There are usually lots of pages of Terms and Conditions on a Car Loan Contract. Depending on the type of loan, consumer/commercial/novated lease etc they can be very different.
Some things to make sure you know before signing are:
- What are the possible fee’s, charges or any financial impact of paying out your loan early – Depending on the structure of your loan and your financier these can change dramatically so make sure you find out!
- What is your minimum commitment over the term – This is your minimum payment amount to keep the loan in order and not incur any default fee’s.
- What is your payment frequency – Sometimes this can’t be changed so make sure you are happy with it.
- What is your interest rate? It should be somewhere on your contract so make sure you are happy with it. Sometimes in certain situations it won’t be on your loan contracts so make sure your repayments match what they should be.
There are lots different aspects to car finance so if there is anything you aren’t sure about, get in touch with a professional.