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Know your lender

Before you commit to a loan or a lease get the background on Australia’s most popular lenders that provide finance for cars, utes, vans, trucks, motorbikes, boats, jet skis, caravans and motorhomes.

LoanPlace.com.au is here to help you make sense of it all by providing you with information resources and connecting you with experienced professionals who will search their lenders to find the latest deals so that you get 3 Free Quotes to evaluate and compare.

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Specialist vehicle and asset finance lenders

Australia’s main specialist lenders include:

Bank of Melbourne – Established in 1989 and based in Melbourne. It was taken over by the Westpac Banking Corporation in 1997. In 2004, Westpac rebranded the Bank of Melbourne branches as Westpac branches, but in 2011 the Bank of Melbourne brand was resurrected as a subsidiary of Westpac. The bank has a specialist automotive finance division.

Capital Finance – Founded in 1995, Capital Finance has offices in major cities across Australia. It is one of Australia’s main financiers of cars, motorbikes, trucks and light and heavy commercial equipment. Capital Finance became part of the Westpac Group in 2014.

Esanda – Can trace its origins back over 60 years to the ES&A Bank (English Scottish and Australian Bank). In 2009 Esanda became a division of ANZ (Australia and New Zealand Banking Group) having previously been a wholly owned subsidiary. Esanda is one of Australia’s largest vehicle and asset finance providers.

Finance One – Is a supplier of vehicle finance products in Australia, providing its products through intermediaries and brokers. It is a profile lender that looks at applicant’s current circumstances as well as their previous history.

GE Money – GE Capital Australia and New Zealand is a specialist financial services provider and part of the global GE Capital business, which operates in 55 countries around the world. GE Money is a business of GE Capital and offers a range of services in Australia and New Zealand including personal loans, car loans, credit cards, personal insurance and interest-free and promotional retail finance. GE Money has over 4,000 staff serving more than 3.1 million customers.

Leasewise Australia – Is a privately owned finance company specialising in finance and leasing facilities for commercial customers for motor vehicles, trucks, trailer, plant, equipment and heavy vehicles. It commenced operations in 1997 and is based in Burwood NSW. It is a privately owned business of the McGrath Group of Companies.

Liberty Financial – Founded in 1997 as a specialist financier in Australia and New Zealand. They have assisted over 140,000 customers, lending over $12 billion. Liberty Financial provides a range of home, car and business loans as well as investments and other financial products.

Macquarie Leasing – Macquarie Leasing, part of Macquarie Group, offers products including finance leases, novated lease agreements, chattel mortgage and commercial hire purchases for motor vehicles and other income producing plant and equipment. The business provides floor plan finance to Australian motor vehicle manufacturers and also has a presence in the UK. It has been at the forefront of the vehicle and equipment finance industry since 1998.

Money 3 – Specialises in personal loans and vehicle finance up to $20,000 as well as short term loans between $100 and $4,500. Money 3 operates a 60 branch network throughout Victoria, New South Wales, South Australia, Queensland and Tasmania.

Now finance – A specialist personal loan provider for the Australian Market. Products are offered nationwide through select retail and broker partners under the Now retail and Now finance brands. Now finance is a registered trademark of Wingate Consumer Finance which is a subsidiary of the Wingate Group, an Australian based investment and financing firm specialising in debt, property and listed equity.

Pepper – Pepper Group is a global financial services business that specialises in Lending, Advisory and Asset Management across the residential and commercial property sectors as well as consumer, vehicle and equipment finance. Pepper Asset Finance was launched in October 2014, offering a broad range of finance solutions across multiple assets types including cars, motorcycles, caravans, commercial equipment and yellow goods. 

St. George – In 2008, St. George and its South Australian brand, Bank SA, became part of the Westpac Group. It has more than 5,700 staff and nearly 400 St. George and BankSA branches. Through the St. George Finance division it offers a wide range of vehicle, asset and equipment finance options.

Yamaha Motor Finance (YMF) – YMF is a 100% owned subsidiary of Yamaha Motor Australia. It is a specialist leisure product financier focussing on assets such as motorbikes and boats.

Accredited loan experts have in depth knowledge of these different lenders, including their lending criteria, application processes, timescales for decisions as well as the types of assets that they specialise in.

 

The Big 4 Banks

The big 4 do not necessarily provide specialist vehicle and asset finance options through their retail branch networks, they do however generally offer basic lending products.

NAB (National Australia Bank) It was formed in 1893 and until 1981 traded as the National Bank of Australasia Limited, until it merged with the Commercial Banking Company of Sydney and changed its name to the National Australia Bank. It operates across 10 countries and In Australia it enjoys a larger market share in the business banking sector than the retail sector. Its Australian brands include; UBank, MLC, and JBWere.

ANZ (Australia and New Zealand Banking Group) – It was established in 1951 when the Bank of Australasia merged with Union Bank of Australia Limited. Australian operations make up the largest part of ANZ’s business and it is also the largest bank in New Zealand. In addition to its Australian and New Zealand operations ANZ also operates in 30 other countries.

Commonwealth Bank of Australia Commonly referred to as Commonwealth Bank, it was founded in 1911 by the Australian government and became fully privatised in 1996. It is a multinational bank providing a variety of financial services across New Zealand, Fiji, Asia, USA and the United Kingdom. Its Australian brands include; CommInsure, Commonwealth Securities, Colonial First State and Bankwest.

Westpac Banking Corporation In 1982 the Bank of New South Wales merged with the Commercial Bank of Australia to form Westpac Banking Corporation. It has Australia’s largest branch network and is the 2nd largest bank in New Zealand. Its Australian brands include BT Financial Group, St. George, BankSA, Bank of Melbourne and RAMS. 

 

Vehicle Manufacturer Finance Companies

A number of manufacturers either have their own finance companies or have arrangements in place with finance companies to enable them to market finance products to buyers to help increase vehicle sales.

Manufacturers with their own finance companies include:

Nissan – Nissan Financial Services Offers a range of finance solutions for personal and business needs.

Toyota – Toyota Finance Provides finance for new, used and small fleet vehicles. Toyota Insurance also offers a range of vehicle insurance and warranty products.

Volkswagen – Volkswagen Finance Offers Finance packages for both personal and business buyers and insurance solutions for your car and your investment.

In addition a number of other manufacturers have aligned with finance companies to offer their customers branded loans and leases. These include:

Ford – My Ford Finance – Partnership with Macquarie Leasing

Honda – Honda Financial Services – Partnership with Macquarie Leasing

Hyundai – Hyundai Finance – Partnership with St. George Finance

Mitsubishi – Mitsubishi Diamond Finance – Partnership with St. George Finance

Subaru – Subaru Finance – Partnership with Esanda (ANZ)

 

0% and low Rate Finance offers – Manufacturer branded finance is often used as part of marketing campaigns to promote 0% and low rate finance offers. These offers can look like great deals but always check the terms and conditions. To qualify you may require a large deposit or the offer may only be available over a short term which could make the repayments too high to be affordable. Also, you’ve got to ask how is the below market rate finance being paid for. Normally the price that is being charged for the vehicle is inflated to cover the financing costs. So while you may be getting a great deal on the loan you may be paying over the odds for the vehicle.

Buyer Tip – It’s a good idea to consider all of your options including negotiating separate deals on the asset purchase and the finance. If you are not taking up the finance offer you will have an opportunity to negotiate on the sales price and you can then work with a finance broker to get personalised quotes from a range of lenders.

 

To get the lowdown on Australia’s main insurance companies click here.

 

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