Financing your next car is a very important process, as you want to choose a vechile finance package most suitable to you. Some examples that can be provided by our recommended brokers :
Car Finance Interest Rates
What helps getting the right vehicle finance interest rates. If you have time do a little homework. The web can be a good place to start though often doesn’t give you all the facts to make a decision and require a phone call. Remember, if it’s to good to be true, then generally it isn’t. Commercial car loans and consumer loans often calculate the interest component differently.
Car Loan Broker
If you are unsure or lack the time like most people then use a good car finance broker. Make sure they are established broker and check to which finance companies they use. Car Loan Calculator recommends Finance Ezi.
Low interest car loans Australia wide.
Car Loans Australia Fees and Charges
Most lenders charge a application fee and monthly administration fees. Some advertise no fees no application fee. This doesn’t mean they are cheaper. Use a car loans Australia comparison interest rate to compare. A comparison interest rate takes into account all fees and charges with the interest rate, hence giving you a true comparison of this has to be quoted on all consumer loans in Australia.
To get a full explanation on car loans comparison interest rates.
Car Finance Termination Fees
Most lenders and banks have it and if not there is normally a condition to why. Our brokers check for termination fees for outstanding interest will be not be rebated back off the loan. There can be other penalties for interest rates variations and differences in consumer and commercial credit.
Consumer car loans in Australia are regulated under the Uniform Consumer Credit Code Act (Australia). They cannot penalise you interest for simply paying the loan out early. Some however charge if you make late payments and some lenders charge loss of income rebates if rates have dropped since you started your loan. Banks and vehicle loans companies can charge a small administration fee. Most are very similar at about $500-$600 pro rata over the loan period depending on how long over the financed term it was before payout. It is worked out on dividing the total months of your auto loan that the contract was made out for and then times the amount of payments you have made. For example if the maximum fee was $600, your loan term was 60 mths and you paid off 20mths :
$600/60 = $10×20 = $200.
Every lender can be different and fees should be taken into account when searching for a cheap vehicle loan.
Other Considerations For Car Loans
Other things to consider could be: can you pay extra payments (most do) and how much time it will take to approve and settle your car loans.
Always remember that they need to approve your loan so the finance company must suit your criteria to approve the finance.
Secured and Unsecured Car Finance
We can provide unsecured or secured finance. The cost of your loan can vary and it can be a requirement of the finance company to have fully comprehensive car insurance while you pay off your car loan.
We will assist to ensure you have a hassle free vehicle purchase and help with:
- Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the motor vehicle.
- Title check or confirming the ownership of the vehicle you are purchasing.
- Clear transfer to seller of the amount financed on the vehicle purchase.
What Can Be Included With Your Finance
Vehicle loans, subject to the finance company’s approval can be financed to the full cost of the purchase including:
- On-road costs and taxes.
- Car Insurance
- Motor vehicle breakdown warranties.
- Loan protection for death, disability and unemployment.
Older cars can be ok. Used car loans for all ages new and used depending on the lender.
Finance structures can be flexible to suit your circumstance. Options to consider on your vechile loan could be:
- Delayed payment, so you first payment starts at a extended time into your finance contract.
- Interest only payment options including balloon payments.
- Extended finance terms to 7 years or 84 months..
- Structured finance payments to suit your life style or your work cash flow.
Business Car Finance - Commercial Car Loans
Australian Commercial car loans or business car finance are unregulated and are very different to consumer vehicle loans. Most will charge a penalty or percentage of the outstanding interest. This amount can variety depending on the bank and how soon through the loan you payout early.
Some will reduce their fees or not charge at all if when paying the car loan out it is replaced with a new car loan.
Commercial vehicle loans options are available that could be suitable for business use. Some factors to consider that relate to business car finance are:
- Chattel Mortgage Car Loans
- Hire Purchase
- Car Lease Novated and Fully Maintained Car Lease Packages For Commercial Car Loans
The structure of your business car finance can affect your taxation claims.