- Posted 21 Jun
- 0 Comments
Most people understand the concept of a car loan, but just to be sure, let’s cover the basics. A car loan is a personal loan that is especially for the purposes of purchasing a car. The car is the security against the loan, which means that should anything happen; the financier can use the car to recoup their costs.
These can sometimes be referred to as a Consumer Loan or a Secured Car Loan.
The best thing about a car loan is that the security of the car allows for lower interest rates to be provided, which means we can get the best deal to suit your needs.
Your car loan operates similarly to a home loan. Interest is calculated daily and if you choose to make extra payments, you will pay the loan off faster and reduce the fee charges.
Because Australian Credit and Finance has access to a number of lenders, payments can be scheduled to suit your needs, such as weekly, fortnightly or monthly. The preference is for a direct debit to be set up on your bank account, but credit card payments may be accepted too, just chat to us first about these options.
There are many options to consider that can help reduce the overall repayments of your car loan and these include the possibility of arranging a balloon payment at the end of the finance period. This is where you arrange to repay a lump sum at the end, which in turn lowers your regular repayments for the life of the loan. You can also choose to refinance the balloon amount at the end if you find yourself unable to meet this payment. We are able to provide flexible arrangements like these because of the access we have to multiple lenders. Our aim is to provide you with the best car loan options that we can get.
Benefits of an Australian Credit and Finance Car Loan
- We arrange flexible car loan repayment terms, typically from 12-84 months
- We offer fixed interest rates and repayment options
- We offer you competitively lower fees
- Access to low repayment options
- We provide you with specialised products and access to lenders
We will help you find the best deal that will allow you to get the car you want while still being able to afford the things you need. Get in touch with us today to get your car loan application started.