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 new or second hand car from a car dealership or a private seller. Unlike the banks that give priority to home loan customers, the car loan customer comes first at Aussie.
As a credit representative of a respected finance company, we can tailor a loan package ideal to your individual situation with competitive interest rates. Let us work for you! Apply online today.
There are two types of car finance available for personal use; secured or unsecured (see descriptions below). For secured personal use, Aussie Car Loans can organise the finance for your purchase, which can then be repaid over a period of up to 5 years (up to 7 years on request). Aussie Car Loans currently does not offer unsecured personal loans.
Try our easy to use car finance calculator to get an indicative look at what your repayments will be. Scheduled weekly, fortnightly or monthly payments can be made by internet banking, direct debit, direct payroll deductions, BPAY, or other payment methods where applicable.
Used or New Car Finance Interest Rate
Your car 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.
Current Car Loan Rates
Rate for Private Purchase
Rate for Dealer Purchase
Rate for Business Vehicles
Not sure whether to get a brand new car or go second hand? Read our helpful article.
Balloon payments or residual options are available. By setting a balloon payment for the end of the term you can reduce your monthly payments, to satisfy your budget. At the end of the term, you can either pay out the full amount, upgrade your vehicle or re-finance the balloon amount and continue paying off the car over a new loan period (subject to approval conditions at that time).
A secured loan uses an asset as security for the loan, for example, the car that you are receiving finance for. If for some reason you can't make your agreed repayments, then your lender has the right to take possession of the secured asset (the car) and sell it to cover the cost of your loan.
Most car loans in Australia are secure and because the risk is generally lower for the lender, a secured car loan generally has a lower interest rate than unsecured loans. There is also generally a fixed interest rate and higher minimum loan amount than an unsecured loan.
An unsecured loan is more versatile as it can be used for nearly any purpose including home renovations, debt consolidation, holidays, weddings, or cars that do not qualify for a secured loans, such as older cars. There is no security required for this type of loan, and as a result, the interest rates are slightly higher as it is riskier for the lender.
Helpful Information When Buying A Used Car
- Buying a Used Car Privately
- Car Loan Interest Rates Explained
- Buy a Used Car With Confidence - What Is PPSR?
- How Safe Is The Used Car You're Buying?
Helpful Information When Buying A New Car
Don't be fooled by 0% car loans
It may cost you more than expected. Read the facts about the dangers of getting locked in to a 0% loan. Read more