Finance Company Set To Offer Car Loans Up To $40,000 For `high Risk' Borrowers
Newcastle Herald
Tuesday September 3, 2002
YOUNG motorists and prospective car buyers with a less-than-rosy credit history will be able to secure motor vehicle finance under a new company poised to list on the Newcastle Stock Exchange.
Australian Motor Finance of Melbourne has applied to float on the exchange in a bid to raise up to $6million in capital through the sale of 50 shares.
The finance company, one of three companies poised to list on the regional stock exchange, was formed in 1999 but is yet to start operating.
It will offer car loans of up to $40,000 for what others might term `high risk' clients.
Company deputy managing director Ian Brindlay said tighter credit policies from major lenders had created a market for those unable to meet tougher eligibility rules.
Mr Brindlay said those taking out loans would be able to have payments directly debited from their accounts on pay days.
Another company waiting to float on the Newcastle Stock Exchange is Concentrated Capital Limited (due to launch at the end of September), which seeks investors in international gas, oil and coal prospecting.
A third is Brisbane-based Australian Property Systems Limited (due to launch on September 12) which offers property development management services.
Newcastle Stock Exchange general manager Scott Evans said Australian Motor Finance, which is due to launch on October 14, had issued a prospectus to potential investors as had Concentrated Capital Limited. He said the stock exchange had 18 securities representing four companies.
© 2002 Newcastle Herald
Share This