Standard Car Loan
A standard car loan is one of the simplest ways to finance your new car.
A standard car loan is a secured loan with the car itself held as security.This means that when the vehicle is disposed off (sold, traded in) the car loan must be paid out.
A car loan is paid off by regular repayments which depend on the amount borrowed, term (usually anywhere between 1 to 5 years), the interest rate and if applicable, the balloon (remaining amount on the car loan at the end of the term).Generally speaking, standard car loans for used cars attract higher interest rates than those for a brand new car.
This kind of loan is available for new and used cars less than seven years old. The minimum loan is $10,000 and you can choose from terms of between one and five years with or without a balloon payment at the end of the contract.
Car Loan - Benefits
- Anybody can apply for a car loan (eligibility criteria assessed upon application)
- Repayments can be structured to suit your needs
- Interest rates for car loans are generally lower than for standard personal loans
- Opportunity to build up equity in your vehicle
- On-roads costs, insurance and other expenses may also be incorporated into the car loan
- The car loan may be available with 'no deposit'
The Car loan market is very competitive. If you have any questions that we can help you with, please call at any time on 1300 79 63 69 or click on theMake an Obligation Free Enquiry link below and one of our experienced consultants will be in touch with you within 24 hours.