Read about interest rates, insurance, fees and other important details. Our fine print is easy to read!
Discover how our interest rates work, what the standard fees are, and what borrowing from us may cost you.
We calculate and add interest to your loan on the last day of the month. Talk to us if you would like to know more about how interest is calculated.
If you miss a payment, we’ll let you know by text, phone or email. If you don’t make the full payment amount, missed payment penalties may apply. You may also have to pay missed payment penalties if you break other rules of your loan contract, including:
Your loan may incorporate some or all of the following fees. Talk to us if you have questions.
Fee | Description | Amount |
|---|---|---|
Establishment or
Direct Establishment
| For the processing, assessing, and approving an application for finance originated through an Introducer OR; | $180.00 |
For the processing, assessing, and approving an application for finance originated directly through AFD. | $210.00 | |
PPSR | To search and maintain a security interest on the Personal Property Security Register. | $9.20 |
Co-Borrower | Applicable only when a Co-Borrower is included, for the processing and assessing of a Co-borrower for finance. | $25.00 |
Fee | Description | Amount |
|---|---|---|
Dealer/Broker | For the processing of an application for finance. As charged by the dealer/Introducer. | Up to $395.00 |
Fee | Description | Amount |
|---|---|---|
Monthly Loan Administration | To cover the monthly administration costs of your loan account, charged at the end of each month. | $5.00 per month
|
Refund | Where a request is received to return overpaid funds from your loan. This means that we will deduct this fee from the amount to be refunded to you
| $10.00 |
Early Settlement | Where a loan is settled in full before the scheduled maturity date. | $35.00 |
Statement | To provide an additional statement requested by the You outside standard issuing cycle. | $5.00 |
Payment Arrangement | When a payment schedule is changed. | $20.00 |
Waiver Claim Processing | To cover the administration costs of an AFD Waiver claim. | $45.00 |
Third Party Authorisation | Where a request is received and processed to authorise a third party to obtain information about your loan on your behalf. | $15.00 |
Fee | Description | Amount |
|---|---|---|
Credit Contract Variation | In the event a Credit Contract variation is required, approved, and processed. | $90.00 |
Substitution of Goods | In the event a security swap is required, approved and processed. | $70.00 |
Top Up Establishment | In the event a Credit Contract Top Up is required, approved, and processed. | $100.00 |
PPSR | To search and maintain a security interest on the Personal Property Security Register. | $9.20 |
Fee | Description | Amount |
|---|---|---|
Payment Dishonour | When a scheduled Direct Debit payment (incl. Payment Promise) is dishonoured. | $10.00 |
Missed Payment | When a scheduled Automatic Payment (incl. Payment Promise) is missed. | $10.00 |
Default Interest | Default interest is charged from the time You fail to make a payment until the arrears are paid. Default interest charges are calculated by multiplying the amount in arrears at the end of the day by a daily default interest rate. The daily default interest rate is calculated by dividing the annual Default Interest Rate by 365. Interest is charged to Your Loan account at the end of each month. | 5% P.A plus the annual interest |
1st Reminder Letter | When an instalment is due and is not received, resulting in a reminder letter being sent. | $15.00 |
2nd Reminder Letter | When an instalment is due and is not received, resulting in a second reminder letter being sent. | $15.00 |
The following fees apply if repossession action is taken. These are added to your balance and payable at the time of action.
Fee | Description | Amount |
|---|---|---|
Repossession Warning Notice | When a default has occurred and has not been remedied to the satisfaction of Auto Finance Direct. | $40.00 |
Repossession Authority | When Auto Finance Direct commences repossession of the financed vehicle(s). | $110.00 |
Post Possession Notice | When Auto Finance Direct prepare and send a Post Repossession Notice. | $100.00 |
Field Agent Instruction | In the event Auto Finance Direct instructs a field agent to deliver AFD’s documents to you. | $150.00 |
Payable and charged to the account at the time the Field Agent is authorised by AFD. | ||
Issue Court Proceedings | As a result of Auto Finance Direct enforcing our rights under the Credit Contract in the case of breach or default, including third party and agent fees. Payable and charged to the account at the time the Court Proceedings are issued. | $170.00 |
Want to pay the loan off early or can’t make a repayment. All the information you need to know is below.
You can make repayments weekly, fortnightly or monthly for the term of your loan. Loans can run from three months to five years. Your repayments are withdrawn automatically by direct debit from your chosen bank account. If you need to change your repayment frequency or make additional payments, please let us know.
You can choose to repay the entire balance of your loan before the end of your contract. However, you’ll pay an ‘early repayment’ admin fee that will be included in the total amount to clear your loan. We’ll help you work whether it’s worthwhile paying your loan off early or if you’re better off continuing with the loan.
See our rates and fees for more information
The earlier you can let us know that you’re having difficulties, the more options we have to help.
If you chose the Lifestyle Waiver option with your loan, we may be able to waive your loan repayments if the unexpected happens. Depending on your cover, if you’re unable to work because of redundancy or serious illness, your lifestyle waiver will help out.
If you can’t manage your repayments for any other reason, we may be able to help you find another solution. Just talk to us as soon as you can. Find out more about repayment waivers.
We know life can take unexpected turns. If your circumstances change because of an unforeseen event, you may be able to request changes to your contract. This is called a ‘hardship application’.
Your application must give a reasonable cause for why you can’t meet your repayments, for example:
Any changes you request to the terms of your contract must be fair and reasonable for both us and you. You can request to:
We might ask you to provide evidence about your unforeseen event. This might include:
Once received, we’ll contact you within five working days to discuss your circumstances. Please read the government guidelines on hardship if you’d like more information.
AFD offers two waiver products, which we have summarised below. These summaries do not replace the waiver terms and conditions. Always refer to your waiver documents in full.
Optional cover provided by us to help if you are unable to make loan repayments due to death, terminal illness, accident or sickness, redundancy or bankruptcy. Some of the key benefits of this policy (subject to relevant exclusions) are:
If your vehicle is involved in an accident and written off, your insurance company will pay the value of the vehicle towards your remaining loan balance. The insurance pay-out may be lower than the balance remaining on the loan. An AFD Retail Waiver can help you get back on the road by covering the difference between the insurance pay-out and the loan balance, so you can start fresh. The AFD Retail Waiver is a form of guaranteed asset protection product – see above for further details.
There are many different products available in the market to help cover you for different things that may happen during the term of your Credit Contract. We’ve summarised a number of these products below.
Mechanical Breakdown Insurance (MBI) can be taken out when you’re buying a used vehicle. MBI is designed to protect you against the costs that come with repairing unexpected mechanical faults, subject to relevant exclusions. When your car breaks down, an appropriate MBI policy can help you get vehicle parts repaired or replaced, so that you can get back on the road again.
Guaranteed Asset Protection insurance (GAP) is an insurance cover offered to protect you against losses that may occur when your vehicle is confirmed as a total loss under a Comprehensive Vehicle Insurance policy and the claim payment is less than the outstanding loan amount you owe, subject to any relevant exclusions. Where applicable, GAP insurance pays the shortfall between your total loss claim payment and the balance outstanding on the original loan contract owed to the financier.
Lifestyle Protection Insurance covers you in case you have to stop work because of illness, an accident or redundancy, subject to relevant exclusions. It is designed to help protect your lifestyle by covering your financial commitments and expenses. You choose the level of cover and you can also include family members in the policy.
Credit Contract Indemnity Insurance and Payment Protection Insurance are both designed to cover your loan repayments if you have to stop work because of illness, an accident or redundancy (subject to relevant exclusions). It also helps to protect your credit rating during times of unforeseen hardship.
In the case of Payment Protection Insurance, the policy cover options are generally specific to your source of income at the time of taking out the loan. In either case, the benefits are typically payable directly to the finance company.
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