Consumer Leasing
This is a consumer lending product covered by the National Consumer Credit Protection Act 2009.
Consumer Lease enable consumers to lease motor vehicles for primarily personal use. They are similar to personal loans, but with the option of having a residual amount at the end. Having a residual amount at the end has the effect of reducing the overall monthly payment commitment.
The lending criteria varies with each client, but generally they are :
| Minimum loan amount | $10,000 |
| Term of the loan | 12 months to 60 months |
| Establishment fees | $250 to $350 |
| Loan security | The vehicle being purchased |
| Vehicle age | Generally no more than 9 years of age when the loan matures |
| Payment method | By Direct debit from your account |
| Balloon payments | Will be considered |
| Applicants | Either joint applicants or single applicants |
Preferred residual amounts
12 month to 36 months - 50%
48 month term - 45%
60 month term - 35%
Preferred client profile
• Annual gross income of greater than $50,000 pa
• Home owner for 2 years or same rental property for 2 years
• Clear credit file
• 2 years continuing employment with the same employer. If less than 2 years details of previous employer to be provided.
Should you wish to discuss a possible Consumer Lease, please complete the Loan Enquiry Form or give us a ring on 1300 559 974.
CommRural Lending Services
52 Wyndham Street
SHEPPARTON VIC 3630
Ph 1300 559 974
