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Low doc car loans

Posted on by rdelavictoria

Get your business car financed with Metro’s low doc loans, tailored for sole traders and your small business

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What is a low doc loan?

The easy financing solution for sole traders, small business owners, start-ups, and more.

As a small business owner or sole trader, time is money, which means you may not have the time to spare to complete extensive paperwork or dig up business records to apply for a loan for that asset that will take your enterprise to the next level.

At Metro Finance, we get you and your business, which is why we offer low doc car loans. 

Low doc loans work the same way as a regular loan, without the extra paperwork. All we need is an application form, a signed privacy consent and proof of ID to get started.

Drive your business further with Metro Finance

Metro is the award-winning non-bank lender that gets small business and offers tailored commercial finance solutions for a range of assets and purposes. 

Best of all, our fast turnaround and reliable, personalised service means that you can keep your business moving, with the confidence and support of being backed by a lender that has financed over $10 billion in loans and helped over 120,000 customers. 

  1. Fast: We get it – time is in short supply when you’re running a business, which is why we offer a fast and streamlined loan application and approval process.
  2. Trusted: At Metro, we pride ourselves on being a trusted partner to businesses of all sizes and offering a suite of lending packages tailored to suit a range of assets and business uses including self-employed car loans and low doc business car loans.
  3. Value: As a leading non-bank lender, Metro offers competitive interest rates with no hidden fees to provide the best possible value, transparency and surety for your business.
  4. Results: Results matter in business, which is why everything we do at Metro is focused on delivering for our customers and their needs. With flexible loan terms ranging from 2 to 5 years and loan values available from $10,000 to $500,000, you can rely on Metro to get your business to where you need it to be.
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An Easy low doc loan process

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Get in touch with your broker or salary package introducer

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Ensure you and meet the eligibility requirements

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Your broker submits your loan application and supporting documentation

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Your loan is approved and you’re on your way!

Benefits of a low doc car loan

There are many benefits to a low doc car loan, but here are some of the main points to consider if it is right for you:

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Time saving: No mountains of paperwork. No digging up old business records. Fast approvals process so you can keep going. Time is money in business, and we get that. 

Less paperwork: Many standard loan applications require significant amounts of paperwork to complete and records to provide – our low doc car loans don’t. 

More than just vehicles: Our low doc loans can also be used to secure a range of other business-related assets such as tools and equipment.

Eligibility requirements and documents

Applying for a low doc loan couldn’t be simpler once you meet the following eligibility requirements:

  1. You have been qualified by a certified broker
  2. You are an ABN holder or a company director
  3. You have a clean credit history
  4. You have access to 6-12 months of business bank statements
  5. You accept that your low doc loan will be secured against the asset being financed
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Want to go greener?

Our MetroEco product offers discounts and flexible terms for a range of green assets including electric vehicles and charging technology. To find out more, head to our MetroEco information page here, or talk to one of our friendly brokers. 

Secured Car Loans - Frequently Asked Questions

What’s the difference between a low doc loan and a regular loan?

As the name suggests, a low doc loan requires less paperwork than a regular loan. A low doc loan is specifically designed for time-poor business owners and sole traders who may not have the usual proof-of-trading records a regular loan application might require.

It’s always a good idea to speak with a broker to understand the fee structure and any servicing requirements before applying for a loan. In the case of a low doc loan, some of the common fees you may encounter include:

Origination fee: which typically covers the processing and underwriting of your loan

Establishment fee: which covers credit checks, preparing documents and admin setup.

Early payment fee: Which covers any interest owing shortfall if you pay off the loan earlier than initially agreed. 

Account keeping fee: Which usually covers any regular levies to maintain your account and includes things like processing and support.

A low doc loan covers a variety of new and pre-owned vehicles, including electric and hybrid vehicles.

As the name suggests, a secured car loan is offered when a bank or lender has security over the asset it is providing a loan for. If for whatever reason you were unable to repay the loan, the lender would be able to resell your vehicle to recoup the money it loaned you. To find out more, head to our guide to secured loans.

Let Metro Finance help you elevate your business

To find out more about low doc car finance offered by Metro, or to start a loan application, talk to one of our friendly team members, a member of our Metro-certified broker network or a salary package introducer.

Get in touch

Alternatively, give us a call on 1300 362 627 and speak to a friendly Metro customer service adviser.

Green Business Loans with MetroEco

Posted on by rdelavictoria

How green lending can help businesses achieve their sustainability goals.

Let's Chat

Why Choose MetroEco?

MetroEco – a product designed to make it easier for you and your business to invest in green technology and reduce carbon footprint.

Our MetroEco asset finance product was specifically created to support businesses on their sustainability journey by accessing a range of green assets including electric vehicles (EVs), chargers, solar panels, batteries and other earthmoving and agricultural equipment, while taking advantage of additional benefits along the way. 

Metro is a proud commercial partner of the Australian Government’s Clean Energy Finance Corporation (CEFC) and offers MetroEco customers low interest green loans for specific assets, with the added benefit of flexible loan terms and the ability to bundle multiple assets into one loan for extra convenience. 

Loan Step Process

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Initial Consultation

To start your MetroEco green business loan application, speak to one of our knowledgeable and accredited brokers. Metro brokers are well-versed in our loan products and can provide you with guidance and support to help you through the application process seamlessly.

Let’s Chat

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Ensure you and meet the eligibility requirements

Once you’ve decided on the right finance option for you, our accredited brokers will take the reins and submit your loan application. Our brokers are experts in the application process and will ensure that all the necessary information is accurately gathered and included in your submission, giving you peace of mind in knowing they will handle the process effectively, keeping you informed at every step along the way.

Let’s Chat

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Metro credit assessment

Upon receiving your application, our analysts will carefully review and assess the information provided.

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Settlement

If your application is approved, we will present you with a comprehensive finance offer, outlining the terms, conditions, interest rates, repayment structure, and any other relevant details.

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Congratulations! You are now ready to go!

Your asset supplier will typically receive the funds within 24 hours from settlement. Once the funds have been received, you can arrange to collect or have installed your new asset. This streamlined process ensures that you can swiftly enjoy and benefit from your new purchase without unnecessary delays.

What we can finance

Through green lending, Metro finances the latest electric vehicles from various brands as well as a range of other assets to support your business’s sustainability goals, including EV charging and solar power, light commercial vehicles and heavy commercial vehicles, as well as other tertiary assets  including machinery and equipment such as:

  • Tractors
  • Harvesters
  • Wheeled Handling Equipment
  • Other Self-Propelled Equipment
  • Tillage/Seeding
  • Spraying
  • Grain Handling
  • Hay & Silage
  • Other Implements & Equipment
  • Loaders/Excavators (< 10T)
  • Mid Excavators (10>40T)
  • Large Excavators (> 40T)
  • Backhoes
  • Bulldozers
  • Grain Handling
  • Scrapers/Graders
  • Medium Commercial (3.5>12T GVM)
  • Heavy Commercial (> 12T GVM)
  • Bus
  • Mobile Crane
  • Crusher / Screener
  • Chipper / Mulcher
  • GPS Unit

Eligibility for a Green Business Loan

  1. Age Requirement: Applicants must be at least 18 years old to be eligible for financing through Metro.
  2. Residency: Financing is available to Permanent Residents and Australian citizens.
  3. Creditworthiness: Metro considers the credit history of applicants when evaluating loan applications.
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Green Resources for Your Business

At Metro, we know buying an electric vehicle might feel a bit overwhelming. That’s why we’ve gathered a range of resources to help you make the best decision for your needs.

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EV Charging Stations Map

Find the closest electric vehicle charging station near you. Use this live map created by the Electric Vehicle Council to locate all charging stations across Australia.

View Charging Stations Across Australia

Government Initiatives

Discover how state governments across Australia are promoting electric vehicles through various initiatives including subsidies, rebates and tax incentives.

For the latest updates in each state:

New South Wales
Queensland
Victoria

South Australia
Western Australia
Canberra

Northern Territory
Tasmania

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Electric Vehicles Available in Australia

Navigate the Future: Australia’s Comprehensive Electric Vehicle Guide.

Electric Vehicles Available

Worried where you can charge your electric car?

The Electric Vehicle Council has put together a live map that shows all charging stations across Australia.

Find Your Closest Charging Station Here

Frequently Asked Questions

What is Green Lending?

Green lending is the term that applies to finance products designed to help individuals and businesses access assets, such as vehicles and machinery, that offer sustainable benefits – such as low to zero emissions or provide/use renewable energy. Often these products also include further discounts and flexible terms, making them a popular option for many people looking to secure finance for themselves or their business.

Green and sustainable assets are not just better for the environment, they can also help your back pocket. By incorporating green assets into your business you could take advantage of government incentives such as tax breaks and discounts, as well as positively impacting your business’s reputation with customers and the wider community.

As they are specifically tailored to support sustainable and environmentally conscious initiatives, there are a range of distinguishing features of green commercial loans. This includes:

 

  • Purpose: Green finance loans are specifically designed to finance assets that contribute to environmental sustainability. They are intended for businesses seeking to implement or expand eco-friendly practices, invest in renewable energy, adopt energy-efficient technologies, or fund green infrastructure projects.
  • Eligible Assets: Green commercial loans focus on financing assets that have a positive environmental impact and align with social responsibility initiatives. 
  • Environmental Criteria: Unlike traditional loans, green commercial loans incorporate specific environmental criteria for eligibility, and to help support impact investing and sustainable development. 
  • Competitive Terms: Green finance loans often come with competitive terms and favourable interest rates, such as MetroEco’s 1% discount that compounds over time. Lenders recognise the long-term financial viability and positive environmental outcomes associated with sustainable assets, making them more inclined to offer attractive financing packages to eligible businesses.
  • Expertise and Guidance: Lenders specialising in sustainable asset finance loans often have expertise and resources dedicated to the green sector. At Metro, our accredited broker network can provide valuable insights, guidance, and support throughout the loan application process, assisting borrowers in navigating the complexities of sustainable finance and ensuring compliance with environmental regulations.
  • Reputation and Stakeholder Alignment: By securing a green finance loan, businesses can enhance their reputation and align themselves with environmental responsibility. This resonates with stakeholders, including customers, investors, and the community, as they increasingly prioritise sustainable practices and environmentally friendly businesses.

When evaluating loan applications for electric vehicle financing, Metro considers several factors to determine eligibility and loan terms. These factors are some of the factors we may consider:

 

  • Credit History: Your credit history plays a significant role in the loan evaluation process. Metro considers factors such as credit score, payment history, credit utilisation, and the presence of any derogatory marks.
  • Metro assesses your income and employment stability to gauge your ability to make timely loan repayments. They may consider factors such as your employment history, income level, and consistency of income. 
  • Which compares your monthly debt obligations to your income. A lower debt-to-income ratio indicates a healthier financial position and a higher likelihood of loan approval.
  • Loan Amount and Term: Metro assesses the loan amount being requested and the proposed loan term. The loan term is evaluated to ensure that it is reasonable and feasible for the borrower to repay the loan within the given timeframe.
  • Down Payment: Providing a down payment reduces the loan amount and shows your commitment to the loan. 
  • Loan Term and Repayment Ability: Metro also considers the loan term and assesses your ability to comfortably make loan repayments within the specified timeframe. This may include evaluating your income, expenses, and other financial obligations to ensure that the loan is manageable for you.

To find out more about the lending process with Metro, talk to one of our friendly, award-winning brokers. Start a conversation by clicking here.

While the exact timeframe can vary depending on various factors, including the completeness of the application and the complexity of the financing request, we strive to provide a decision as quickly as possible.

Yes, Metro only offers secured loans.

To begin financing with Metro, simply click here to connect with a broker who can assist you with the application process.

Yes, business owners can certainly finance through Metro. We offer a range of commercial products tailored to meet the unique needs of businesses. For more information and to discuss your specific requirements, please speak to our commercial products team.

Metro provides financing options for a range of assets, such as electric vehicles and chargers, solar panels and other sustainable equipment. We are passionate about supporting initiatives that promote environmental sustainability and are happy to help you invest in green solutions for your business.

Commercial Finance

Competitive business loans for vehicles and equipment

Personal Finance

Flexible loan terms and competitive finance rates.

Novated Leases

Salary packaged through an employer or salary packager.

Broker Portal

Efficient and easy to use, catering to all borrowing types.

If you’re ready to get your business moving with a green business loan, we’re here to help.

Our team can get you in touch with one of our trusted brokers or salary packager introducers.

Fleet Financing for Small Businesses: Build Your Fleet on
a Budget

Posted on by rdelavictoria

Learn how small businesses can finance and manage their vehicle fleet on a budget. Explore fleet financing options and cost-saving strategies.

Understanding Fleet Financing

Small business owners wear many hats and need to be across the ins and outs of every part of their operation. When it comes to running a fleet of vehicles, whether they’re a passenger, light or heavy commercial vehicle, the costs and at times the headaches can compound, which is why fleet financing is a popular way for businesses to keep their business running, while also keeping cashflow in the business and taking advantage of a range of benefits and incentives.

What is Fleet Financing?

Fleet financing is the term used to describe a range of financial products designed to help individuals and businesses get access to the vehicle/s of their choosing when they need it, with the option of leasing or owning the vehicle upfront or at the end of the finance term.

Why Fleet Financing is Crucial for Small Businesses

Cashflow is crucial to small businesses, and often a company’s vehicle fleet is its biggest expense, significantly impacting money going in and out of the operation. By using a fleet finance product, small businesses can acquire the type of vehicle/s it needs with predictable regular payments, while also taking advantage of tax benefits and potential savings along the way. In some instances, there is also the option of a final balloon payment to reduce the regular loan payments, once again potentially keeping more money in the business.

Key Fleet Financing Options for Small Businesses

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Commercial Hire Purchase (CHP)

A Commercial Hire Purchase (CHP), which is sometimes known as a Hire Purchase (HP) or Corporate Hire Purchase, is a finance arrangement where a financier purchases an asset (like a passenger, light or heavy commercial vehicle or a piece of equipment) on behalf of a business, who then hires it back for a fixed term with regular payments. The key factor of a CHP is the business has full use of the asset during the term but doesn’t take ownership until the final payment is made. 

Finance Lease vs. Operating Lease

A finance lease is a contract that permits the use of an asset and transfers ownership after the lease period is complete once certain obligations are met, whereas an operating lease is a contract that permits the use of an asset without transferring its ownership rights. Both have their unique advantages, depending on the type of vehicles a business needs and how they intend to use them.

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How to Choose The Right Fleet Financing Option

Factors to Consider

With any financial decision for both businesses and individuals, it’s important to look at all the factors and how they will impact your specific situation. Some key elements to consider when looking at fleet financing includes:

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Interest Rates

Current interest rates, and whether they will be fixed or variable for the finance period of your loan or lease 

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Loan terms

Loan terms – meaning how long you or your business will need to make payments 

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Business Size

The size of your business and its asset requirements 

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Vehicle Type

The type of vehicle/s you need, and how they will support your work

Fleet Management and Cost Optimisation

One of the toughest aspects of managing any fleet is striking a balance between outgoing costs and the value/revenue generated by the use of the vehicle/s. Fleet managers need to look at the size of their fleet and how it stacks up in doing the work required of it, while also factoring in financial and downtime costs for things like fuel, registration and maintenance. Driver safety is also paramount, so ensuring that a fleet is well maintained and provides safe vehicles for business employees to use is also crucial.

Budget Friendly Strategies for Fleet Expansion

Leasing vs Buying – What’s More Cost-Effective?

The reality is, there is no one-size-fits-all solution when it comes to fleet financing, as every business structure and their needs are different. However, vehicles will almost always be a depreciating asset, so it makes sense for businesses to optimise their usage while also ensuring that they cost the business as little as possible. When looking at leasing vs buying, it’s important to consider your business’s own requirements and look at fleet costs over a comparable term – while in some instances it might be beneficial to own a vehicle or vehicles right away, in others it might make more sense to lease it with a view to future ownership. A broker will be able to find the best solution for your business needs, so why not start a conversation with a member of Metro’s national network? Click here to contact us.

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cost reduction

How to Minimise Fleet Running Costs

Again, forward planning is key, and looking at the total cost of your fleet, including depreciation, maintenance and insurance costs, registration and fuel. Understand the tax implications of running a vehicle fleet first as well, as there may be ways you can offset some of the fleet expenses in your business tax returns. 

Common Mistakes to Avoid in Fleet Financing

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Overlooking Total Cost of Ownership (TCO)


While this is not exclusive to small businesses, overlooking the total cost of ownership for any asset purchase or lease is a common mistake. Before you decide on any financial product, make sure you understand the terms and conditions, ongoing costs and any additional responsibilities you may have throughout the finance term. 

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Not Comparing Lenders and Interest Rates

It’s a competitive market out there! Make sure you look at all your options when it comes to fleet financing, which includes comparing interest rates and fees, along with the various lenders offering products that suit your requirements. Remember, by doing your homework and choosing wisely you could be saving thousands over the life of a fleet finance product!

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Ignoring Tax Benefits and Depreciation

Taxation is a fact of life when it comes to business. Just as it’s important to factor tax into the comings and goings of business operations, not taking advantage of tax benefits and asset depreciation schedules can also be a wasted opportunity when it comes to saving money on fleet costs.

Get Started with Metro Finance

With so many fleet financing options to choose from, it can be daunting for small businesses to know where to start. Why not start a conversation with one of Metro’s friendly brokers, who can help you find a tailored fleet finance solution for your business needs? If you’re ready to start looking at options, reach out to our team here.  

Benefits of 
Non-Bank Lender

Posted on by rdelavictoria

Discover the benefits of a non-bank lender with Metro Finance. Enjoy tailored solutions, flexible terms, and expert support for both individuals and businesses.

Non-Bank Finance Benefits: Why Choosing an Alternative Lender Makes Sense

Non-bank lenders are growing in popularity as a borrowing alternative to traditional banks. In this blog, we’ll explore some of the key differences between non-bank lenders and banking institutions, as well as looking at what makes non-bank lenders so appealing for a wide variety of borrowers.

What is Non-Bank Finance?

As the name suggests, non-bank finance refers to financing that comes from an institution that isn’t a bank, credit union or building society. Because of how non-bank lenders source funds and structure their business operations, they are often able to offer a more flexible, tailored lending solution for borrowers, even those who might have been previously unsuccessful in obtaining lending or have been deemed ‘higher risk’ by the banks.

Key Benefits of Non-Bank Finance

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Faster and Easier Application Process

Because non-bank lenders are often smaller operations compared to traditional banks, they’re able to move more quickly in the application process as they are often less bogged-down in bureaucracy, procedural red tape and rigid lending algorithms.

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Personalised Service

Smaller teams mean more personalised service. At Metro, Real People, Reliable Finance isn’t just a tagline, it’s how we do business. We pride ourselves on building genuine relationships and delivering personalised service every step of the way.

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Competitive Interest Rates

Smaller institutions mean less overheads, which allow non-bank lenders to pass on these savings to customers and keep their interest rates sharp. Because non-bank lenders secure funding from a variety of sources rather than deposits like a bank, they can react to market trends faster – allowing them to be competitive with typically slower-moving big banking institutions.

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Greater Flexibility

There’s no one-size fits all approach for non-bank lenders. Because each application is assessed individually, usually by a person and not a computer, lending terms and rates can be tailored to suit the individual and their specific needs.

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Great Accessibility for a Wider Range of Borrowers

As we’ve discussed, non-bank lenders are able to offer greater flexibility when it comes to loans, and this also applies to the type of borrowers they can provide lending to. 

Self-employed individuals without a regular employee salary that are deemed to be higher risk to bank lenders are some of the borrowers who successfully receive funding from non-bank lenders.

Benefits of Non-Bank Lenders for Businesses

1. Custom Financing for Commercial Needs

Small-medium businesses can also at times find securing finance from a bank difficult because their income is less predictable. Because non-bank lenders are not bound by the same rigid regulations of large banking institutions, they can approve more diverse loan applications, giving business borrowers fast access to funds for important purchases when they need it. 

Commercial finance solutions cover a range of business assets and equipment purchases, including:

Many non-bank lenders specialise in financing these types of assets. Talk to one of Metro’s friendly brokers to find out about a range of options suited to your business. 

2. Support for Sustainable Business Practises

In recent years, sustainability has become an important part of business operations and a major consideration for customers. Metro Finance is committed to supporting customers on their journey with sustainable business loans tailored to support the transition to more environmentally-friendly technologies such as: 

In 2024, Metro launched its MetroEco product, which offers discounted rates and flexible terms for a range of environmentally-focused assets and technologies. To find out more, head to the MetroEco page.

Benefits of Non-Bank Lenders for Individuals

1. Affordable Personal Car Loans

All the same benefits apply to car loans with non-bank lenders, including competitive interest rates, personalised service and fast, flexible loans. Because many car loans are secured against the vehicle being financed, they are more readily accessible to a variety of individuals and businesses with non-bank lenders. To find out more about car loans with Metro, click here.

2. Novated Leases

Novated leases are a great way for employees to get into the car/s of their choosing through their employer and a financier, while taking advantage of a range of tax benefits and savings. When it comes to novated leasing with non-bank lenders, there are lots of options to choose from in terms of lease terms and payment structures. To find out about Metro’s novated leasing options, follow the link here.

Contact Metro Finance for Expert Help

Want to know more? Chat with a Metro expert or one of our friendly brokers to learn more about the type of finance products we offer, and how we can create a tailored financial option to suit your needs. 

Secured Car Loans - Frequently Asked Questions

Can I get a secured car loan with a poor credit score?

Contact your asset finance broker who can assist you with applying a commercial finance loan or alternatively  you are welcome to contact Metro who can provide you with a list of accredited Metro brokers who you can get in touch to arrange an application.

If you’re unable to make payments on your secured car loan, it’s important to act quickly. Since your car serves as collateral for the loan, the lender has the right to take back the car and sell it to recover the money you owe.


Before things get to that stage, many lenders are willing to work with you if you’re facing financial difficulties. If you’re struggling to make payments, it’s a good idea to contact your lender as soon as possible to discuss options like adjusting your payment plan or temporarily pausing payments (hardship arrangements). Ignoring the issue could lead to penalty fees and damage to your credit score, making future borrowing more difficult.

While the exact timeframe can vary depending on various factors, including the completeness of the application and the complexity of the financing request, we strive to provide a decision as quickly as possible.

Hidden Costs of Vehicle Ownership and How Financing Can Help

Posted on by rdelavictoria

Discover the hidden costs of car ownership, from depreciation to insurance, and learn how financing options like car loans and novated leasing can help manage expenses.

Whether we like it or not, our beloved vehicles are a depreciating asset, which means by owning one you are losing money – even as it sits parked. 

Still, owning a vehicle remains one of the biggest financial investments you can make in your lifetime, which is why it’s important to understand the total cost of ownership for a vehicle, which goes far beyond its sticker price. 

In this blog, we’ll take-a-look at some of the costs incurred in vehicle ownership to help with better financial planning, as well as talking about some of the different finance options that may assist in managing vehicle expenses.

The true cost of vehicle ownership

As we’ve mentioned, the true cost of owning a vehicle goes beyond what you pay for it at the time of purchase. Running costs can extend to important and in some cases, mandatory expenses for the life of the vehicle. 

Many would-be owners are surprised to learn how much it costs to own a vehicle, as expenses can add up in the long run; especially as a vehicle gets older and endures normal wear and tear.

Hidden costs of owning a vehicle

Behind every vehicle is a long list of additional expenses. Let’s unpack some of the major hidden costs that can catch owners by surprise.

1. Depreciation – The Biggest Hidden Expense

Regardless of what a vehicle is used for, and how many kilometres it is driven, in most cases it will remain a depreciating asset. The age of the vehicle is one of the biggest factors in depreciation, as is its odometer reading. Vehicles can be quickly superseded too – with new models releasing constantly, each with newer technologies and features than before. 

While some people may buy a vehicle with the expectation it will increase in value over time (as in the case of rare sports cars and vintage models), for most passenger vehicles they will never be worth more than the day they are first registered.

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2. Insurance Costs – More Than Just The Basics

An important cost to factor in for any vehicle purchase is insurance – with compulsory third party (CTP) insurance, which covers the other driver in the event of an accident if you’re at fault – being a pre-requisite for registration. Most people opt to take out further levels of protection, known as comprehensive insurance, to cover their own vehicles against things like accidental damage and theft, adding to ongoing expenses to keep a vehicle on the road.

Remember, insurance costs can vary based on factors like the primary driver’s age, location of where the vehicle will usually be parked, and how far it is expected to travel throughout the year – so it always pays to get a number of quotes from insurance providers based on your chosen vehicle and compare the different policy inclusions as well as their costs. 

3. Maintenance and Repairs – Unexpected Expenses

All cars need regular maintenance to keep them running at optimal levels and to ensure fuel efficiency, continued safety and roadworthiness, which is why maintenance is a crucial, and often costly, part of vehicle ownership. 

While many manufacturers offer capped-price servicing or pre-purchased servicing packages for several years, this is still an additional outlay beyond the purchase of a new or used vehicle and has to be factored in when you’re budgeting. Other important items not covered in a regular service may include tyres, brake pads, engine fluids and windscreen wipers.

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4. Registration, Roadside Assistance & Government Fees

Much like insurance and maintenance, vehicle registration is mandatory, and an ongoing expense vehicle owners need to account for when adding up the total cost of ownership. Registration is paid annually and as mentioned also requires compulsory CTP insurance. 

Vehicles over a certain age also need an annual roadworthiness inspection from a certified mechanic (often referred to as a pink slip), which can also add up – aside from the cost of the inspection, any urgent repairs may be required to be completed before a vehicle can be registered. This is where many owners can get caught out. 

5. Fuel and Running Costs

Whether your vehicle requires petrol, diesel fuel electricity to run – fuel and running costs are an ongoing expense for vehicle owners, which is why it’s important to understand your own needs from a vehicle (i.e. short or long distance, towing etc) and selecting a vehicle that can support that. 

For example, electric vehicles are becoming an increasingly popular option for drivers who usually drive low kilometres during a week and have the ability to charge at home, where they might even be able elect when they charge their vehicle to take advantage of off-peak periods to further reduce costs. 
Metro Finance also supports the transition to electric mobility, with a range of finance packages to support sustainable technologies including EVs, charging, solar energy and battery storage.

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How vehicle financing can help manage these costs

Rather than purchasing a vehicle outright with a lump-sum payment, there are several finance options that can help take the sting out of up-front costs, and in some instances, even reduce your tax liability. 

1. Car Loans – Spreading the Cost Over Time

One of the most common forms of financing, a car loan helps buyers get into the new or used vehicle of their choice now, while not having to incur all the upfront costs in one hit.
Loans are usually either secured, where the vehicle is used as collateral against the loan until it is paid off, or unsecured – usually for a much lower loan amount. Another common feature of vehicle loans is the option for a balloon payment at the end of the loan to help reduce monthly repayments.

2. Novated Leasing – A Cost-Effective Option for Employees

A novated lease is a popular way for employees to get into a vehicle while taking advantage of the many tax benefits they provide.

Established as a three-way arrangement between an employee, their employer and a financier, a novated lease bundles all of a car’s expenses together (repayments, registration, fuel, insurance, servicing etc) in the form of a monthly payment, which is deducted from an employee’s before-tax income by their employer, who makes repayments on their employee’s behalf – in-turn reducing the employee’s taxable income.

In some ways, a novated lease can offset some of the potential downsides of depreciation, as the employee doesn’t own the vehicle, but rather leases it from a financier. At the end of the agreed lease term, the employee may wish to change vehicles and start a new lease or even lease additional vehicles for their immediate family. This is why novated leases are a popular and cost-effective way to get access to a vehicle of choice. 

3. Commercial Finance for Business Owners

Unlike a personal or car loan for an individual, commercial finance is specifically for business owners looking to purchase assets for their operations, including passenger vehicles, light and heavy commercial vehicles and agricultural equipment.

Some of the common benefits of commercial finance include faster access to funds, a wider range of financial options as well as potentially lower interest rates compared to a normal bank loan. The other great advantage for businesses is the potential for great tax benefits that come with utilising a commercial finance option over other products.

Contact Metro Finance for Expert Help

Want to know more? Chat with a Metro expert or one of our friendly brokers to learn more about the type of finance products we offer, and how we can create a tailored financial option to suit your needs. 

Secured Car Loans - Frequently Asked Questions

Can I get a secured car loan with a poor credit score?

Contact your asset finance broker who can assist you with applying a commercial finance loan or alternatively  you are welcome to contact Metro who can provide you with a list of accredited Metro brokers who you can get in touch to arrange an application.

If you’re unable to make payments on your secured car loan, it’s important to act quickly. Since your car serves as collateral for the loan, the lender has the right to take back the car and sell it to recover the money you owe.


Before things get to that stage, many lenders are willing to work with you if you’re facing financial difficulties. If you’re struggling to make payments, it’s a good idea to contact your lender as soon as possible to discuss options like adjusting your payment plan or temporarily pausing payments (hardship arrangements). Ignoring the issue could lead to penalty fees and damage to your credit score, making future borrowing more difficult.

While the exact timeframe can vary depending on various factors, including the completeness of the application and the complexity of the financing request, we strive to provide a decision as quickly as possible.

Car Loan Process Explained: What to Know Before Applying

Posted on by rdelavictoria

Learn key steps, benefits, and tips for financing your business vehicle. Explore your options with Metro Finance.

Car Loan Process Explained - Things to know before applying for a business car loan

A car is an important tool of trade, just like any other piece of business equipment – whether it’s to facilitate travel, move equipment, or incentivise staff. Whatever a business vehicle might be used for, it’s important to understand the types of finance options are available, and what they will mean for your business over time.

In this blog we’ll take a look at how to get finance for a car, along with what the application process might look like for you.

What is a Business Car Loan?

Put simply, a business car loan is a form of finance that offers a range of businesses, from small enterprises to well-established corporations, the ability to purchase a new or used vehicle to perform a variety of business functions.  

Business car loans can range with a loan value between $10,000-$500,000 with terms typically ranging from 2-5 years.   

Key Benefits of Business Car Loans

While each business’s needs are unique, vehicle finance can unlock a range of benefits, including:

  1. Tax benefits: as a business tool of trade, you may be able to claim interest and other costs as a tax deduction.
  2. Cashflow management:from reducing the initial outlay of the full purchase price of the vehicle, to establishing regular repayments, a loan can help keep cashflow steady and money within the business.
  3. Access to better vehicle options: aside from enabling greater purchasing power through a loan, your lender might even be able to offer you fleet discounts or instant access to popular vehicle models that are waitlisted or in high-demand.
  4. Balloon payment: by establishing an agreed balloon payment at the end of the loan term, you may be able to reduce your monthly repayments.
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Step-by-Step Guide to the Car Loan Process

While the loan application process can appear daunting, through careful planning and diligent research you can secure the funding you need. Here are some handy tips to follow in your application journey:

01 /

Assess Your Business Needs

It sounds simple, but it’s very important to first understand your business needs in terms of acquiring a vehicle – this should include the type of vehicle that you think you’ll need, as well as what your current budget is.

02 /

Research Loan Options

Choosing the right loan and understanding interest and repayment terms, is dependent on doing your research and shopping around to get the best deal. Talk to a Metro broker to find out how to get vehicle financing and what options from Metro Finance might be right for you.

03 /

Gather Required Documentation

Whichever option you choose, you will need to show evidence that your business can make regular repayments and is financially able to take out a loan. Before you submit a loan application, either directly with a financier or via a broker, you will need to have a selection of up-to-date documents, including financial statements, proof of income and business operations; so have them ready when you start your application. 

04 /

Apply for a Loan

Now that you’ve established a business case for a vehicle purchase, picked a loan package that is right for you and have the required documentation ready, it’s time to apply for the loan itself. 

Ask questions with your broker or the financier, and make sure you understand everything that is required of the business to maintain the loan. It is incumbent on you to answer truthfully and accurately to all application questions. 

05 /

Approval and Vehicle Purchase

Now that your loan is submitted you just have to wait for approval from the lender – approval timelines should be communicated to you at the time of applying. Once approved (hooray!), it’s time to purchase your chosen vehicle, either via a dealership, a broker, or private sale. 

Just as in shopping around to get the best finance rate, it also pays to research vehicle options and ask for a better deal. Remember, any money saved at the time of purchase can reduce the loan amount and any future repayments, so don’t be afraid to haggle!

Things to Consider Before Applying for a Car Loan

While the loan application process can appear daunting, through careful planning and diligent research you can secure the funding you need. Here are some handy tips to follow in your application journey:

1.

Make sure your financials are current and up-to-date

2.

Make sure your business has the funds to cover repayments and any fees

3.

Maintain a good credit history – you can do this by making sure you pay your debts on time

4.

Look at all finance options. If a business car loan doesn’t suit your business needs there are other options, such as vehicle leasing

5.

Ask questions! If you’re working with a broker they will be able to guide you through the process and answer any questions you may have

Alternatives to Traditional Car Loans

As we mentioned, a business car loan is not the only finance option available to secure a vehicle; there are others such as novated leases and commercial car loans, that offer a variety of options and terms, along with differing tax benefits and impacts to business cashflow.
 
Metro has a range of options to suit all business and personal needs, so why not start a conversation with one of Metro’s friendly brokers? A Metro broker will be able to guide you through the loan application process and answer any questions you may have. To get chatting, get in touch here, or call 1300 362 627.

Common Mistakes to Avoid When Applying for a Car Loan

While there is no one-size-fits-all approach when it comes to applying for a business car loan, there are some common mistakes to avoid to ensure the best outcome:

1. Underestimating additional costs

A car is a business asset that needs regular up-keep, so it’s important to factor in things like insurance and maintenance to get the full picture of what it will cost your business for the life of the loan.

men having headache
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2. Missing deadlines for repayments

Aside from potentially attracting late fees, this can also affect your future credit rating, so make sure you have the funds in place to meet the repayment schedule.

3. Not anticipating business needs

It sounds simple, but understanding your business needs now and into the future will help determine if vehicle finance is right for you. If you only have a need for a vehicle in the short-term, it may be worth looking at alternative options, such as a short-term rental.

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Contact Metro Finance for Expert Help

Want to know more? Chat with a Metro expert or one of our friendly brokers to learn more about the type of finance products we offer, and how we can create a tailored financial option to suit your needs. 

Secured Car Loans - Frequently Asked Questions

Can I get a secured car loan with a poor credit score?

Contact your asset finance broker who can assist you with applying a commercial finance loan or alternatively  you are welcome to contact Metro who can provide you with a list of accredited Metro brokers who you can get in touch to arrange an application.

If you’re unable to make payments on your secured car loan, it’s important to act quickly. Since your car serves as collateral for the loan, the lender has the right to take back the car and sell it to recover the money you owe.


Before things get to that stage, many lenders are willing to work with you if you’re facing financial difficulties. If you’re struggling to make payments, it’s a good idea to contact your lender as soon as possible to discuss options like adjusting your payment plan or temporarily pausing payments (hardship arrangements). Ignoring the issue could lead to penalty fees and damage to your credit score, making future borrowing more difficult.

While the exact timeframe can vary depending on various factors, including the completeness of the application and the complexity of the financing request, we strive to provide a decision as quickly as possible.