Are you looking to buy a car? Whether it is a new or used car, we can assist you with getting finance for your purchase!
We have personal loan providers on our panel that provide finance for a range of reasons but especially for car finance. We would assess which option is best for you and the car you are purchasing but also discuss your options of secured or unsecured loans, loan term and costs associated.
When getting finance for a car loan you can either have it secured by your car which is most common or unsecured. For an unsecured loan, the interest rates are higher as there is no asset for the bank to take as security and use/sell if you fail to repay the loan (definitely worst-case scenario!!) A secured car loan will have lower rates, which results in lower loan repayments and less interest being paid to the lender!
We can provide finance for a purchase at a car dealership and private sales of vehicles. If purchasing through a dealership, we can compare the loan they are offering with the loan options we have available. For a private sale of a car we need a contract drawn up and signed to solidify the agreement and all the finer details.
Another option is, if you have a mortgage already, refinancing that to get some additional funds to then purchase the car yourself with the surplus funds the bank gives you at settlement. This can have a slower turnaround time for the loan to be funded in comparison to a person loan, but you may prefer the lower home loan rates over some higher car loan interest rates. We could do an internal refinance or a top up loan with your existing lender or refinance to another lender who may have lower interest rates than your current loan.
The loan term for a car loan can be between 2-7 years. Depending on your circumstances, you may be restricted in which loan term you can have but you can always do 7 years for the lower repayments with the ability to repay the loan earlier with no fees. When getting a top up of your home loan, it is preferred to not repay it back over 30 years or your current loan term, so there is the option of getting a smaller loan over a shorter period of time. Doing this will reduce the interest paid on the car, as you want to repay this as soon as is possible.
When getting a car loan, or any personal loan for that matter, the lender will charge an application fee, a bank fee but majority of the banks have no early repayment or exit fees! But when comparing car finance in Bendigo, we will give you all the options and guide you with the best option for you!
If you would like to discuss car finance with us, get in contact by clicking here!
