Buying a vehicle (truck, van or ute) that is a repairable write off can be an excellent way to get a good deal on a used car or commercial vehicle that is priced well below market value. Finding a commercial loan for a repairable write-off is not as always simple as lending criteria is subject to quite a few conditions.
Usually, loans for repairable write-offs are handled on a case by case basis. This is where Trademate can help you and avoid making unsuccessful applications as not all lenders will have suitable lending options for buyers of repairable write off vehicles.
In some cases, the borrower cannot use a repairable write off as security for the loan so secured commercial loans are not always possible. But there are options out there that we can use. Send an enquiry through or give us a call and one of our friendly team will have a chat with you about your next commercial vehicle, and we will approach suitable lenders to find a solution to suite your needs.
What is a repairable write-off?
A repairable write-off is a vehicle that has been involved in an accident or incident such as a storm or hail damage and is registered as uneconomical to repair by an insurance company. In this case, the original owner is paid out by the insurer in accordance to their specific policy and the vehicle is unregistered and recorded on the WOVR – the Written Off Vehicles Register. These vehicles can then be sold and purchased; however, if the buyer wishes to drive the vehicle on the road again they are required to repair these vehicles and have the repairs inspected by either a government inspection centre and attain roadworthy and registration before they can get back on the road safely.
What is a repairable write off car loan?
A repairable write off loan is a loan on a car which is used to purchase repairable write-off cars from dealers, private sellers or auctions. In most cases it can be secured to the car itself but sometimes the lender will opt for an unsecured loan as the car being financed is not eligible as security for the loan.
At TradeMate Finance we have the perfect solution to all your equipment finance needs. We take all the guesswork out of finding the best finance deal. We take the time to understand your business and needs and save you hassle, time and money.
Rate Disclosure *Best rate as of the 1st of January 2020 is 3.75%PA. The interest rate is determined with reference to the age of the vehicle/equipment and the credit assessment. Interest rate loading may be applied. Establishment fees of $375. Different terms, origination, account keeping fees or other loan amounts might result in a different comparison rate. Lending criteria, fees and conditions apply. Rates, fees and conditions are indicative, available for new loans only and subject to change without notice.
Rate provided by TradeMate Finance Pty Ltd, Australian Credit Representative Number (520749) Authorised representative of ACL# 389328
TradeMate Finance Pty Ltd 467 Torrens Rd Woodville SA 5011