PowerTorque Finance Personal Car Loan provides easy payment choices, so you can get into the driver’s seat of the car you want sooner! Enjoy the security of a fixed interest rate for the term of your loan
A choice of loan terms: from 1–7 years
Tailor the length of your car loan to suit you.
A choice of flexible payment options
Make weekly, fortnightly, or monthly payments – whatever works best for you.
The ability to make extra repayment
With PowerTorque Finance loan flexibility, you can choose to reduce your principal faster (subject to early termination fee).
Optional balloon payment
A balloon is a final lump sum payment at the end of your car loan which may reduce your repayments over the life of your loan**
Estimated finance rate 8.79%
Interest Rate
This is the amount of interest you will pay annually as a percentage of the loan amount, excluding fees and charges. 11.36%
Comparison rate
The comparison rate is a measure of the total cost of the loan, including the interest rate and most fees and charges. It can allow a better comparison between loans.
Comparison rates range from 7.65% to 18.91%.^ At least half of our customers will get the advertised rate or lower. We may offer you a lower or higher rate depending on your credit score and other criteria.
How to apply for a PowerTorque Finance personal car loan
Find the right car for you.
Pick your favourite make and model from a great range of new and used cars at your preferred PowerTorque Finance dealership.
Decide on your repayment options.
Make weekly, fortnightly, or monthly payments.
What do I need to apply PowerTorque Finance?
To keep your application process simple, there are some documents you need to have ready. Here’s a checklist of everything you need:
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 income
One of the following documents. These are listed in order of preference:
Recent pay slip which shows your year-to-date summary (unless July/August) Three consecutive recent pay slips (if there is no year-to-date figure showing on your pay slip or your pay slip is from July or August) Employment contract and three months’ worth of bank statements (if you commenced your employment within this financial year)
If you are self-employed:
Most recent Tax Return
If you have other sources of income:
Please speak to your PowerTorque dealer for further information on providing other sources of income
Proof of residence
Homeowner/buyer:
Rates notice (within the last 12 months)
Renting:
Valid tenancy agreement or
Three recent rental receipts
Boarding or living with parents:
Proof of address e.g. drivers license, utility bill issued within the last three months
Understanding of monthly expenses
You will be asked about your current monthly expenses. It is best to be prepared with a list of your monthly expenses.
PowerTorque Finance Ffee overview
Don’t pay a cent more than you need to. Read our tips on how you can avoid certain types of fees over the term of your personal car loan.
PowerTorque Finance fees that will apply
$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.
Dealership fees
$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 is responsible for explaining the different types of finance products to you. They’ll ensure you understand the requirements of the loan, and will arrange all the necessary paperwork to submit, manage and finalise your finance application.
Fees that might apply
$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 dishonored. 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
PowerTorque Finance Account where you can view, download, and print your loan documentation online without incurring this fee.
Early Termination Fee
$750.00 multiplied by the number of whole months until the end of your loan term divided by the number of months in your original loan term contract. This fee applies if your loan is repaid before its scheduled end date. You can avoid this fee by continuing with your scheduled loan repayments until the agreed completion date of the loan.