Group secures finance loan

2 Cheap Cars has announced the execution of a new finance facility with ANZ Bank, its primary transactional banking partner. 

Under the agreement, the company has secured “competitively priced” working capital finance, including a new $5 million trade finance loan and a $1m commercial flexi facility. 

David Sena, chief executive officer, describes the arrangements as a “significant milestone” for the company, supporting inventory purchases and operational growth. 

“This new finance arrangement with ANZ strengthens our banking relationships and provides access to well-priced capital,” says Sena, pictured. “Importantly, it positions us to confidently drive our operational expansion.”

Meanwhile, the sustained economic downturn, including persistent market volatility, has continued to impact profitability into the company’s fourth quarter of the 2025 financial year.

While 2 Cheap Cars is still projecting net profit after tax to exceed $3m, it notes that the favourable impact of carbon credits carried forward from prior years will contribute to that result. 

“While the trading environment remains challenging, there are plenty of reasons for optimism including our strong financial position,” says Sena.

“We have optimal stock levels, our prominent new site at Greenlane, Auckland, is set to open soon, and we are hopeful that declining interest rates will improve customers’ access to finance.”