Car Loan Financial Hardship Options
We're here to help
Unforeseen circumstances can affect anyone’s financial situation at any time. If you have or think you may miss a PowerTorque Finance loan payment, our team will take the time to understand your situation and help provide you support options.
Your questions answered
PowerTorque Finance is committed to helping customers during challenging times. Should you lose your employment because of COVID-19 or for any other reason, you may be eligible for financial support.
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If your income has been adversely affected then you may be eligible for financial support.
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If your business has been forced to close, you may be eligible for financial support.
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If you’ve been affected by a natural disaster, are ill or injured or if you’ve lost your job, reach out to our team for help. All PowerTorque Finance customers experiencing financial difficulty may be eligible for hardship support.
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The quickest and easiest way to apply for financial support is by completing our online form.
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For consumer loans, provide evidence of loss of employment or reduction of income.
Acceptable options include:
a) Letter of termination (termination of employment)
b) Evidence of your employment contract not being renewed
c) Jobseeker Payment / Newstart application or evidence of payments
d) A recent pay slip and your previous pay slip showing a decrease in pay (dated within the last 3 months) OR
e) Two consecutive months' worth of Bank Statements
For commercial loans, provide evidence of direct or indirect impacts to your business.
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We review and assess each customer’s needs on a case-by-case basis and our goal is to provide responsible and sustainable solutions that meet an individual’s needs.
If you’ve been affected by COVID-19, you may be eligible for financial support.
There are some general guidelines that will apply if you defer your payments:
a) The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
b) Interest will continue to be charged on the loan during the deferred period
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If you’re currently paying above your repayment amount, you can simply stop paying the additional amount and revert to your advised payment amount. You do not need to call or email us as long as you are maintaining your payments.
If you’re not paying above your repayment amount, you will need to apply for hardship. We review and assess each customer’s needs on a case-by-case basis, however, if you change your payment amount the following general guidelines will apply:
- The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
- Interest will continue to be charged on amended or deferred loans
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If you apply for hardship with PowerTorque Finance and maintain your payments, it will not affect your credit history.
We will assess your request and call you with an outcome as soon as possible. Due to the unprecedented demand for assistance, please allow up to ten business days. We thank you for your patience during this very challenging time.
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Disclaimers
PowerTorque Finance is a division of Toyota Finance Australia Limited ABN 48 002 435 181, Australian Credit Licence 392536.
