360 Finance

360 Finance eligibility and documents

The service is for adult applicants living in Australia. The selected lender assesses your finances and the proposed vehicle; there is no single eligibility policy covering the entire panel. A universal minimum income or credit score was not verified.

Expect assessment of income, expenses, existing debts, employment and residential history, credit profile, and the vehicle’s age and value. The document checklist includes identification, two recent payslips and a Medicare card; bank statements and proof of address may also be requested. Additional requirements depend on the lender and employment type.

Check the minimum before applying: the car page’s quote form displays $10,000, the main application form displays $15,000, and a general FAQ states $2,000. These disclosures do not establish one consistent minimum for vehicle finance.

Who should consider 360 Finance?

360 Finance may suit buyers who want a broker to identify lenders willing to finance their chosen vehicle and manage the application. Its practical value is matching the borrower and vehicle to lending criteria, particularly where a straightforward bank application may not cover the purchase.

Borrowers with access to a competitive direct offer should compare it with the broker’s complete quotation. For a smaller loan, a substantial service fee can outweigh a modest interest-rate saving. Compare other car finance options; an unsecured personal loan may also be relevant for an older vehicle.

With secured finance, missed repayments can put the vehicle at risk of repossession. A sale may leave an outstanding debt. A balloon reduces regular repayments but leaves a final lump sum and generally increases total interest, as explained in Moneysmart’s car loan guidance.

How the application works

From enquiry to settlement

1. Submit an enquiry through the official application page or call 1300 361 360.
2. A finance specialist reviews your budget, circumstances and vehicle requirements, then compares suitable options from its panel.
3. Provide supporting documents and review the proposed lender, broker fee, repayments and conditions before authorising submission.
4. If approved, check the credit contract and satisfy outstanding vehicle, insurance and settlement conditions before funds are released.

The broker’s process includes individual support through settlement. Its privacy statement permits disclosure to prospective financiers, intermediaries and relevant service providers. Check the consent terms before supplying documents.

Approval and funding times

Same-day approval is advertised for some applications, subject to the required information being available. Approval and settlement are separate stages; do not commit to collecting a vehicle on the assumption that an enquiry or conditional approval means funds are ready.

Repayment support and complaints

For repayment difficulties, contact the lender named in your agreement and request hardship assistance. For complaints about the broker, email disputeresolution@360finance.com.au or call 1300 361 360. Its complaints policy provides escalation to the Australian Financial Complaints Authority if unresolved or after 30 days: AFCA, 1800 931 678.

Questions to ask before signing

• Which lender is offering the loan, and which alternatives did you compare?
• What is the exact broker fee, including GST, and is it added to the loan? What lender commission do you receive?
• What are the interest rate, comparison rate, amount financed and total repayments, including any balloon?
• Which establishment, account, late-payment, early-settlement and security-release charges apply?
• What insurance is required, which extras are optional, and what changes if I decline them?
• What conditions remain before settlement, and when will a credit enquiry be recorded?

360 Finance advantages and limitations

• Panel comparison: a specialist can compare lending criteria and structures across multiple providers, reducing the work involved in approaching them separately.
• Purchase flexibility: dealer and private purchases are supported, with secured and unsecured options.
• Application support: assistance continues through documentation and settlement.
• Additional cost: broker fees can reduce or eliminate the benefit of a lower interest rate.
• Disclosure inconsistencies: minimum borrowing amounts and service-fee limits require clarification.
• Limited comparison scope: a lender panel does not establish that every available offer has been considered.

360 Finance rates, fees and total cost

Advertised rates need a qualified quotation

The general promotional page displays 6.24% interest and a 7.9% comparison rate. The reviewed disclosure did not establish the underlying lender, calculation amount and term, included fees or effective date. These figures should not be treated as a confirmed offer for your vehicle.

The car loan calculator uses an indicative rate and explicitly excludes some fees and charges. The final rate depends on the applicant, vehicle and loan structure. Compare quotations using the same borrowing amount and term; a comparison rate includes interest and most fees but is specific to its stated assumptions.

Conflicting broker-fee disclosures

The FAQ states a service fee of up to $1,650. The Credit Guide & Quote Contract dated 3 January 2023 states up to $1,990 including GST, payable at settlement and included in the loan. That guide also says no broker fee is payable if the loan does not proceed and discloses potential lender commissions.

The applicable current fee cannot be settled from these conflicting documents. Obtain an updated written credit quote. Separately check lender establishment, account, default and early-repayment charges; there is no verified single fee schedule covering the panel.

Insurance and financed extras

360 Finance’s terms recognise that comprehensive insurance may be required for an application, while allowing you to decline its insurance quotation. Ask the lender what cover it requires and whether an independently purchased policy qualifies.

Check the insurer’s product disclosure statement for excesses, exclusions, valuation basis and payout limits. Do not assume a write-off payout will clear the loan. Insurance or warranties added to the borrowing also attract interest; request a quotation without optional extras to see their full cost.

Illustration: the cost of financing a broker fee

Original calculation, not a 360 Finance offer: borrowing $30,000 over five years at an assumed fixed 10% p.a., with monthly repayments and no balloon, costs approximately $637.41 a month and $38,244.68 overall. Adding an assumed $1,500 broker fee to the balance increases borrowing to $31,500, repayments to approximately $669.28 and total repayments to $40,156.91.

The financed fee therefore adds approximately $1,912.23 to total repayments, including $412.23 in interest. Calculations use monthly interest at 10% divided by 12, payments in arrears and unrounded totals; other fees, insurance and extras are excluded.

Is 360 Finance worth considering?

360 Finance’s strongest feature is help matching a vehicle purchase to lenders’ requirements. Its main limitation is the difficulty of establishing the complete price from its public disclosures. The decisive comparison is the broker’s written total repayment against a direct alternative with the same vehicle price, deposit, term and balloon. Lower monthly repayments alone do not establish better value.

360 Finance car loan FAQs

Is 360 Finance a broker, and could using it cost more than borrowing directly?

360 Finance arranges loans through a lender panel. Its service can help match your circumstances to a lender, but a broker fee may offset an interest-rate saving. Its FAQ lists a fee up to $1,650, while its credit guide dated 3 January 2023 lists up to $1,990 including GST. Obtain a current written quote resolving that discrepancy.

Compare the total repayments against other car finance offers using the same purchase price, deposit, term and balloon. Include interest charged on any financed broker fee, and request disclosure of lender commissions.

Can 360 Finance help after a car loan rejection or with defaults?

A previous rejection does not establish whether another panel lender will accept you. The car page mentions options for limited or developing credit history, but this does not confirm acceptance of unpaid defaults, bankruptcy or current arrears. Before another application, have the broker distinguish whether the obstacle is your credit record, affordability or the vehicle itself. A lender willing to accept your credit history may still reject the proposed car or borrowing amount.

Can I qualify if Centrelink is my main income?

A current 360 Finance car-loan policy confirming acceptance of Centrelink as the main or sole income source was not verified. Eligibility needs to be established with a named panel lender for your particular payment. The useful distinction is whether that lender counts the payment towards affordability, requires employment income alongside it, or excludes it. Confirm this before consenting to a credit application; accepting an enquiry does not establish income eligibility.

Can self-employed borrowers apply without completed tax returns?

Potentially, particularly for a business vehicle. Its business finance guidance describes low-documentation assessment using bank statements, trading history, cash flow and available BAS records. Full-documentation applications may instead require tax returns and financial statements. Reduced paperwork does not remove assessment, and the guidance does not establish equivalent eligibility for a personal-use car.

If both routes are available, compare their actual rates, fees and borrowing limits. Choose the appropriate business finance structure based on the vehicle’s use, rather than assuming low-documentation finance is the better offer.

Can temporary visa holders get a car loan, and how does visa expiry affect repayments?

360 Finance’s FAQ says some student visa holders and recent arrivals may qualify with at least three months’ work history and a loan term shorter than the time remaining on their visa. Acceptance still depends on the visa and lender. This can materially change affordability: a shorter permitted term means higher instalments for the same borrowing amount and rate. Compare quotations using your permitted term, rather than an advertised seven-year repayment example.

Does a free quote or pre-approval leave a credit enquiry?

360 Finance says its initial review does not affect your credit file. Its FAQ states that a documented, consented submission to a lender for pre-approval does leave an enquiry. The distinction is the submission stage, rather than whether the service is described as free. Confirm which lender will receive the application and whether a further submission could create another enquiry before authorising the broker to proceed.

Can I finance a private-sale or older car without a deposit?

360 Finance advertises private-sale purchases, used-car finance and no-deposit options, but these features are subject to lender assessment and may not be available together for your purchase. Before paying the seller a deposit, obtain confirmation that the lender accepts the specific vehicle and how much of its price and associated costs it will finance.

Its car page also identifies unsecured options for older or unusual vehicles. If secured finance is unavailable, compare the unsecured offer’s total cost and terms rather than assuming the same pricing applies.

Which repayment conditions matter if I plan to sell the car or repay early?

Check extra-repayment limits, early-settlement charges and any security-release fee in the selected lender’s contract. Permission to make additional payments does not establish that closing the loan early is free. If you expect to sell after two years, request an illustrative payout at that point and compare repayments already made plus the payout and applicable charges. That comparison can favour a different offer from the one with the lowest advertised rate.

When could refinancing through 360 Finance save money?

360 Finance confirms that it arranges secured and unsecured refinancing. Savings depend on whether the new loan’s total remaining cost, including broker and lender fees, is lower than keeping the existing agreement. Obtain your current payout figure and compare the new loan over the remaining term first. A fresh five- or seven-year term may reduce instalments while increasing overall interest. Include any existing balloon and avoid counting financed switching fees twice.