Worried about finance? We can help you!

When it comes to finance, we want the process to be as clear as possible, that’s why we’ve answered your most frequently asked questions! Can’t find what you’re looking for? Just Contact Us instead.


I have been advised that I should take out a payday loan to get my credit score looking good before I apply for a loan, is this good idea?

No, this is not a good idea. When a finance company sees a Payday lender enquiry on a credit file, they will more often than not view this in a negative light. Call one of our experienced finance consultants at NuStart we may be able to assist you, depending on your financial situation and needs with a personal Loan, which maybe a better alternative.

Can I get finance pre-approval if I haven’t decided which car I want to buy?

Yes, we can pre-approve you for an amount, subject to lending criteria so you can look for your next car with confidence knowing that you are already approved for the vehicle.

Do I have to pay a fee if I finish paying my loan before the contract ends?

Yes there may be an early termination fee if you opt to pay out your loan before the contracted completion date. The payout amount will vary depending on the type and conditions of your loan. You should read your credit contract or speak to your lender.

I have defaults on my credit file, some unpaid, could I still get a car loan?

Yes we work with some lenders who will also consider clients who have defaults. It’s best that you give one of our experienced finance consultants a call and we can find the best way to get you into your dream car.

Can I sell my vehicle if it is under finance?

All vehicles are held as a security whilst under finance. For the car to be sold the security needs to be lifted and for that to happen the total amount owing on the loan has to be paid out. Contact your lender for more information.

Can I apply for a loan if I’m currently bankrupt or recently discharged from bankruptcy?

Yes you can. At Nustart Finance we have a panel of different lenders we have access to; they all have different lending criteria. It depends on your individual situation as to what options are available, and what lender we can look at getting you an approval through based on their credit criteria.

Does NuStart assist people on centrelink?

Yes we do! We could help those on Centrelink for:
- Family Benefit Tax A & B,
- Disability pension,
- Carer’s Pension & Aged Pension,
- Partnered Parenting Payments.

What is a Residual Value/Balloon Payment & how do I get it?

A Residual or Balloon payment is a lump sum owed to the financier at the end of a loan term after all regular monthly repayments have been made. This allows a borrower to repay only part of the principal of their loan over its term, reducing their monthly repayments in exchange for owing the financier a lump sum at the end of the loan term. We could organise balloon payments for you - just call us on 1300 000 123.

What is the difference between a Chattel Mortgage and Consumer Loan?

The main difference between a Chattel Mortgage and a Consumer Loan is that a Chattel Mortgage is a business use loan product. This means the vehicle must be used predominantly for business use, which is 50% or more of its usage.

What loan terms could I get?

We can help you choose any term between 2 -7 years depending on your affordability to pay the loan and how soon you would like to finish the loan.

Can you help me find a new or used car?

With our car locator service we could source a great deal for your new or used car. With access to hundreds of dealers over Australia, we could find what you’re looking for locally and take the stress out of the car buying process.

How long does the whole process take?

We aim to submit your application the same business day you apply. Our team work hard to get your best finance deal quickly, so you won’t be waiting long. Apply Online Today.

What is PPSR?

The PPSR is a national register of security interests over personal property. It allows finance companies and other businesses to register their security interests over Personal Property. Additionally, it allows access to buyers and other parties to search the register and find out if a security interest is registered over a particular piece of personal property.

When a business or individual has a security interest registered with the PPSR over a particular piece of personal property, this illustrates that they have certain rights over that personal property – typically the right to take ownership of it if the current owner does not meet certain obligations i.e. commonly, defaulting on a loan.

What is a Finance/Novated Lease?

Finance Lease: If you use your car predominantly for business purposes and you have an ABN, you may be eligible. With this lease, the lender 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 either purchase or return the vehicle.

Available to body corporates and sole traders/partnerships where the vehicle will be used predominantly for your business (50% or more).

Novated Lease: Depending on your employer, you may have the option of receiving a vehicle as part of your salary package. As an employee, you remain the registered owner throughout the Novated Lease, while your employer organises repayments from your salary. If you leave the company, you organise the repayments directly, unless your new employer takes over the Novated Lease.

When do I receive a statement on my account?

If you have a personal car loan, Hire Purchase, Chattel Mortgage or lease facility you can request a statement of your account anytime from the lender. Depending on the lender, there may be a fee to receive a statement.

Why do I have to comprehensively insure my car?

The terms and conditions of your credit or loan contract require that your vehicle be comprehensively insured at all times. You must make sure that your insurance company is aware that the vehicle is under finance. Your NuStart Broker can provide you with a quote for Insurance. For more information visit our Comprehensive Insurance Page.

When is a car loan a smarter choice than a credit card?

With most banks, car loans feature fixed interest rates, meaning repayment amounts stay the same throughout the life of the loan. Having this certainty makes budgeting simpler and more manageable.

How is the interest on a Car Loan calculated?

Where a loan is being paid using fortnightly repayments the interest is calculated daily on the balance outstanding. Where the payments are made monthly the interest is calculated when the payment is made. See what your repayments may be with our Car Loan Calculator.

Is the interest rate on a Personal Loan variable or fixed?

A Personal Loan is often a smarter option for one-off purchases because the interest rate on a Personal Loan is often less than the rate on your credit card. A Personal Loan offers you structure and discipline through regular repayments which makes it easier to stay in control of your budget. Finally, most Personal Loans have a fixed loan term and repayment amount – so at the end of your loan term, your debt is completely repaid.

What happens if I can’t make a payment?

Contact your Lender as identified on the loan documents prior to the due date and make alternative arrangements.

Can I reduce the periodical payment amount?

Your contract specifies the minimum periodical payments you must make. Direct debit amounts cannot be reduced below the minimum periodical payment rate as specified in your contract. Depending on the circumstances however, e.g. in cases of hardship, it may be possible to reduce your payments. Contact our service centre or your credit provider directly to discuss if a variation to your Finance contract is possible.

Can I make my payment by credit card?

You are unable to repay your loan by using a credit card. Repayments are scheduled to be directly debited from your nominated bank account.

If I’m a pensioner is NuStart able to help me with a Secured Car Loan?

Yes NuStart could help pensioners with getting car loan subject to their financial situation and needs. If you’re asset backed (e.g. own your home), have a secure deposit or a good credit history this will be taken into consideration. Apply Online Now to get started.

Can I get an unsecured Personal Loan if I’m reliant on a pensionable income?

Unfortunately NuStart cannot assist you with an unsecured personal loan if your sole income is derived from a pension.

Can I use NuStart Finance for a used cars?

Yes. NuStart offers financing solutions, whether you are in the market for a new or used car. Are you ready to get started and get car finance? Get Fast Pre-Approval Today!

Are there any application costs and/or monthly charges?

Fees and charges do apply; the amount will vary depending on the type of loan. Please contact us online, or call 1300 000 123 for further details.

What documents do I need to provide to NuStart when applying for loan?

To receive final approval on your loan application, you will need to supply us with the following original documents:

Primary Photographic Identification
- Current Australian Driver Licence
- Photographic Proof of Age Card
- Current Australian Passport

Primary Non-Photographic Identification
- Birth Certificate
- Citizenship Certificate
- Pension Card issued by Centrelink
- Plus one secondary ID document (see below)

Secondary Identification
- Utility/Rates bill (less than 3 months old)
- Centrelink Statement (less than 12 months old)
- Australian Tax Office assessment Notice (less than 12 months old)

Proof of income
- 3 of your most recent pay slips or proof of other income
If you are self-employed, your last tax returns/financial statements and your last tax assessment notices

Proof of Residency
We will need to confirm your Rent, Mortgage and possibly bank statements for a certain period, but we will advise you of this during the application process.

Can I make extra payments without being charged a fee?

If you're approved on your loan you may be able to make additional repayments without a charge, but this depends on the details within your contract. It's a popular option to have as you could reduce the overall interest on the loan.

Can I pay my account weekly?

Yes. Payments could be made weekly, fortnightly or monthly with some lenders however most would prefer fortnightly or monthly.
Additional payments could be arranged, depending on your credit contact. We suggest for you to contact the lender directly for information regarding making additional repayments.

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