Below are some answers to commonly asked questions about financing and insuring your car.

If you have a question not answered here, please send us an e-mail via our Contact Us facility which can be accessed from the link at the top of each page.

Does SGEFS finance and insure used vehicles?

We finance new, demonstrator and used vehicles up to eight years old, all of which are subject to our finance and insurance terms and conditions.

How much can I borrow?

Subject to satisfying our normal credit criteria, we will advance up to the full amount of the motor vehicle being purchased.

In certain circumstances such as a loan or a commercial hire-purchase agreement, you may be required to contribute some deposit. We recommend a deposit to help reduce interest charges and monthly instalments.

SGEFS may also finance the cost of loan insurance and comprehensive motor vehicle insurance.

Are there any application costs, monthly charges?

Consumer/personal loans and business loans are without monthly or ongoing fees. An application fee may apply, depending on the finance product selected. This fee can be financed or paid separately. No fee will be charged if your application is not approved.

Business loans (Asset/Hire-Purchase or Finance Lease) do have compulsory monthly government charges eg stamp duty or GST. These will form part of your monthly repayments. The fees vary for each state in accordance with state tax laws.

For both personal and business loans there are also costs involved with the set up and establishment of your loan. These may include further Government charges such as stamp duty. If you select to have a fuel card as part of your finance, monthly fees will apply.

What information do I need to provide for a SGEFS application?

You will need to provide proof of identity and proof of your ability to repay the loan, such as a current pay advice or group certificate. Other information generally asked for at the credit application stage include details such as housing (ownership or rental), employment history, references and credit history.

You will also need to complete a privacy declaration.

Business clients generally supply current financial statements prepared by their accountant or financial advisers.

What is a 'Privacy Declaration'?

Credit Reference agencies around Australia act as repositories for credit data for anyone who has taken credit in the past. Access to this information is protected by strict Privacy Laws that are in force. The privacy declaration gives us your permission to search the credit data under your name and file your previous credit history. Of course we are legally bound not to divulge this information to anyone else without your consent or otherwise in accordance with law. We use the information only to help assess your application.

How long does it take to get approved?

Approval is usually within 2 hours. Once approved the original finance documents must be signed and the supplier will be paid directly usually within 1 day.

When do I make my first payment?

The first repayment will be due 30 days after settlement of your loan. Business finance applicants have the first monthly repayment due on the day of settlement. Remaining payments are deducted from your nominated bank account.

Extra payments of any amount can be made at any time by cheque, cash, direct deposit and BPAY® where applicable (some fees may apply).

How can I reduce my monthly payments?

You can reduce your monthly payments if you opt to include a final balloon payment or lump sum in your contract.

Can I pay my contract out early?

You can pay out your finance contract before the completion of the finance or lease term, however for Consumer Sale by Instalments contracts there is an early termination fee. There is no early termination fee on our Asset/Hire-Purchase or Finance Lease products.

What happens if I can't make a payment?

Please contact SGEFS immediately (1300 733 990) and explain the situation to one of our Customer Support Officers. They will be able to advise what can be done to assist you. Depending upon the circumstances, we may be able to reschedule your payments or even re-write the contract over a different period of time.

What is a residual?

A residual is the lump sum or final balloon payment owed at the end of the term and can be used to reduce monthly payments. With a lease, the residual value is the estimated value of the car at the end of the lease period.

Can I get pre approval before purchasing?

Yes, providing you can tell us what type of car you're intending to purchase. SGEFS needs to assess the total amount of finance against the current market value of the vehicle. We must also approve your supplier. For further details, please contact us on 1300 733 990.

What type of people take novated leases?

Almost any one can take a novated lease - provided their employer agrees to the arrangement. Any ordinary salary earner can benefit from the concessions a fully maintained novated lease delivers.

Not only people on high salaries! Savings in purchase price, GST on both the vehicle and the running fees are available to all employees!

Sensible planning at the outset, will deliver an optimum balance of income tax and FBT. In nearly every case there is a significant benefit to virtually any salary earner.

What cars are available?

Any car, new or used can be financed under our novated lease agreements. Special consideration apply to aged and classic cars. Novated leasing is all about personal choice and we work hard to ensure your choice is achieved at the best value possible.

How much will I have to pay each month?

Quotes are easily generated once we have a clear understanding of your needs - appropriate term (number of months to be used) and the kilometres to be travelled. We calculate all the costs including FBT, then tailor the term and residual to best match your circumstances.

What's covered by the lease payment?

The lease payment covers the finance elements of both principal and interest. The residual or payout, is made at end of term as a "one off" or balloon payment.

Where a driver takes a fully maintained option, our budgeted fleet management option establishes total estimated running costs for the term of the lease, then calculates this figure into monthly payments. As costs are incurred these are applied to the budgetted amounts. Any unused amount in the budget at end of term is refunded to the driver. Likewise, over runs in expense are billed to the driver.

In every case, SGEFS budgeted fleet management sees our users only paying actual cost.

The finance cost and the running costs can be added together so you make only one monthly payment for all the costs of leasing and running your car.

Are there any costs not covered?

Yes! Unfair wear and tear and other non-operating charges such as damage etc cannot be predicted and therefore not budgeted for.

How long is the period of lease?

The term can be structured for 12, 24, 36, 48 or 60 months, covering operating use from 10,000klms per annum up to 40,000klms per annum. Best value will come from structuring the term to suit the usage. i.e Where a user demands high kilometre usage, better overall value generally accrues under a short-term lease. The reverse is also often true.

What happens at the end of the lease term?

You have the option of either buying the car at the payout value, or alternatively, trading the vehicle in on a new car. You may choose to buy that vehicle and pass it onto a family member and then take another vehicle. The choice remains with the user.

What are the terms and conditions?

Terms and conditions are set out in the finance agreement.

What can go wrong?

Very little! Novated leases can be changed between employers if you change your job. They can be paid out anytime (although early termination fees can apply) We spend time on each and every enquiry to ensure the best solution is reached. There's no substitute for good planning!

What should I do first?

Call SGEFS on 1300 733 990 and talk through your situation. We can quickly assess the benefits that will accrue to you.