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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 a new or used 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 Car Loans.
As a credit representative of a respected finance company, we can tailor a loan package ideal to your individual situation with competitive interest rates. With over 30 years in business and competitive fixed loan rates for new or used vehicles, we offer a fast and simple application for all types of vehicles. This includes new or second-hand cars, luxury vehicles, imports, vintage or classic cars, motorcycles, caravans and more.
Whether you are looking for Toyota Car finance, Mazda Car finance or any other makes and models, we are here to help you!
With flexible loan terms to suit your requirements and individual circumstances, you can take comfort knowing you've received an excellent low rate from a reputable and secure lender for your car purchase. Talk to us today about finance for your new car or fill out our online application.
Loan Payment Options
Your car loan will have a fixed interest rate for the life of the loan, which means the interest is calculated on the unpaid balance daily, just like a home loan. Extra or additional payments will reduce the outstanding balance and therefore reduce your overall interest charges. This can ultimately shorten the loan term and save you money on your total repayment amount.
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 via internet banking, direct debit, direct payroll deductions, BPAY, or other payment methods where applicable. No deposit finance is available.
For added peace of mind, you can also include insurance to protect not only your new asset but to safeguard against other unforeseeable events that may prevent you from paying your loan. Talk to Aussie Car Loans about:
- Comprehensive Car Insurance: this covers a new or used vehicle in instances of accidents, fire and theft, as well as any damage to third party vehicles that you may be liable to pay for. Under the loan contract, it's a requirement to have comprehensive insurance on the vehicle throughout the term of the loan to protect the security of the loan.
- Warranty insurance: a useful form of insurance policy that is meant to minimise the cost of replacing or repairing vehicle parts that are faulty or damaged. Depending on the terms in the policy, you may be covered for repairs following a major breakdown.
- Security Shortfall (Gap) Cover: a popular form of insurance that covers the remaining cost of your loan to your credit provider in the event of accident, theft or damage to the vehicle, if the amount covered by your comprehensive insurance falls short of the total amount left on your loan.
- Loan Protection Insurance: also called Consumer Protection Insurance, this will cover your car loan repayments in the event of sickness, injury or involuntary unemployment where you are unable to make your repayments.
Not sure whether to get a brand new car or go second hand? Read our helpful article buying a new vs used car
Zero Percent Finance on New Vehicles
Anyone shopping for a brand new car at the dealerships will likely have heard of or been offered 0% or 1% finance deal. On paper, it sounds like a great deal, but is it really?
Generally, car manufacturers will offer these deals to try and get you to act quickly, but it's important to understand that if you're not being charged interest, you will generally have to make up what you are "saving" in other ways. For example, you may not be able to negotiate the price of the vehicle, you may be offered a much lower trade-in value for your old car, you're required to pay a larger deposit or restrictions on your loan.
Always do your homework when researching finance deals - read our informative article below:
Balloon payments or residual options can be a good way to lower your weekly, fortnightly or monthly repayments. By setting a balloon payment, you are essentially set aside a 'lump sum' payable at the end of the loan, that is normally equal to the residual value of the vehicle.
At the end of the loan, you can either pay out the full amount, upgrade your car or re-finance the balloon amount and continue paying off the car over a new loan period (subject to approval conditions at that time).
If you have a less-than-perfect credit history, Aussie Car Loans may still be able to help you get finance for a car, under certain circumstances. For example, if you are a discharged bankrupt or your unpaid defaults are less than a certain amount. If you are currently entered into a debt agreement or personal insolvency agreement, are a pensioner or unemployed, then we may not be able to provide finance to you.
Contact us to discuss your options.
Personal Car Finance Options
There are two types of car finance available for personal use; Secured and Unsecured. 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. Learn more about what these terms mean below:
Secured Car Loans
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.
Unsecured Car Loans
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 loan, 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.
At Aussie Car Loans, we only arrange secured personal loans
Pre Approved Car Finance
Getting your loan pre-approved comes with many advantages. From better negotiating power to greater confidence when shopping around, pre-approved finance is a smart option whether you are looking to buy a new or used car.
Contact us today to discuss which option is best for your new or used car finance.
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