
- Electronic contract signing
- Digital servicing throughout the loan term
EquiMax Loan Details and Fees
| Loan amount | $2,100 to $5,000 |
|---|---|
| Loan term | Fixed 12 month repayment term |
| Interest rate | Fixed interest rate of 47% p.a. |
| Comparison rate | 65.61% p.a. based on a $2,500 loan over 24 months |
| Repayments | Weekly, fortnightly or monthly, with fixed scheduled amounts |
| Security | Registered vehicle or other approved asset, with a PPSR security interest |
| Funding | PayID or EFT |
Itemised fees
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
Dishonoured Payment Fee$35
Reschedule Fee$25
The $416 fixed upfront fees are 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.
Representative example: Based on a loan of $2,500 over 24 months, a borrower can expect to repay a total of $4,510.33. This reflects a comparison rate of 65.61% p.a. and includes $416 in fixed upfront fees. 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.
If your circumstances include an existing vehicle finance arrangement, read about borrowing against a car with finance owing before applying, as standard vehicle security requirements generally require an unencumbered vehicle.
Proof
- Loan amounts range from $2,100 to $5,000.
- Repayment frequency can be weekly, fortnightly or monthly.
- The fixed repayment term is 12 months.
- Applications are assessed individually using income, expenses, liabilities and repayment capacity.
- Online applications are available 24/7.
“Easy process good company to work with they look at you more personally rather than just automatic response.”
“Great experience with AutoSwift. The team is professional, responsive, and truly knows their space. highly recommend!”
“So cool! The best quality experience”
Credentials & Key Stats
$2,100–$5,000
EquiMax Loan range
12 months
Fixed repayment term
47% p.a.
Fixed interest rate
537359
Australian Credit Licence
Koala Enterprises Pty Ltd operates AutoSwift Finance and holds Australian Credit Licence 537359. Member of AFCA (87780).
FAQs
Can I apply for a car-secured loan if my income changes?
You may apply if you have verifiable income and can demonstrate capacity to make repayments without substantial hardship. AutoSwift Finance considers employed, self-employed, contract and other acceptable income sources under its credit policy. Irregular income is assessed with your expenses, liabilities, repayment history and vehicle details.
What documents may self-employed applicants need?
Self-employed applicants may be asked for photo identification, invoices, contracts and tax returns. Vehicle registration papers or a log book and proof of comprehensive vehicle insurance may also be required. AutoSwift Finance may request further information reasonably needed to assess income and affordability.
What are the vehicle security requirements?
The vehicle generally needs to be registered in your name, unencumbered, not written off and not stolen. Comprehensive insurance is required, and cars, utes and vans may be considered individually. You retain possession and use of the vehicle, but this is a secured loan and the secured asset may be repossessed if repayments are not met.
How are repayments arranged around variable pay?
Repayments may be scheduled weekly, fortnightly or monthly to align with your pay cycle. The repayment amount is fixed once agreed, so you should check that the scheduled amount remains affordable during lower-income periods. Your actual repayment depends on the loan amount, term and individual circumstances.
How much does the EquiMax Loan cost?
The fixed interest rate is 47% p.a., and the comparison rate is 65.61% p.a. based on a $2,500 loan over 24 months. Fixed upfront fees total $416, made up of the $400 establishment fee, $2 PPSR Check fee, $6 PPSR Registration fee and $8 Credit Check fee. Application and monthly account-keeping fees are $0, while other charges can apply as set out in the fee schedule.
Can I repay the loan early?
Early payout is available at any time with a $0 early exit fee, subject to the terms of your contract. Additional repayments are also permitted at your discretion. Early payout is available subject to the terms of your contract.
For more detail, review the car-secured loan repayment options and contact AutoSwift Finance if your circumstances need clarification. You can also learn about vehicle possession during a secured loan before making a decision.
Check whether the EquiMax Loan may suit your circumstances.
Apply online with information about your income, expenses, liabilities and vehicle ready for assessment.