- How long does it take?
- Are there any application costs or monthly charges?
- What financial information do I need to provide when applying for credit?
- Is my interest charge reducible if the account is finalised earlier?
- When do I receive a statement on my account?
- Can I make lump sum payments?
- How can I pay?
- Why Finance/Lease?
- What is a finance/novated lease?
- What happens if I can’t make a payment?
How long does it take?
Approval with Northside Finance is fast and easy. Once you’ve decided to purchase your car, you don’t have to wait longer than necessary. That’s why at Northside Finance you can get an approval within the same day and in some cases sometimes within an hour.
Are there any application costs or monthly charges?
Fees and charges vary depending on the facility. Contact one of our Finance Managers to discuss the fees and charges that may apply or call 07 3635 5249.
What financial information do I need to provide when applying for credit?
The financial information required will depend on whether you are a personal or a business applicant. However in general, personal applicants will be required to show the following items:
- Current drivers licence
- Rent receipts or copy of rates notice
- Most recent payslips and/or other confirmation of financial information (ie tax return)
Our Finance Manager will advise if any further documentation is required.
Is my interest charge reducible if the account is finalised earlier?
Your contract specifies the minimum periodical payments you must make. Direct Debit amounts can’t be reduced below the minimum. Your contract specifies the minimum periodical payments you must make. Direct Debit amounts can’t be reduced below the minimum periodical payment rate as specified in your contract. Depending on the circumstances, for example hardship cases, it may be possible to reduce your payments. Contact one of our Finance Managers on 07 3635 5249 to discuss variations to contracts.
When do I receive a Statement on my account?
If you have a Car Loan, a statement will be mailed to you annually. You can also call 07 3635 5249 and arrange for a statement to be sent to you.
If you have a Hire Purchase, Chattel Mortgage or Lease facility, you will need to call 07 3635 5249 to arrange for a statement to be sent to you.
Can I make lump sum payments?
Yes, you can be make additional payments. However, repaying your loan early may result in early termination fees. Please check your finance contract where all fees and charges are disclosed. Alternatively please call a Finance Manager on 07 3635 52490.
How can I pay?
You can make payments using any of the following methods:
Direct Debit
You can establish a Direct Debit Request with any Australian bank account by simply filling in a Direct Debit Request Form and returning it to us. There are no charges from Northside Finance, though some banks may charge a processing fee on direct debits. Please check with your bank regarding their fee structure. It is your responsibility to have funds available in your bank account to be drawn on the contracted dates. Any dishonour fees charged by your bank or the late cancellation of a Direct Debit fee will be incurred by you.
Periodical Payment
Periodical Payment Authorities are standing authority arrangements made directly with your bank. This authorises your bank to make payments directly from your account on specific dates. A Periodical Payment Authority can be set up with your bank to make payments directly to your Northside Finance contract. You’ll need to supply your bank with the complete BSB and Account number of your contract as shown on your payment booklet. Periodic Payments may incur charges from your bank. Please check with your bank regarding their fee structure.
BPAY
BPAY payments may be made via your financial institutions phone or Internet banking facilities. Your account number is your complete contract number including the BSB and contract number as shown on your payment booklet.
Internet Banking
You can use your bank’s Internet banking facility to make payments via BPAY, or by using the “pay anyone” facility. Your contract number consists of a BSB or branch number and account number.
Why Finance/Lease?
Car Loan
If your car is primarily for private use, this loan is available for new and used cars less than seven years old. The benefits are that accessing fixed rates mean you’ll know exactly what your repayments are for the life of the loan and you get 100% finance, including all on-road costs and insurances (to approved applicants). Therefore you own your car from the start of the agreement.
Novated Lease
If you are an employee, you may be able to receive a vehicle as part of your salary package. You select the car, and your employer takes responsibility for the lease payments while you are employed and use the vehicle. Employee benefits include making payments with pre-tax income (salary sacrifice), getting a fixed rate for the life of the lease and the option to keep the car if you change employment. Employer benefits include providing employees with a car without having to reflect it on the balance sheet.
Chattel Mortgage
If your car is used predominantly for business purposes and you have an ABN, you may be eligible for this loan. The benefits include owning the vehicle from the start of the agreement and paying no deposit and getting 100% finance for approved customers.
Hire Purchase
Under this arrangement, Northside Finance owns the vehicle and you use it while acquiring ownership through regular payments over time. Benefits include purchasing the asset through what is, in effect, an instalment plan and pay no deposit and getting 100% finance for approved customers.
Finance Lease
With this lease, Northside Finance buys the vehicle and leases it to you. You then make regular lease payments to use the vehicle. At the end of the lease term you can return the vehicle, which will be sold at auction, or we may accept an offer from you to purchase the vehicle.
What is a finance/novated lease?
Novated Lease
If you are an employee, you may be able to receive a vehicle as part of your salary package. You select the car, and your employer takes responsibility for the lease payments while you are employed and use the vehicle.
Finance Lease
If your car is used predominantly for business purposes and you have an ABN, you may be eligible. With this lease, Northside Finance buys the vehicle and leases it to you. You then make regular lease payments to use the vehicle. At the end of the lease term you can return the vehicle, which will be sold at auction, or we may accept an offer from you to purchase the vehicle.
What happens if I can’t make a payment?
Late payments must be arranged by calling a Finance Manager on 07 3635 5249. We’ll then assist you with making a temporary payment arrangement.
