How It Works
Here's how it works:
Simply request a quote and when we receive your vehicle and registration details we can ascertain what options would best suit you and advise you accordingly.
We calculate your weekly, fortnightly or monthly instalments based on the information you've provided.
The following formula is applied in our initial calculation:
Your last registration amount plus 5% (to allow for any increase in your next registration renewal) divided by the number of weeks, fortnights or months between your first instalment payment and your next expiry date. We then add our small weekly service fee to the result.
Example 1:
Today is 1st May and your registration expires 8th August. Your last registration amount was $200.00, you're going to make your first instalment payment on 8th May and we're going to pay your registration a week before its due.
Using the above example our calculation would be as follows:
| $200.00 | - your last registration amount | |
| add 5% | 10.00 | - allows for any increase in your next registration renewal |
| $210.00 | ||
| divide by | 12 | - 12 week period between your first instalment payment and when we pay your next registration |
| = | $17.50 | |
| add | $0.88 | - weekly service fee |
| Total | $18.38 | - weekly minimum instalment amount |
After we've paid your registration, and whilst continuing to use the previous example, our next and future calculations will be based on the following formula:
The last registration amount paid plus 5%, minus any surplus accumulated during the previous period, divided by the number of weeks, fortnights or months of your full registration period. We then add our small weekly service fee to the result.
Example 2: (continuation of example 1)
Today is 1st August and we paid your registration of $205.00 today. Your next registration expires on 8th February next year. Your instalment payments frequency will continue as previous, but the amount will change.
The calculation will be as follows:
| $205.00 | - your last registration amount | |
| add 5% | 10.25 | - allows for any increase in your next registration renewal |
| $215.25 | ||
| less | 5.00 | - surplus accumulated during the previous period |
| $210.25 | ||
| divide by | 26 | - full 26 week period of registration |
| = | $8.09 | |
| add | $0.88 | - weekly service fee |
| Total | $8.97 | - weekly minimum instalment amount |
Please note:
- the weekly minimum instalment amount in example 2 is substantially less as the paying period is now the full registration period, while the paying period in example 1 was considerably shorter.
- the above are examples only and are based on weekly instalment amounts. Fortnightly and monthly instalment amounts will be higher.
- the instalment amounts are calculated as minimums and you may wish to consider increasing them appropriately.
- you can change your payment frequency at any time.