Credit circumstances
Applicants with impaired, limited or less-than-perfect credit histories may be considered. AutoSwift Finance still conducts a credit assessment on every application and does not provide guaranteed approval.
What Is a Car-Secured Loan?
A car-secured loan uses an approved vehicle registered in your name as security for borrowing. AutoSwift Finance registers a security interest on the Personal Property Securities Register (PPSR), while you keep possession and continue driving the vehicle. Every application is assessed using information such as income, expenses, repayment capacity, credit history and vehicle security.
A less-than-perfect credit history does not automatically determine the outcome, but approval is not guaranteed. The EquiMax Loan is intended for lawful, short-term cash flow needs and is not a no-credit-check loan.
This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
For a broader explanation of this structure, read our car security loan guide.
When Using Your Car as Security May Be Considered
AutoSwift Finance considers the complete application rather than relying on credit history alone. The following factors help explain what the assessment looks at.
Income and expenses
Verifiable income, regular expenses, existing liabilities and recent repayment behaviour are considered. The loan is offered only where it appears suitable and affordable without substantial hardship.
Vehicle security
The vehicle generally needs to be registered in your name, unencumbered, comprehensively insured, not written off and not stolen. Cars, utes and vans may be assessed individually.
vehicle security requirements
Responsible borrowing
Applicants must be able to make the scheduled repayments without substantial hardship. Bankruptcy, an expected bankruptcy, a current Part IX Debt Agreement, a garnishee order or a recent history of serious and consistent defaults may affect eligibility.
What You Get
Keep using your vehicle
Retain possession and continue driving throughout the loan term, subject to the contract.
Choose a repayment frequency
Select weekly, fortnightly or monthly scheduled repayments aligned with your pay cycle.
See itemised fees upfront
Review the establishment, PPSR and credit check fees before accepting an offer.
Manage the application online
Apply digitally and provide identification, income and vehicle documents online.
Make additional repayments
Additional repayments are permitted at your discretion, subject to contract terms.
Consider early payout
Early payout is available at any time with a $0 early exit fee, subject to contract terms.
Early payout is available subject to the terms of your contract.
How It Works
Step 1
Apply online
Complete the online application and provide the information needed for assessment.
What you see: a digital application form.
Step 2
Complete assessment
AutoSwift Finance checks identity, affordability, credit information and the proposed vehicle security.
What you see: a reviewed application and offer, if approved.
Step 3
Sign and receive funds
If approved, review the contract, sign digitally and receive funds by PayID or EFT.
What you see: digital documents and funding instructions.
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 (Grouped)
Core workflow features
- 100% online application
- Digital servicing throughout the loan term
- Identity and affordability assessment
- Vehicle security review
- Digital document signing
Reliability & control
- Fixed 12 month repayment term
- Fixed scheduled repayments
- Weekly, fortnightly or monthly frequency
- Additional repayments permitted
- No monthly account-keeping fee
Integrations & export
- PayID funding option
- EFT funding option
- Online document upload
- Digital offer and contract access
- Online account servicing
Loan Details, Fees and Risks
| Feature | Details |
|---|---|
| Loan amount | $2,100 – $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 |
| Vehicle possession | You keep full use and possession throughout the loan term |
Fixed interest rate of 47% p.a. Rates and fees apply. Refer to our Terms and Conditions for full details.
| Fee | Amount |
|---|---|
| Establishment fee | $400 |
| PPSR Check fee | $2 |
| PPSR Registration fee | $6 |
| Credit Check fee | $8 |
| Total fixed upfront fees | $416, deducted at the start |
| Application fee | $0 |
| Monthly account-keeping fee | $0 |
| Dishonoured Payment Fee | $35 if a scheduled payment is missed or returned |
| Reschedule Fee | $25 |
Based on a $2,500 loan over 24 months, the representative total repayment is $4,510.33. This comparison rate is true only for the example given and may not include all fees and charges.
Using your car as security means the asset is exposed if you do not meet your obligations. This is a secured loan. If you fail to meet your repayment obligations, your secured asset may be repossessed.
Before applying, consider whether a lower-rate mainstream loan may be available to you. If you are already experiencing financial difficulty, contact your existing creditors, use the financial hardship process or speak with a free financial counsellor instead of taking new credit to meet arrears or another credit facility.
Eligibility and Documents
You may be eligible if you
- Are aged 18 or over.
- Are an Australian citizen, permanent resident or eligible Australian visa holder.
- Have an Australian residential address, contact number and email address.
- Have verifiable income and repayment capacity.
- Can provide an approved vehicle or other approved asset as security.
- Can provide the information and documents reasonably required for assessment.
Documents you may need
Employed applicants may need government-issued photo identification, typically the last two or three payslips, vehicle registration papers or a log book, and proof of comprehensive vehicle insurance.
Self-employed applicants may need identification, invoices, contracts or tax returns, vehicle registration papers or a log book, and proof of comprehensive vehicle insurance.
application document checklist
Proof and Customer Experience
- Loan amounts are $2,100 – $5,000 for eligible applicants.
- The repayment term is fixed at 12 months.
- Applicants can choose weekly, fortnightly or monthly repayments.
- PayID or EFT funding options are available after the required steps are completed.
“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
47% p.a.
Fixed interest rate
537359
Australian Credit Licence
AutoSwift Finance is operated by Koala Enterprises Pty Ltd, ABN 19 655 850 409. Member of AFCA (87780).
FAQs
Can I use my car as security with bad credit?
AutoSwift Finance may consider applicants with impaired, limited or less-than-perfect credit histories. Credit history is only one part of the assessment, which also considers income, expenses, repayment capacity and vehicle security. Approval is not guaranteed, and every application is subject to credit assessment and eligibility criteria.
What does using my car as loan security mean?
It means a security interest is registered against the approved vehicle or asset on the PPSR. You keep possession and continue driving the vehicle during the loan term, subject to the contract. If you fail to meet your repayment obligations, the secured asset may be repossessed.
Can I keep driving my car?
Yes, you retain full use and possession of the vehicle throughout the loan term. AutoSwift Finance registers a security interest rather than taking physical possession at the start. The vehicle must continue to meet the relevant contract and insurance requirements.
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, comprising the $400 establishment fee, $2 PPSR Check fee, $6 PPSR Registration fee and $8 Credit Check fee. Rates and fees apply, so review the contract and Terms and Conditions carefully.
Can I repay the loan early?
Additional repayments are permitted at your discretion. Early payout is available at any time with a $0 early exit fee, subject to the terms of your contract. Ask for the applicable payout figure before finalising your repayment.
Early payout is available subject to the terms of your contract.
What if I am experiencing financial hardship?
Contact AutoSwift Finance as early as possible by emailing cs@autoswift.com.au or calling 1300 894 686. You can also seek hardship assistance from existing creditors or speak with a free financial counsellor. A new EquiMax Loan is not intended to meet arrears or repayments on another credit facility.
Review your options before applying
If your application is suitable and affordable, the EquiMax Loan may provide a secured borrowing option while you keep your car.