New & Used Car Finance
Car Loans for Personal Use
After a new set of wheels? Let Aussie Car Loans take the hassle out of obtaining your car finance, whether you’re buying from a car dealership or through a private car sale.
With access to a wide panel of lenders, we can tailor a loan package ideal to your individual situation with the lowest interest rates around. Apply online today!
There are two types of car finance available for personal use; secured or unsecured (see descriptions below). For either type Aussie Car Loans can organise the amount you need, which is then repaid over a period of up to 7 years.
Scheduled weekly, fortnightly or monthly payments can be made by direct debit, cheque, BPAY, internet banking, direct payroll, and cash where applicable. Try our easy to use car finance calculator now to get an indicative look at what your repayments will be.
Car Finance Interest Rate
Your loan will have a fixed interest rate, which means the interest is calculated on the unpaid balance daily, just like a home loan. Extra or additional payments will obviously reduce the outstanding balance and therefore reduce the interest charges. This can ultimately shorten the loan term and reduce the overall cost.
Although it’s a personal use loan, depreciation and interest charges could be tax deductible claims if the car is for business or work related usage.
A variation known as the balloon payment or residual option is also slowly growing in popularity. By setting a larger balloon payment for the end of the term, which can vary according to circumstances, you can reduce your monthly payments to better balance your budget. At the end of the term you can either pay out the full amount in one hit or re-finance the balloon amount and continue paying off the car over a new loan period (subject to approval conditions at that time).
Most personal use loans in Australia for cars are secured.
As an individual you are borrowing money to purchase a tangible item like a vehicle which will be used as security for the loan. When you trade-in or sell you must then payout your car loan, and get a new loan if you require money to buy something else.
Secured car loans generally have a lower interest rate than unsecured loans.
This is a very versatile loan, as it can be used for nearly any purpose including debt consolidation, holidays, weddings, or even cars that do not qualify for the secured loans above. There is no security required for this type of loan, as a result the interest rates are slightly higher than secured car loans.
Note: This product is not available in some areas.