Car Finance Options Explained
As of 2010 there are even more car finance options available when buying a new or used car. We specialise in personal loans both secured and unsecured loans. We also have a commercial department that specialises in only commercial for your business.
Personal Loan Options
Basically you can choose to either finance your car as a unsecured personal loan or secured personal loan. Both of these loans have there own advantages and disadvantages.
Secured Personal Loans
A secured personal loan will attract a lower interest rate, allow you to borrow more and have flexible repayment options. This is because the finance company will hold security over the vehicle until the final payment is made. These are very popular loans for cars, bikes, boats, jet skis, etc.
Learn more about personal secured loans.
Unsecured Personal Loans
An unsecured personal loan is very flexible and can be used to finance just about anything. These loans tend to attract a high interest rate, as there is no security for the finance company.
Learn more about unsecured personal loans.
Both of these personal loan options allow you to choose fortnightly or monthly payment plans and over a period of up to 5 years.
Business Loan Options
Hire Purchase
A hire purchase can give your business a huge advantage. The most significant reason to choose a hire purchase is that at the end of the contact you retain asset. In easy terms a hire purchase is a rental agreement.
Why choose a hire purchase?
- You can choose a flexible payment schedule to repay your loan
- The depreciate can be claimed back
- You can opt to have a balloon or residual at the end of the loan
Learn more about hire purchase.
Finance Lease
A finance lease is another form of a rental agreement in which you enjoy the benefits of owning the asset and claiming the GST on your BAS Statement, while the finance company actually owns it. The fixed interest rate for the tern of the loan is great reason to choose a finance lease in addition you can also have a balloon.
Why choose a finance lease?
- Fixed interest rate for the duration of the loan
- Get the loan within 24-72 hours
- 5-7 years loan options
Learn more about finance leases.
Novated Lease
Many businesses choose a novated lease for their employees when they want to include a car as a part of the employees salary pack. There are advantages for both the employee and employer. For the employee they get to choose the car and claim back the GST. The employer has no responsibility for the car if the employee leaves.
Learn more about novated lease.
Chattel Mortgage
A chattel mortgage is a common loan product if you would like to purchase a car but don’t have all funds to buy the car outright.
Why choose a chattel mortgage?
- Business cash income is considered
- Fixed interest rate
- Balloon options available
Learn more about chattel mortgage.
Conclusion
We have listed the main finance options available for personal loans and business loans. If you have any further questions regarding these products please don’t hesitate to call one of you loan consultants on 1300 628 562.
