A flexible loan for your business
Find your car
Pick your favourite new or used vehicle from your preferred PowerTorque Finance dealership.
Decide on your repayment options
Make weekly, fortnightly, or monthly payments.
Talk to your PowerTorque Finance car dealer
Start the application process today!
What you need to apply
To make your application process smooth, there are some documents you’ll need to have ready. Here’s a checklist to help you get sorted.
You’ll need to confirm you’re an ABN holder by providing the below documents.
- Sole Traders and Partnerships have your ABN ready to supply to the dealership.
- Companies – Details of your company including details of any shareholders and directors.
- Trusts – Details of the trust by way of a certified trust deed including details of any beneficiaries.
You'll need to supply the following for each person on the finance application:
Financial Information
To be eligible for a Business Loan, you need to confirm the financed vehicle will be used predominantly for business purposes (i.e. more than 50% for business use) and your entity is actively trading. Please be prepared to provide at least one of the following documents:
- Your most recent externally prepared financial statements within the last 18 months (This is our preferred document where available)
- The most recent income tax return for your business within the last 18 months
Please note additional documents may be required as part of the assessment process.
Proof of identity
One Primary ID:
- Driver’s license
- Passport
- Proof of age card
Note – at least one person on the finance application must supply a driver’s license
One Secondary ID:
- Medicare (must be provided if you have dependants)
- Credit/debit card
- Veteran card
Proof of residence
Home owner/buyer
- Rates notice (within the last 12 months)
Renting
- Valid tenancy agreement
- Three recent rental receipts
Boarding or living with parents
- Proof of address e.g. drivers license, utility bill issued within the last three months
You’ll need to confirm the financed vehicle will be used predominantly for business purposes (i.e. more than 50% for business use).
You'll need to supply the following for each person on the finance application:
Proof of identity
One Primary ID:
- Driver’s license
- Passport
- Proof of age card
Note – at least one person on the finance application must supply a driver’s license
One Secondary ID:
- Medicare (must be provided if you have dependants)
- Credit/debit card
- Veteran card
Proof of residence
Home owner/buyer
- Rates notice (less than 12 months old)
Renting
- Valid tenancy Agreement
- Three recent rental receipts
Boarding or living with parents
- Proof of address e.g. drivers license, utility bill issued within the last 3 months
Evidence of income
Provide 2 of the below documents
- Tax Return showing evidence of motor vehicle related expenses from the last financial year (this is our preferred document)
- A recent letter from your employer stating the details of your employment and confirming you are required to supply your own vehicle as part of your employment conditions
- A recent payslip that shows a car allowance
- A letter from a registered accountant describing your business activity. Detailing how the vehicle will be used within the business and conforming estimates that the proportion of use relating to business activities will exceed 50%
Note – If you can’t supply at least two of these documents that’s ok. The Finance and Insurance Manager at the dealership can explain further options available to you.
Please note as part of the assessment process, you may need to provide addition documents, but don’t worry your dealer will let you know what’s needed.
PowerTorque Finance’s Business Car Loan fees
Don’t pay more than you need to! Read our tips on how you can avoid paying certain types of fees over the term of your loan.
| Fee type | Description |
|---|---|
Establishment Fee
$395.00 | The cost to set-up your approved loan is payable upon loan settlement and can be included within the amount financed. This is referred to in your contract as your Loan Account Establishment Fee. |
Vehicle Security Registration Fee
$6.00 | The cost of registering PowerTorque Finance’s security interest on your vehicle on the Australian Government’s Personal Property Securities Register. This is a national online register to help protect consumers when buying personal property like cars, boats or artwork. It allows potential buyers to check if any other parties already have a security interest on the property. |
Account Administration Fee
$8.00 per month | A monthly fee for the management of your loan account. |
| Fee type | Description |
|---|---|
Dealer Origination Fee
$890.00 + GST
| This fee covers the dealership’s cost of preparing your finance application on PowerTorque Finance’s behalf. The finance and insurance manager are responsible for explaining the different types of finance products to you, ensuring that you understand the requirements of the loan, and arranging all the necessary paperwork to submit, manage and finalise your finance application. |
| Fee type | Description |
|---|---|
Payment Method Fee – BPay
$1.50 | This fee applies when a payment is made by BPay.
You can avoid this fee by setting up a Direct Debit at the start of your loan, so you don’t pay fees on your regular repayments.
To switch to Direct Debit payments log into your PowerTorque Finance Account. |
Payment Method Fee – Other (includes BillPay, Cheque or Direct Deposit)
$3.00 | This fee applies when a payment is made by BillPay, cheque, or direct deposit.
You can avoid this fee by setting up a Direct Debit at the start of your loan, so you don’t pay fees on your regular repayments.
To switch to Direct Debit payments log into your PowerTorque Finance Account. |
Account Payment Card Fee
$5.00 | This fee applies for replacement; supplementary; or new payment cards when you switch from Direct Debit to another payment method after the loan start date.
You can avoid this fee by setting up a Direct Debit on all your future repayments, so you don’t pay fees on your regular repayments.
To switch to Direct Debit payments log into your PowerTorque Finance Account. |
Payment Dishonour Fee
$3.25 | This fee applies if your Direct Debit or Cheque payment is dishonoured.
You can avoid this fee by checking that your account has sufficient funds when payments are due to be debited.
You can also change the date of your payments by contacting us. |
Late Payment Fee
$25.00 | This fee applies if you’re late or miss a repayment, and your account goes into arrears.
PowerTorque Finance will contact you about the overdue amount, and this is mentioned in your loan contract as an Arrears Follow-up Fee.
You can avoid this fee by ensuring that your account does not go into arrears. You can also change the date of your payments by contacting us. |
Information Request Fee $25.00 | This fee applies if you request contract documentation from PowerTorque Finance.
You can avoid this fee by login into your PowerTorque Finance Account where you can view, download, and print your loan documentation online without incurring this fee. |
| Early Termination Fee | Calculated as 30% of unearned interest assuming all repayments are made in accordance with the amount and frequency of repayments specified in your schedule.
This fee applies if your loan is repaid before its scheduled end date. You can avoid this fee continuing with your scheduled loan repayments until the agreed completion date of the loan. |
Frequently asked questions
If you are you an individual, partnership or company who uses your vehicle predominately (more than 50%) for business purposes, you’re eligible for a commercial loan.
Any make or model, both new, demo and used (provided the vehicle is no older than 13 years old at the end of your loan) are permitted.
For more information please refer to our Customer Complaints Policy
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Disclaimers
Approved applicants only. Terms, conditions, fees and charges apply. A minimum loan term of 12 months applies. The maximum loan term will vary depending on the finance product selected and will be subject to PowerTorque Finance policy and procedure. You may be required to pay a deposit for capacity reasons. Additional interest charges will accrue if you select a balloon final payment option and early termination fees may apply if you elect to make additional repayments during the loan term. PowerTorque Finance is a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536.
The information on this website is of a general nature and for information only. Nothing on this website constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products and services featured on this website, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.
